Have you heard that over half a million people live in Kansas City now?
Kansas City is growing, and new construction homes are popping up everywhere. Many people are interested in buying these homes off the plan.
While this can be amazing, there are several things to consider. Read on for our new construction home guide.
Understanding Buying Off the Plan
Buying off the plan means agreeing to buy a home that has not yet been built. You rely on the developer's plans and promises. This can be a great way to secure a new home, but it comes with risks.
Benefits of Buying Off the Plan
New homes have the latest designs and features, such as energy-efficient appliances. You can often choose finishes and fixtures, making the home feel more personal.
If the market rises, your home's value could increase before you move in.
Off-the-Plan Pitfalls
Construction can take longer than expected. This means waiting longer to move in.
Sometimes, the final product might differ from the initial plans. The property market can change as well. Your home's value might decrease before it is built.
Buying Off-the-Plan Tips
Check the developer's reputation. Look at their previous projects. Talk to other buyers if possible.
If the developer has built similar homes, visit them to get a better idea of what to expect.
Sometimes, the base price does not include all features. Make sure you know what is included and budget for any extras. The contract will also have details about what happens if there are delays or changes, so know everything before agreeing.
New Home Buyer Guide
After you get pre-approved to support your finances, start digging into locations. Think about your commute, amenities, and other relevant details.
Look at the floor plans and the site plan carefully. Ensure the layout suits your needs. Know when construction will start and when it's expected to finish.
Pre-Construction Home Purchase
When you buy a home before it is built, it's called a pre-construction home purchase. This can be exciting because you get a brand-new home, but you need to be patient and a thoughtful planner.
Sometimes, things don't go as planned, so be prepared for delays and have a backup plan for your living arrangements.
New Construction Home FAQs
Q: What are the main advantages of buying a new construction home?
A: New construction homes offer modern designs, energy efficiency, and customization options. They also come with new appliances and systems, reducing immediate maintenance costs.
Q: How can I ensure the quality of my new construction home?
A: Research the developer's past projects, visit similar homes, and read reviews from previous buyers. It's also helpful to hire an independent inspector.
Q: How do I budget for a new construction home?
A: Besides the purchase price, consider closing costs, upgrades, and any additional fees.
New Construction Homes Can Be a Brilliant Investment
New construction homes are becoming much more popular in today's competitive market. By knowing these things as you hunt in Kansas City, you can find an incredible home.
Do you need help leveling up your real estate investment portfolio? Contact PMI Destination Properties to learn about our solutions. Our franchise has been taking care of investors like you for over 20 years.
