There are normally two options when it comes to new construction. You can build a home on an individual lot in an older/pre-existing neighborhood or in a subdivision of new homes. When buying new construction in a MA subdivision, there are a few additional considerations.
Design & Customization Options
To maintain some consistency in the neighborhood, builders often limit the number of floor plans that may selected for MA subdivision lots. Additionally, builders may offer only certain customization options such as cabinetry, flooring, and light fixtures. Changing of structural components may not always be possible.
Financing New Construction in a MA Subdivision
Normally in a MA subdivision, the builder finances the construction phase. This means that you do not close on your loan until the home is completed and ready to live-in. However, financing is still slightly different when it comes to new construction. Your lender will review the phase of the subdivision development. A certain number of units must be completed/sold in order to obtain a loan, so financing early in the development phase will be more difficult than later in the phase.
Benefits of Buying New Construction in a MA Subdivision
New construction in a MA subdivision is a great way to purchase a new home without a complicated construction loan. You can still make selections to personalize your home under the builder’s upgrade options list. Furthermore, the consistent neighborhood setting is often appealing to home buyers, helping to preserve your resale value. Be sure to ask about any deed restrictions, subdivision fees, and/or rules and regulations that may apply to the subdivision.