Considering buying a newly built Jersey Shore home? Here are some things to think about.

ADVANTAGES:

  • HOME WARRANTY: Generally this warranty is good for one year and covers heating, cooling, and electrical systems and plumbing. Some also cover appliances.
  • INCENTIVE PROGRAM: Many builders use incentives, both large and small, to attract buyers. Examples include vacations or furnishing for your Jersey Shore home. Note: these incentives are often offered only if you use the builder’s lender.
  • CUSTOM DESIGN: If you become involved with the builder early in the building process, you may have a say in the home’s construction–from customized features to flooring to colors.
  • FASTER CLOSING. No titles to search.
  • SAFETY/HEALTH: No worries about old wiring. lead paint, or asbestos.
  • LESS MAINTENANCE: Materials used in the exterior of a new home do not require yearly painting.
  • ENERGY EFFICIENCY: Less waste, and thus lower bills.

PRECAUTIONS:


  • CHECK OUT THE BUILDER: Talk to those already living in the new community. Find five or six homeowners who have purchased a Jersey Shore home from him in the past five years. Ask what they like and don’t like about their houses. Has he been responsive to problems? Check with the Better Business Bureau to see if there are complaints against him.
  • EVALUATE THE BUILDER’S LENDER: Some builders own their own lending company and therefore don’t offer you the best deal . Beware of being locked into using that lender in order to qualify for incentives. Request that the lender guarantee its Good Faith Estimate.
  • HIRE A HOME INSPECTOR: Even if you have a one year warranty on your Jersey Shore home, some problems won’t surface until that service has expired.
  • GET LEGAL ADVICE: Have a real estate lawyer check your purchase agreement to make sure you are protected and to explain your liabilities and commitments.