New construction homes are becoming increasingly appealing to today’s homebuyers. After all, there is nothing quite like being the very first person to live in your home! But with all of the options in the Alaskan real estate market, how can you be sure a new construction home is right for you? Northern Edge Real Estate has provided five things to know before you make this big decision.
New homes may be sold before they are built
Be aware that while dozens, and in some cases hundreds, of homes may be for sale within a given community, they may not all be available at once. Builders tend to sell homes before they are built and may roll them out in phases. However, buyers have the opportunity to visit model homes to view what their future property may look like, from finishes to fixtures, and even choose their own prior to the home’s completion.
New homes often come with standard finishes
Before you decide on purchasing a new construction home in Anchorage or the surrounding Mat-Su Valley, it is wise to ask the builder about the standard finishes. Model homes are typically equipped with all of the higher end finishes, so you will want to know what the standard features are and what are upgrades— as well as how much each upgrade costs.
You can bundle upgrades into your loan
One of the perks of purchasing a new construction home before it is built or finished is that you can roll upgrades into your loan amount. For example, a higher end finish or appliance may cost more through your builder than at a store, but you will likely have to make that purchase in cash at the store. When purchased through your builder, you can add those costs to the total loan amount.
New homes are not always listed in the MLS
With some new construction properties being sold directly by the builder and their own sales team, keep in mind that you may not find all of them with a simple search in the MLS. If you’re just beginning your home search and are interested in new construction homes, it is best to work with your agent to bring all of your options to the forefront.
You may have HOA rules and regulations
Purchasing a home in a new construction community means you are now required to abide by the rules and regulations of that community’s homeowners association or HOA. Each HOA has its own set of bylaws, guidelines and restrictions for those that live in the area and in some cases, that can mean you are not allowed to install certain features either within or outside your home. If homeowners do not abide by HOA rules, they may be subject to a fine. It is also important to remember that homeowners associations do also have a monthly fee that goes to cover maintenance and other community benefits.
Are you looking for a new construction home in Alaska? We can help you find a list of available properties or lots that meet your wants and needs this year! Do not hesitate to give Northern Edge Real Estate a call!