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According to Dayton Daily News, the homeownership rate in Ohio was 66% in 2022.
A lot of people dream of being homeowners, and it may be time for you to purchase a home. New construction homes are a popular choice, but you should always consider your options. Modern home designs can be appealing, but there are some factors you should consider before making your choice.
In this guide, we'll go over some key things you should know before buying off the plan in Troy, Ohio. Let's dive in.
What Does Buying Off the Plan Mean?
Buying off the plan refers to buying a home before the construction is finished. These are typically in new development areas, and you can look at the plans to get an understanding of what the finished house will look like.
It's a surefire way to ensure you get a brand-new home that's never been lived in. However, because you can't actually view the house before it's finished, you need to be cautious.
Benefits of New Construction Homes
One of the most common benefits is the cost. When buying off the plan, you can often find affordable new homes.
You're also likely to have more design options. You typically won't be able to find entirely custom-built homes, but you should be able to identify properties that offer modern design features and energy-efficient designs.
Risks of New Construction Homes
There's always a key risk here in that a home may not meet your expectations. When buying a traditional home, you can view it multiple times and get a very good feel for it so you know what to expect.
If you buy off the plan, then you need to commit to the purchase before ever actually viewing the home in real life. You may then end up being let down by certain aspects of the finished property.
Additionally, there can be delays in the construction. You might end up having to wait longer for your home than initially anticipated.
Reviewing Plans and Contracts
One of the most important things to do when looking at new home listings for off-the-plan properties is to review all plans and specifications. Make sure you clearly understand what you're getting for the price you're paying. You should also determine if there are any additional costs and factor these in.
Explore Financing Options
Financing for a home off the plan can be different from a traditional purchase. You may need a construction loan instead of a traditional mortgage. Look into your options so that you know how your financing will work before signing any contracts.
Should You Invest in a New Construction Home?
New construction homes certainly have some key benefits, but there are also some risks. Make sure you consider all of these so you can figure out which route you want to take. Investing in any home is a big decision, so you can seek assistance from an experienced realtor to help you make the right choice.
PMI Oakridge Management is a full-service real estate asset management company based in Troy, Ohio. Our experienced team can use their expansive skillset along with the latest technology to help you find your dream home. Take a look at the homes we have for sale in Troy today.
