8 Lesser-Known Facts About Purchasing a New Construction Home in Florida

8 Lesser-Known Facts About Purchasing a New Construction Home in Florida

Are you considering the allure of a new construction home in the sunny state of Florida? The prospect of owning a brand-new, customized space can be exciting, but there are crucial details that many buyers overlook in their pursuit of the perfect dream home. In this blog post, we’ll shed light on eight surprising facts about purchasing a new construction home on the Gulf Coast of Florida that can save you from potential surprises and help you make informed decisions. So, buckle up and get ready to dive into the lesser-known aspects of the home buying journey!

Kitchen Island in the Stellar
Captiva Model Gran Place Wellen Park

1. The Price of a New Construction Home Isn't Always What It Seems

It’s essential to approach online listings with caution. The prices displayed often represent the base price without including the cost of the lot or any upgrades you might desire. In most cases, if you want your new home to match the model home, you can expect to add between 10% to 20% to the online price. However, keep an eye out for “Move-in Ready” or “Inventory models” that offer more accurate pricing, albeit with limited customization options.

2. Upfront Cash Deposit Requirements Can Be Higher for New Construction Homes

Unlike resale homes, new construction builders often demand a more substantial down payment. Don’t be surprised to see requests anywhere from 10% to 30% of the base price, lot premium, and structural options at the time of contract signing. Additional deposits might be required for decor upgrades or in the case of custom builders. Understanding the upfront financial commitment is crucial to avoid disappointment later on.

3. Pools Are Not Always Included

While many model homes flaunt inviting pools, it’s important to note that they’re not always included in the price. Unless explicitly stated, expect the cost of installing a pool to be an additional expense. Some builders offer pool installation services, while others leave it to the homeowners. Choosing the builder’s pool installation option can save you the hassle of coordinating permits and construction after closing.

4. Basements Are a Rarity in Florida

Due to low elevation and the state’s tropical weather, basements are not practical and can quickly turn into waterlogged spaces. When you see a square footage measurement on a new construction home, keep in mind that’s the total actual living space you’ll have. Ensure you plan for sufficient storage within the home since a basement won’t be available.

5. Builder Incentives on New Construction Homes

Builders in Florida often have preferred lenders and title companies. While you’re not obligated to use them, doing so can streamline the process and may even come with additional incentives. However, carefully review the conditions attached to these incentives as they may impact your choices and preferences for financing or closing representation.

6. Be Prepared for Additional Costs

Purchasing a new construction home entails more than just the base price. Impact fees, property taxes, HOA fees, assessments, lending origination fees, utilities, and services are among the costs that can add up. Thoroughly review the contract to understand these expenses and avoid any unpleasant surprises.

7. Many Subdivision Builders Offer Limited Options for Customization

While the allure of customization is a significant draw for new construction homes, it’s crucial to understand the limitations. Structural changes, room layouts, bathroom placements, and window sizes may have predefined options that cannot be altered. Before embarking on your new home journey, acquaint yourself with the available customization options to align your expectations accordingly.

8. Building Timelines on New Construction Homes Can Be Delayed

Building a new home in Florida is subject to a range of factors that can influence timelines. Weather conditions, material shortages, and unforeseen issues can cause delays beyond what you might initially anticipate. It’s vital to prepare for the possibility of a longer construction period and have a backup plan in place to ensure a smooth transition.

Are You Ready to Find Your New Contruction Home?

We’ve unveiled eight lesser-known facts about purchasing a new construction home in Florida that can help you navigate the process with confidence. However, this list is not exhaustive, and each buyer’s journey is unique. If you’re searching for a new home in Lakewood Ranch, Manatee County, Sarasota, or anywhere along the Gulf Coast, we’re here to guide you. Contact us today to start your tailored home search based on your budget and preferred lifestyle. Let’s turn your dream of owning a new construction home in Florida into a reality!

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