Interested in buying a new home in the Charlottesville area? Should you opt for a pre-sale home? Keep reading to find out!
Reason #1: Customization
If you opt for a pre-sale home, you have the freedom to make it yours. You can select finishes and materials and even modify the floor plan to meet your unique taste. For example, our pre-sale in Lochlyn Hill comes with the option to customize the floor plans.
This level of personalization can help you create a home that will reflect your style and fully align with your requirements.
Reason #2: Potential for Appreciation
Real estate markets are dynamic. Property values can fluctuate over time. Buying a pre-sale home at a fixed price before construction is completed means you might benefit from any increase in property values once the home is ready to move in. In the Charlottesville area, property values are rising steadily. By the time your home is finished, it may already be worth more than what you initially paid for it!
Reason #3: Timing and Payment Flexibility
When you purchase a pre-sale home, you have more time to plan and prepare for your move. Do you need to sell your current home? Getting a pre-sale can give you extra time to make all the necessary arrangements.
Do you need to secure a mortgage first? Many pre-sale home contracts offer a structured payment plan, allowing you to spread the cost of the home over a longer period of time. This can be a great option if you can’t afford a lump-sum payment upon closing.
Reason #4: Cost Savings
Last, but not least, a pre-sale has the potential for cost savings. While there are no guarantees, pre-sale homes often come at a lower price compared to finished properties. Builders and developers frequently entice buyers with attractive early-bird incentives.
While there are compelling reasons to consider buying a pre-sale home, it is important that you are familiar with potential downsides as well. Some examples are:
- Delays in construction can impact your plans.
- The cost of the home may change due to material price increases.
We highly recommend that you take the following steps before making a decision:
- Research the Builder: If you choose to proceed with the purchase of a pre-sale on your own, you should check the builder’s reputation and track record for delivering quality homes on time. Alternatively, you could rely on the judgment and experience of a real estate agent who works with trusted local builders.
- Understand the Contract: Carefully review the purchase agreement and understand the terms, including any provisions for potential delays and changes. An expert real estate agent can be of immense help, answering any questions that you may have.
- Budget Wisely: Factor in any additional costs for customizations, upgrades, and any interim housing arrangements during construction.