How to Buy Pre Contsruction Homes
Buying Pre-Construction Home
While many home buyers debate on buying pre-construction or settle for the purchase of existing homes, they should first weigh the pros and cons of both types of properties. Buying new homes in a today’s market has many advantages for today’s home buyers that also would help the ailing construction industry. As the novelty of buying a foreclosed home gradually fades away, the home buyers will turn to buying the hassle-free new homes, some with many free upgrades, free HOA and at a discounted price.
In the past, the home buyers and investors concentrated in the acquisition of the pre-construction units in order to receive any discounts. In the current market, however, there are more opportunities for the purchasing move-in-ready new homes but without the waiting period for the completion of the units purchased during the preconstruction. This is a sign that the smart consumers have turned from the instant gratification of the discounts offered by foreclosed homes in favor of more stable new construction homes. Most new construction homes are offered in great price structures while promising a solid equity just a few years down the road. If home buyers not in a rush they could add even more discounts and free upgrades to the already low prices of new homes by finding pre-construction opportunities. There is a peace of mind that today’s pre-construction homes offer through a built in equity along with a builder’s warranty, more energy efficient homes, and appliances. These advantages should be enough incentive for many home buyers to reignite the slumping new home construction.
There are other perks and advantages to purchasing a new home that could outscore the discounts offered by the banks for dumping their foreclosed properties. Choosing a home that you like versus a home that is cheap but doesn’t match your requirements could be enough reason to consider purchasing new homes. This option allows home buyers to choose the floor plan, the neighborhood even the safety that otherwise could be sacrificed in the name of saving a buck or two. Today’s new home construction employs the latest technologies and construction materials in building a safer home with efficiency in mind that were not available in the past.
The new codes for homes in hurricane-prone Florida have been in enforcement for many years but would not be imposed on homes that were constructed prior to these codes. There are literally thousands of these homes in the foreclosure home market. On order to perform a minor repair or alteration to the exterior of these homes, one has to go through extra expenses to comply with the required Miami-Dade County Building Codes. In some cases, the compliance and permitting could result in substantial costs and exceed the original cost of the repair.
The more serious downfall of acquiring older foreclosed homes could be the safety issue during a powerful hurricane. This is while the new homes in the State of Florida and the coastal region are constructed to withstand the force of winds in 110 and more miles per hour and some new impact windows could be resistant to missiles from the debris of up to 160 miles per hour. When it comes to a category 2 and up hurricane these perks become much more valuable than the money saved buying a home that was built prior to Hurricane Andrew, which was the start of the implementation of now famous Miami-Dade County Construction Codes.