The disadvantages of buying a new home

The disadvantages of buying a new home

The disadvantages of buying a new home

If you're a person who wants to buy everything new (no used cars or garage sales for you), you're probably assuming that you should purchase a new home as well. New houses have many benefits, but they also have some disadvantages that you should be aware.

Higher prices

First of all, you'll likely pay a higher price for a new home than you would for a comparably sized used home. This should come as no surprise as the cost of building a house (land, building materials, and labor) continue to go up over time.

Less desirable land

When you think about it, land, like most other non-commodity items, is sold on a first-come first-served basis. The land under your new home may have been considered undesirable property several years ago before the house was built. As the population increases and less land is available for home building, this less desirable land suddenly becomes acceptable. It's up to you whether you want to live in these areas, but you should be aware of this process.

You may be stuck in an area prone to flooding, for example, or you may find yourself on a steep hillside. Even if there is nothing wrong with the actual land, you may simply not like the location because the property is on the outskirts of the already crowded city.

You don't always get what you expect

When you are considering using a developer to build your new home, you will probably be shown a professional model home. This model home may be furnished with beautiful and expensive furniture, carpeting or tile floors, landscaping, and other nice features. However, these features may not be included in your base price, and you may be greatly disappointed when your home is finished. It simply will not have the look and feel of the professionally decorated model home. You can spend a great deal of money trying to improve the look of your home and duplicate the look and feel of the model home.

Hidden rules and costs

There may be additional fees that you may not be aware of if your development area has a homeowners association that charges annual fees. These fees can be significant if your development includes nice amenities like tennis courts or exercise gyms, and your particular fee may be higher if your home is larger or more expensive than others in the neighborhood. Also, there may be a number of regulations that you must agree to such as what kind of additions you can make to your house or what colors you can use on your property.

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