There’s something wonderful about new construction. You don’t have to worry about replacing the roof or the water heater or the air conditioner — because everything’s new! The home is pristine the day you move in, and you simply get to enjoy your newly constructed home.
New construction comes with its own set of challenges, though. For example: Can a builder sell you a home without the finishes? Many people under new construction contracts find themselves wondering: Can I be forced to buy an unfinished home? That is, if the builder is moving forward at the agreed-upon pace, is the buyer still on the hook?
Here’s a look at some of the most important things to know about unfinished homes.
A Huge Opportunity
Sometimes buying unfinished homes can present a huge opportunity. Maybe a builder has run out of financing and needs to sell a home before it’s finished. Maybe a buyer has backed out while a home is under construction, and the builder needs to replace the buyer as quickly as possible.
In both of these cases, you could be looking at paying far less than market value to swoop in when the home is unfinished. This is especially attractive if the builder is going to see the home through to the end. That way, you don’t have to become a contractor or a do-it-yourself specialist to finish things out.
What if You Have a Contract?
Are you concerned about a builder that’s taking too long on a home you currently have under contract? It’s time to look at the fine print and determine what leverage you have. Unfortunately for the buyer, new construction contracts typically give the builder a timeframe much longer than what the buyer would be comfortable with. For example, you may be expecting to move into the home in nine months, and the builder may have told you that’s likely — but the fine print in the contract gives them 18 months to two years to complete the job.
Do you have any recourse? It’s all about the market. When you’re buying in a buyer’s market, you may be able to negotiate things into your contract to keep the work moving along. If it’s a seller’s market, that may be more difficult.
Ask the Experts
What you really need when entering a new construction agreement is representation you can count on. At CENTURY 21 Core Partners, we work each day with clients who are looking at new construction or who are already under a contract for a new construction home. Given our experience, we can help these clients navigate the challenges and seize the opportunities related to new construction.
You don’t ever have to go it alone. Our team of experienced, knowledgeable real estate professionals is always here to help you with home transactions in the York, Pennsylvania, area.
Contact us today to talk about new construction in central Pennsylvania.