It’s no secret that buying a new home in California can be expensive. But many people don’t realize just how costly it can be. There are a number of hidden costs associated with new homes, and they can add up quickly.
These defects can include everything from faulty wiring to structural problems. And they can be very expensive to fix. In some cases, construction defects can even render a home uninhabitable.
Missing or poor quality essentials
There are many necessities that new homes should have, but sometimes they don’t. For example, a new home might not have gutters or insulation. Or it might have poor quality appliances, windows or doors. These missing or poor-quality essentials can add up to a lot of money over time.
If you buy a home in a planned community, you’ll likely have to pay monthly or yearly fees to the Homeowners Association (HOA). These fees can range from a few hundred dollars to several thousand dollars per year.
Maintenance and repairs
All homes require some amount of maintenance and repair, but new homes often need more. For example, you might have to replace a roof or HVAC system sooner than you would with an older home. Usually, the warranties on these items only cover defects, not normal wear and tear.
If you want your new home to have a nice yard, you’ll need to budget for landscaping. This can include everything from sod and plants to fences and patios.
As you can see, there are a number of hidden costs associated with new homes. So if you’re thinking about buying a new home, be sure to factor these costs into your budget. Otherwise, you could end up being in for a nasty surprise down the road.