1. In new house development, buyers aren't paying for "as is" - they're getting the opportunity to design and choose features from the ground up. That doesn't mean that the process is seamless, and a buyer needs to be prepared for unexpected costs to come up.
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3. As a result, the sales and purchase process can be a long one. The timing of closing is often determined by the completion of construction and the ability to obtain a mortgage. For dự án sun group tại nha trang , this can be a challenge because the building usually has to sell 51% of units in order for lenders to consider issuing a mortgage. The financing process for new construction is often more complicated than traditional loans, and buyers can be caught off guard if they aren't familiar with the process.
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5. A buyer who decides to move into a new home must also be prepared for the fact that it may take 3-12 months to complete the build. This is especially difficult for buyers who need to remain in temporary housing during the build, or for couples that have sold their current home. It's important that a buyer work with an agent who is knowledgeable in new construction so they can ask the right questions (e.g., what are the unique risks and considerations of buying a new condo versus an existing one, and how will the new building affect property taxes?).
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7. In addition to the length of time that buyers must wait before moving into their new homes, new construction can be a source of toxic fumes. Known as the new-house smell, it is caused by a number of different chemicals that off-gas during the building process. These include Formaldehyde, a compound that is typically used to preserve dead bodies and which can be highly detrimental to health. In addition, a number of building materials emit VOCs, including vinyl flooring, wood cabinetry and fresh paint. Fortunately, the VOCs are diluted over time and eventually fade away.
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9. Despite these challenges, many developers are still pushing forward with new developments. Last year, the Bronx saw the largest number of completed new housing projects out of all five boroughs, surpassing Brooklyn for the first time in years. Manhattan, however, saw a decrease in the number of completed buildings compared to 2022.
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11. But, some cities are struggling to find a way to keep new construction going, even when it's not cost-effective. Arizona, for instance, is facing a drought that has reduced water supply and halted construction of new homes. And in the face of escalating climate change, it's not clear whether new developments can be built at scale to address the demand for homes in areas affected by wildfires and floods.
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