You love the model home, and you're thrilled with the locale-but it's a new subdivision. Should that stop you from buying there? The answer depends, in large part, on just how new is new.

Are there still many vacant lots? If you're wondering whether you need to worry about what will be built on those lots, ask about restrictive covenants that have been issued. These covenants are agreements that were established at the beginning of the construction. They specify what can be built, and how it must be built.

But not everyone agrees that restrictive covenants will protect what you believe are your rights. What if the builder gets involved in a lawsuit? The covenants are likely to go out the window-or at minimum, be kept on hold for years. Even assuming that no more building is permitted until issues are resolved, then you will be living in a place with a lot of weedy, junky-looking lots.

Plus, even if the covenants restrict how the exteriors are built, there might be room for deviation from interior specifications. Homes built after yours at a lesser standard of quality will lower the value of all the homes around them.

Many people choose to wait because there are going to be kinks in any new development. Whether it's water runoff, noise pollution, or odor from the waste processing plant when the wind comes in from the west, sometimes these problems just don't make themselves known until the development ages a little.

You'll also find a lot of construction debris-even small nails or pieces of piping-plus tire tracks from contractors' vehicles, the noise of building, or interruptions in water or electrical service.

During these settling-in periods, while kinks are being worked out and building is still underway, the people who have already moved in often make it their business to investigate everyone else's business. They appoint themselves as arbiters of good taste on everything from their neighbors' pet choices to their lawn decor. As a subdivision ages a little, most of this people-adrenalin works its way out.

What if you need to sell your place, and the subdivision is still unfinished? With many lots still unsold, you're likely to have more difficulty finding a buyer in the event that some change in your life or job requires you to move.

Do you know what the plans are for the remainder of the subdivision? Many people move in, and then they're disappointed to have their view of the mountains obstructed. Or they believe that no homes will ever be built behind them, but then the builder has the say to do just that.

But maybe you're someone who would thrive on being among the first in a subdivision. There's nothing like a brand new, never-lived-in house. It's wonderful to watch the landscaping take place, to see the trees and flowers begin to grow. You get to be involved in the homeowners' association from the ground floor on up. And you can form lasting bonds with the people who have moved in at the same time as you, who share the same issues and concerns as you. It all depends on what you like!

If you're ever in the market for real estate in the Table Mesa neighborhood of Boulder, be sure to start your Colorado home search here.