Homebuyer ALERT: The PROS & CONS of Buying a NEW Home

Are you thinking about buying a NEW home? There are clear disadvantages and advantages so after watching this video, it's my hope that you will be able to make a more informed decision on whether or not you should buy a new home.

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The major advantage of buying a new house is that the home is built up to the latest code and the deferred maintenance is normally years down the road (such as replacing a costly roof). Therefore, findings from home inspections for new construction homes is normally minimal which is very different than for older homes.

In addition, home builders normally provide a builder’s warranty to cover structural issues, electrical systems, the HVAC and much more.

A 4th PRO about buying new construction is you may have the opportunity to select the fit and finishes inside the home.

In contrast, one major disadvantage is the cost of the builder upgrades which can add up to hundreds of thousands of dollars.

Another downside is buying new construction typically comes in the form of a premium the homebuyer has to pay (HOA dues and higher property taxes typically).

Additionally, often the builder requires the homebuyer to use the homebuilder’s purchase contract. Those are normally very lengthy and it can be hard to find out what the buyer protections are such as the buyer contingencies (inspection, appraisal and loan contingencies)..

Other cons include the lag times in getting the house built, a lack of inventory and at times, the inability of the home buyer to lock in their mortgage interest rate for months.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 2.91% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?

My previous video about the latest stats for new home sales in the US
https://youtu.be/LykvBgkSw_I

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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed Realtor with Realty One Group in California under DRE 01923240.

#newhomes #housingmarket #homebuilder