New construction homes can be quite attractive to a lender as they are a pretty safe bet. For a buyer, this can result in a smooth financing process and a high percentage chance that your loan will close. This is especially comforting in a climate where financing a home can be quite rigorous. Sometimes the builder will offer financing directly to the purchaser that can make the process of obtaining the loan even easier.
A new home has just obtained permits during the building process and has to show the town that it complies with the building code in order to obtain a Certificate of Occupancy. In fact because homes are regulated and monitored by the town while being constructed, you can avoid some additional inspections that might be ordered for older homes i.e. for the septic. When an older home is inspected some of the results may raise a red flag with the bank, i.e. mold or asbestos. While these things can be remedied, health concerns can make loan processing that much more complex.
In addition to being in the beginning of its life, new homes in Fairfield County tend to be more energy-efficient. As a result buyers can plan on less capital being required downstream, after the purchase, to keep properties in top shape. That smaller maintenance load makes it easier for the new owners to meet their mortgage requirements, which translates into lowered risk for lenders. More immediately, if a previously owned home is in need of major repairs – that cost can postpone or derail a loan closing. Lastly, newer homes are designed with the preferences of today’s buyer in mind. This means a quicker resale should the lender find itself in the position to have to sell the property.
It’s all part of why buying a new construction home in Fairfield County can be an attractive option – whether you are a first timer or home-buying veteran. If you are looking to purchase a new home, a plot of land or a tear down I am happy to help you locate and evaluate your Fairfield County options. Feel free to contact me anytime.