Almost every new home buyer has heard a horror story from a friend or family member warning them of the uncertainties in building a new home.Â The biggest fear out there is getting into a contract with an agreed upon price and then learning your contract has several feesÂ you agreed to pay over and above the price of the home!Â Â This should never happen, yet so many of us have heard the story that begins; "I got to the closing and . . ."Â Â
When helping to develop Pondview Estates, the subdivision we represent, it was agreed by all that this was something we would never allow to happen.Â For that reason, it was decided by the builder that he would absorb the majority of costs invovled in producing the homes.Â For example, he decided to include town and recreation fees, water meter fees, and sewer district fees.Â In fact, the only fee not covered by our builder is the New York State transfer tax of $4 per $1,000 of the home's value and this is fully disclosed to all buyers.Â This doesn't happen with all new construction subdivisions, so you should ask these questions!
Another area where builder horror stories occur is reimbursing builders for finance charges incurred by using the builder's money to build the home.Â This is a topic to be cautious with, as these finance charges can exceed $5,000 dependent on the size of your project.Â Our neighborhood at Pondview Estates, also addressed this topic as the builder uses his own money to finance every project and charges zero dollars to our clients.
Buyers should ask question and be aware when purchasing a new build home as there are uncertainties.Â It is our experience, that a well-informed client and a well-represented client never falls for the dangers in new construction home buying! Reading articles like this will continue to strenthen your knowledge in new construction and make you the informed consumer you want to be!
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