An article by Northspyre states that the Riverside City Council has approved 20,000 new homes to be built by 2029. Riverside is the fourth most populated city in California and is continuing to grow.
This presents a great opportunity for those looking to buy new construction homes. With that said, you shouldn't rush into things too fast.
In this guide, we'll cover some tips for homebuyers who are interested in buying off-plan homes. Keep reading for more.
What Does Buying Off the Plan Mean?
Buying off the plan means buying a property before the construction is finished. You'll be going by the following:
- Plans
- Drawings
- Models
Buying a home without viewing it first may seem unusual, but it's a popular choice. It's a good way to get a brand-new home, but that doesn't mean it's always the best decision.
Benefits of Buying Off the Plan
The main benefit is that you can get a brand new home that no one has lived in before, and it's often less expensive than buying a home that's just been finished. Homes that are still under construction usually cost less.
Additionally, you may have a lot more design options. You can pick from different lots and may even be able to have a say in some design aspects.
Another benefit is the level of technology. As off the plan homes are brand new, they often come with the latest technology and energy-efficient features.
Risks of Buying Off the Plan
The main risk to bear in mind is that the home may not quite meet your expectations once it's finished. Even if it's similar to the plans, it may be difficult to visualize it before seeing it, so it may differ from what you expect.
Another risk is that there can be delays, so you may have to wait longer than you plan to for your home. In some bad cases, the builder can even go out of business before construction is finished.
Tips for Buying New Construction Homes
The right new build advice can help save you from disaster. One of the first things you should do is check the builder's reputation. Look at their past projects to be confident they meet your standards.
Make sure you read the new construction contract carefully. You need to know what is and isn't included. It should also contain details about timelines and penalties for delays.
Find out if you can get a mortgage for the property. Some banks have specific conditions for off the plan homes that you might need to consider. Understanding the local market will also help you decide on a home.
Should You Buy Off the Plan?
The Riverside real estate market has a lot of options with new construction homes presenting a good opportunity. It would be best if you thought about the pros and cons above so you can make a decision that's right for you.
For more guidance, you can work with PMI Riverside. We're a leading property management company serving clients in Riverside and the surrounding communities.
Our expert team has years of experience in the Riverside real estate market and can offer professional guidance that can help you make the right choice. Contact us today so we can help you find the right path to homeownership.
