A move-in ready home is a brand new home that is ready for occupancy immediately. All of the finishes are complete and nothing else needs to be done. The new occupants can move in without worrying about a thing—they can simply enjoy life in their new home. What are some of the many other benefits to buying a new home?
Motivated Seller Means a Better Deal with Less Haggling Over Price
A developer or builder with a move-in ready home for sale is often a motivated seller. The home is sitting on the books as inventory, not earning anything. To help the home sell, it often includes desirable upgrades to make it more appealing to buyers. Upgrades can include expensive fixtures, cabinets and flooring. In some cases where the developer has not completed all of the interior finishing work, you may still have the ability to select your own upgrades and finishes. In addition to the upgrades, many builders and developers also offer incentives that make the sale even more attractive, such as no or low down payment financing, free exterior upgrades and so forth. It pays to explore what options are available in your preferred location.
Move-in ready homes are brand new. When you move in, you will not have to worry about the expense of repairs or renovations.
No Waiting Period
When you choose to build a home that is customized to your taste, expect to wait. Not only does it take time to complete the building, at least 12 months in many cases, but you will likely experience frustrating delays caused by weather and scheduling problems with subcontractors, inspectors and other key individuals. You also take on the risks that your builder and the various subcontractors may have taken on your project without the necessary expertise or sufficient financial resources.
Save Money by Avoiding Higher Financing Costs and Rental Expenses
Be prepared to pay higher rates of interest when you choose to build a home and run higher risks of delay and builder default.
Also, the longer you have to wait for your unfinished home to be ready for your occupancy, the more you will pay in rent. Once the full amount of a construction loan is disbursed, you will also have to start paying EMI at the same time you pay rent until you can occupy your new home. This situation causes many home buyers significant financial distress.
You can avoid these costs and risks with ready-to-move-in property. You will have a definite move in date and can plan accordingly. If you are in a rental house and the lease has not yet expired, you may be able to sublet for the remaining lease term to save your deposit.
Frequently you will find move-in ready homes situated in locations selected by a developer for its convenient access to major highways, restaurants, shopping and schools. Developers know that a good location makes the home more appealing to home buyers. A good location in a desirable, established neighborhood can add to the home’s resale value when the time comes for you to sell.
Take Immediate Advantage of the Tax Benefits of Home Ownership
When you rent your home, you are getting no tax benefits from it. However, when you finance the purchase of your home with a mortgage loan, you can deduct the interest you pay on your mortgage from your taxable income. Real estate taxes are also deductible. For those reasons, many homeowners find that owning a home (after taxes) costs substantially less than renting a home. This is especially true on new home owners because they pay more in interest in the first years of the loan which gives them a bigger interest deduction on their taxes than they will have towards the end of the mortgage.
You Know What You’re Getting
You won’t have to guess what you’re getting into by reading blueprints and talking to architects and builders. You can see it for yourself. Look at the finished lot, walk around inside, open closets and so forth. If you like what you see, drive around and look at the neighborhood, visit the amenities and determine the access to town and shopping. If possible, talk to neighbors and find out what they like about the developer and anything they don’t like. All of that information can help you decide whether this move in ready home is the right one for you.
Contact the Real Estate Professionals at the Kate Zarpas Group for more information
If a move-in ready home sounds like the ideal solution for you, contact any one of the real estate agents at the Katie Zarpas Group. They stay up to date on all of the available properties that could be just right for you. Whether you are looking to move in immediately or take more time to get exactly what you want, the agents at the Katie Zarpas Group are available to help. Contact them for more information today.