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should stand behind his work and take responsibility for defects even after
closing.
What is your time-frame? Depending on what stage the construction is
up to, it may take months or even longer before a new home is completed,
while a resale home may be just waiting for you to close.
Although newly built homes appear to have a higher price tag than some
older private homes, from a financial perspective you still might come out
ahead by buying one, under certain circumstances:
Many new homes are built with rentable basements. Many people rely
on this income to cover the larger mortgage payment, but being unable to
secure a tenant for a few months can be financially draining.
New homes are purchased in move-in condition, with no need for
expensive renovations — which are not covered by the mortgage. Typically
major and costly repairs are not necessary right away. Additionally, some
systems, like the HVAC or roof, may be under a builder’s warranty, further
minimizing your risk.
New construction is built with an eye towards the future. A good
developer will build a framework that will allow for future expansion and
Installed
to last
TILE INSTALLATION
732.942.4511 a lifetime.
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Licensed & Insured Free Estimates Residential & Commercial
2020 Lakewood Home Buyer’s Guide | 59
