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• Do you have small children? Developments offer easy access to a communal<br />
playground, built-in friends for your kids, and more. But if you are<br />
somebody who likes to stay inside more and keep to your own schedule,<br />
or who enjoys open spaces and large green yards, a development may not<br />
be for you.<br />
• Are you comfortable being a landlord? Often, owning a townhouse in a<br />
development means renting out an apartment. This entails sharing close<br />
quarters (soundproofing has its limits!) and sometimes common space with<br />
another family. You also need to be sure that you have the temperament to<br />
collect rent from a potentially recalcitrant tenant and take responsibility for<br />
maintenance and repairs.<br />
• Are you prepared for maintenance? In a private home, you will be responsible<br />
for outdoor maintenance like shoveling snow and lawn care, which is<br />
usually covered by the homeowner’s association in a development.<br />
New Construction vs existing Homes<br />
New homes go up almost daily in Lakewood, but there are also many buyers<br />
who opt to purchase a resale house. Here are some considerations to factor<br />
into that choice:<br />
• Is somebody in your family handy? Newer homes are likely to need less<br />
maintenance and repairs than older ones.<br />
• Who are the developer and builder of the new construction? The developer,<br />
who is backing the project, needs to be someone you can trust will not<br />
cut corners. The builder who is actually executing the project should stand<br />
behind his work and take responsibility for defects even after closing.<br />
• What is your timeframe? Depending on what stage the construction is up<br />
to, you may need to wait months or more before a new home is completed.,<br />
while a resale home may be just waiting for you to close.<br />
Although newly built homes appear to have a higher price tag than some<br />
older private homes, from a financial perspective, you might come out ahead<br />
by buying one anyway under certain circumstances.<br />
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2017 Lakewood Home Buyer’s Guide | 59
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