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New Homes: Buying the Model Illinois

Consider carefully before you decide to buy the model for your new home.

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Chicago, IL
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Alliance First Mortgage
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Wells Fargo Financial Illinois, Inc
(309) 688-9405
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Integrity Mortgage Services, Inc.
(309) 692-2840
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Peoria, IL
OPEN MORTGAGE LLC
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Eagle Mortgage Brokerage Inc
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2020 W War Memorial Dr Ste 303
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American Mortgage Lending Inc
(309) 688-5568
3709 N Sheridan Rd Apt B
Peoria, IL

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In your search to buy a new construction home, you have surely walked through many model homes.  It is hard not to fall in love with them – they are usually fully upgraded and are perfectly decorated.  If the builder has almost completed the neighborhood, then it may be time for them to sell the model home.  However, you need to carefully consider whether or not it is a smart move for you to purchase a model home.


Pros
There are several advantages to purchasing the model home in your new construction community.

 

  • There is no six-month (or longer) wait for construction.  The house is completed and ready to be occupied.
  • Although it may be more expensive than a new home that you could buy in the neighborhood, it is can be a better value.  It has most likely been fully upgraded, but you probably won’t have to pay full price for those upgrades.
  • It may have special features or upgrades that the builder does not offer in the other new homes.

 

Cons
Even though there can be advantages, there can also be drawbacks to buying the model as your new home.

 

  • It isn’t really a new home.  It has had hundreds, if not thousands, of feet walking through it for a couple of years.
  • Model homes are typically sold “as is.” This applies to the carpet and pad.  All of those feet cause a lot of wear and tear on flooring.
  • It is probably at the entrance to the neighborhood.  This can mean a great deal of car traffic in front of your new home.

 

Questions
If you are considering purchasing the model as opposed to building a new home, there are several questions that you need to ask the builder.

 

  • What is the occupancy date?  Are you going to have to wait a long time before they are ready for you to move in?
  • What repairs is the builder willing to make?
  • How will the builder convert the walkways between model homes?
  • Can you purchase the furniture, linens, or custom rugs?
  • When does the warranty start?
  • Also, ask for a list of the upgrades as well as their cost.  Are you getting a good deal for those upgrades?
  • Will the home appraise without any problem?

 

Think carefully about whether or not purchasing the model home for your new home is a good move for you.  It may be a great way to get the upgrades that you want for a fraction of the cost.  However, it also can make more sense for you to go ahead and build a new construction home.  Weigh the pros and cons before making your decision.

 

Published on February 15, 2007

Read full article at realestate.com

Featured Local Company

Wells Fargo Reverse Mortgages

312-919-4749
511 W North Ave
Chicago, IL
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