There are many benefits of master planned communities. Master planned communities are often a collection of new homes that are built at the same time, to form a type of community. The houses are brand new, customized to the buyer, and are often in a great location. However, it can also present some challenges when considering purchasing in master planned communities. These are some of the most common challenges and how to overcome them.
You don?t get to walk through your house until it is yours
One of the biggest differences of purchasing in master planned communities is that when you purchase a new home, you are purchasing something that is built just for you. This means that, unlike traditional home buying, you do not get to walk through your house, until it is finished. This does not have to be a problem, however, as many master planned communities have sample houses. The sample house is very similar to what will be built for you, expect that you might have a different number of bedrooms, bathrooms, and different overall features. Make your buying decision based on the sample home.
You have to wait until your new home is built
Closing processes on previously owned homes can be fairly quick, usually allowing you to close within a couple of weeks, to months. If you decide to purchase a new home in a master planned community, you will have to wait for your home to be built to your custom needs. This could take many months. For some home buyers, this is not a problem, as they are not in a hurry to move. For others, they might have to make alternative living arrangements, at least until their new home is completed.
You can?t get an idea of the local neighborhood
Because new homes are constantly being built, it can be difficult to imagine what the final neighborhood will look like. How close will the houses be together? Will there be any outdoor space for your children to play? How large will the sidewalks be for biking and running? These are all things that you can evaluate in a community that is already built. About 63% of respondents reported being willing to pay more for an apartment or house if it was located in an area with good green spaces, compared with, 34% willing to pay more for an area with good shopping, and 33% for good cultural venues. If you are concerned about what the final design of the master planned communities will look like, you can usually gather this information from the developers or property owner.
You don?t have an exact estimate of taxes and extra fees
When you purchase a home that has previously been lived in, you can gather information about taxes and utility costs from the previous owner. Before the house is built, it can be almost impossible to accurately estimate these costs. However, you can ask owners of similar homes in the community what they are currently paying. Also, if you are in a state like Florida, you might receive tax discounts. Florida is one of only seven states that does not collect an individual income tax at the state level (the other six are Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming). Also, remember that taxes on a new home are significantly lower in the first 12 to 24 months than on a similarly valued resale home.
If you are in the process of buying a new home, have you considered working with the local home builders on purchasing something in a master planned community? Master planned communities allow you to be a part of a brand new community, with a brand new house. Although these are some differences when compared to purchasing a previously lived in house, there are also many advantages to having a home in a brand new community.