Buying New Construction in Portland: 5 Things You Should Know

by | May 10, 2017 | Buyer Tips | 0 comments

You have started perusing up-and-coming Portland neighborhoods in search of a home. There is a lot of new construction going on. Thus, it’s only natural that you’d be interested in being the first owner of a new structure.

Before you buy, though, there are a few things you should know.

1. Do Your Homework

Any time you’re considering Portland modern homes, it’s a good idea to research the builder by checking out past projects. How do they hold up over time? Are residents happy and entrenched, or do you see a lot of resale activity?

You can do some research on your own. However, you might want to speak with your realtor. They can give you a better idea of whether the new construction you’re looking at is being erected by a reputable and reliable company.

2. Negotiate

When purchasing resale Portland condos, you’ll find that there’s often some wiggle room on price. The same is not necessarily true of new construction. You’re more likely to add to the price than reduce it.

That said, you may be able to negotiate for reduced or even free upgrades as part of the deal-making process. You may even get the seller to throw in closing costs. You can’t haggle over wear and tear or damages with new construction. Thus, you’ll have to get more creative with negotiations.

3. Get it in Writing

When purchasing brand new Portland lofts, it’s not uncommon to get in during the building process. This gives you some latitude on everything from floor plans to finishing touches. You want to ensure that you’ll get everything you want at the agreed-upon price and timetable. Thus, make sure to add any changes or upgrades to a signed contract for your own protection.

4. Hire an Inspector

You might not think you need to perform a home inspection on new construction, especially since your lender will likely do an appraisal. Plus, they will charge you for it.

However, you’re making a big investment. You are choosing a home that you could reside in for several years or even decades. Therefore, you want to make sure it’s in ship-shape. Hiring an independent home inspector is the best way to guarantee that.

5. Ask for Help

There’s no need to go it alone when it comes to selecting the perfect Portland property for your wants and needs. A knowledgeable and experienced realtor can help you to negotiate pricing and upgrades. In turn, they will ensure that you end up in a home you’ll love for years to come.

Photo credit: Renaissance Homes