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Disadvantages of buying a new home
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I certainly understand the appeal of buying a new home. Nothing better than being the first owner of a house; everything new, everything in good shape. BUT, there are some
disadvantages to buying a new home. Since I spent part of this week looking at new builds and visiting model homes; it reminded me of some of these disadvantages.
Window coverings not included. Don’t underestimate the cost of what it will take to get window coverings on all your windows. If you are buying a $300,000 to a $500,000 home, I’m guessing you don’t want the cheap $20 blinds that you can buy a Home Depot. Make sure and include this in your budget
Landscaping is also important to include in your budget. Many of the communities include front landscaping, most don’t include back landscaping. But some new communities don’t include it and they required the landscaping to be completed within 6 months to a year after you move in. By the time you put in sprinkler systems, install sod, put in bushes, trees, rock, etc, it doesn’t take long to spend $5000 to $10000; and even more if you have to put in retaining walls or terraces for sloped lots.
And then there is the lot premium for the more desirable lot. The large cul-de-sac lot, or the lot with the great view can cost anywhere from $20,000 to $100,000 more. Granted the lot a house sits on is extremely important, but almost always you won’t get that money back when you go to sell it. There is some consideration in the resale market for a nice lot with a view, but it’s not even close to the amount charged when you originally buy the property.
Also, if you need to sell within a year or two, you are competing against the other homes that are still being built and can be customized. Buyers will almost always choose a brand-new home rather than a 1-year-old home.
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To find out more information about buying a home or an investment property in Colorado Springs area, call ….
Kathy (719-287-1049) KTorline@msn.com
11 things to ASK about when buying a new home in Colorado Springs
Buying a New home in Colorado Springs?
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Search for New Homes in Colorado Springs
I recently showed a variety of new build homes to a client moving from out-of-state to Colorado Springs. We 
looked at properties in Gold Hill Mesa in West Colorado Springs and at homes in Banning Lewis Ranch. It made me think about all of the things that are different between new build properties and resale homes, perfect for a new blog post. Here’s my list of 11 things to Ask about ………..
(1) Ask about the lot premium. Many new home communities charge a lot premium (an additional charge) for what they consider premium lots. Lots in a cul-de-sac, larger lots, lots with better views; all of these are considered more desirable lots, hence they may have a lot premium associated with them. These prices can range vastly, $2,000 to $50,000 and is added to the cost of the home.
(2) Ask what is the build time? More and more builders don’t start pulling the building permit hence they don’t start building a home until they have a purchase contract from a buyer. Build times can be as short as 4 months, and as long as 8 months. And, if a buyer signs a contract in the winter for a a new house, the length of the build time can be dependent on mother nature; as many portions of the project can’t be completed or even started in the winter months.
(3) Ask if the builder has a model of the house a buyer can look at it vs. looking at the plans? Many buyers aren’t comfortable purchasing a home from blueprint drawings; they want something they can walk through, something they can touch and feel. If a builder has a brand new model, they may only have Read the rest of this entry »
