Before we get into the advantages and disadvantages, let’s take a look at what a tract house is. A tract house is a home in a tract housing area, which is a community with similar looking homes built on individual parcels of land. This is also known as planned communities. Many people looking for a brand new home will go this route.
Advantages
One of the advantages of a tract home, is that they are lower priced than most homes. Also, they can be built at a faster pace, since the constructors have been building these homes for the community. On average, tract homes can be built in about six and a half months, compared to just over 7 months for privately-owned, residential buildings. Many of the communities in which these homes were built, will have amenities to enjoy. These amenities can include parks, community pools and snow plowing.
Disadvantages
While there are benefits to buying a tract house, there are some disadvantages. First, when you sell your home, you are hoping to sell it for a higher price than you paid for it. This may be tough. Your home looks similar to your neighbors, so the design will not stand out in the crowd. Also, because of the lower cost of building the home, the difference between a new construction and a lived in home may not be that great. Hence, buyer may choose the newly constructed, tract home instead. Along these same lines, when you are designing your new tract home, you will be limited in the customization and personalization of the home.
These are just a few items to consider when looking into buying a newly constructed tract home,
Read the Original Article Here: The Financial 411 on Buying a Tract House: When It’s a Good Deal and When It Doesn’t Make Sense
