New home construction in the Chicagoland region is at the highest levels since the Great Recession, according to Metrostudy’s 1Q17 survey, with 7,249 units being built including single-family detached, townhomes, duplex units and condominium units in the twelve-county region. If buying a brand new, move-in ready home sounds appealing to you, follow these three tips to ensure you do not make a costly mistake.
- Hire your own agent – Builder’s sales agents are paid to represent the builder and usually will not provide a well-rounded understanding of the positives and negatives of the development or of the builder. Hire your own agent to represent you. This will be at no cost to you since sellers pay commission to the buyer’s agent, and you will have a professional on your side that can do the negotiating for you.
- Upgrades – When touring a model home, keep in mind that it is usually an upgraded version of a standard home. Be sure to find out what features are included in the standard home, what upgrades are available, and the cost of the upgrades. Buyers will usually be given the option to customize flooring, wall paint colors, countertops, appliances, and light fixtures. Depending on the cost of the upgrades, you may decide to purchase the standard home and hire your own contractors to make updates.
- Hire an inspector – Many buyers assume that new construction homes are flawless and don’t require an inspection. Even new construction homes could have defects, and it is recommended to get two inspections – one before the walls are closed (to examine system installation and framing) and another prior to closing after the home is built.