Are you a homebuyer that can be flexible regarding when you can move? Buying newly constructed home may be a great option for you. As most know, the Denver real estate market is low on inventory, making it difficult for buyers to find home. Currently, there are a number of new homes being built in Metro Denver that offer a number of great options to homebuyers.
Why you may want to consider buying a new home:
- It is brand new. This means all of the systems and appliances are new – water heater, heat, kitchen appliances, flooring, etc. The likelihood of something breaking is minimal and most Builders include warranties.
- It is customized. Depending on when you go under contract, you will be able to choose your finishes from paint, carpet, tile, doors and much more.
- Longer time frame. This may be a pro or a con but the longer time may allow you to save a bit more money, sell your current home or finish out your lease.
- Possibility of equity upon purchase. With the way that the Denver market is appreciating, you may find the new home that you went under contract six months ago has appreciated more than the purchase price.
The process of buying new construction in Denver is somewhat similar to buying a pre-existing home but does have one stark difference, the contract used is drafted and written by the Builder. It will look and read differently that the Contract to Buy and Sell Real Estate for a pre-existing home. The builders’ contract is written with the Builder in mind and, therefore, it is critical to read and fully understand the contract. When buying a new home, I strongly recommend having your own real estate agent. Make sure your real estate agent takes time to go through the contract with you and you fully understand the process and the terms.
Overall, buying new construction is a great idea and offers many great opportunities in this tight Denver real estate market. If you have the flexibility of time, consider adding new constructions to your list of homes.
Liz works full-time as a Real Estate Agent with LUX. Denver