Our favorite used book shop in South Charlotte called to confirm they got a copy in stock of "THE RICHEST MAN IN BABYLON". I had already told my sons this is "must" reading. Before getting in the car I decided to go through our shelves for some older books that they (we) have outgrown. The store gave me credit for the older books and I was pleased to have walked out with a total investment of $1.65 for this priceless book by George S. Clason.
There was one old book the store did not take off my hands because they had too many in stock: "WHAT TO EXPECT WHEN YOU"RE EXPECTING". This is well known required reading material for expecting parents by Arlene Eisenberg, Heidi Murkoff, and Sandee Hathaway.
As I was driving back home, the book's cover provoked memories of when my sons were due. Back then it seemed like every time I turned around another couple was expecting. Of course it was all a mindset - when you're happy everyone is happy! Surely there are just as many expecting parents these days but they are just not on my radar because I've been there and done that.
Which leads me to the inspiration for this posting. As a professional Realtor® it is important to keep my clients perspective on my radar and prepare them for what's around the corner.
The parallels to the book are endless; whether they are new parents(first time buyers) or grandparent(corporate professionals) the birth of a child(purchase of a home) is a life changing stressful event with plenty of ups and downs, logistics, and choices. If they are educated and know what to expect it will be a much more enjoyable experience.
Since I am currently working with a couple buying new construction in a builder subdivision this posting will be:
WHAT TO EXPECT: Buying a new home in a builder subdivision
And since this a blog forum I will only list the five which I consider to be the least known by a novice and invite you to add more (be sure to note your market area when posting).
1.) The lots for new subdivisions are graded in sections to conform with storm water run-off requirements. Although you may see a map of all the lots in the subdivision, at any given date only a select number of lots are registered with the county and available for sale.
It is generally speculative to wait for a preferred lot such as a corner lot or cul-de-sac lot to become available for sale. The reason for this is that the release for sale of these lots may depend on the sales of previous lots as well as the logistics of preparing the new lots for registration with the county.
On previous occasions in a high demand market there have been circumstances where buyers get on a waiting list and then are subject to a lottery for their choice of lots. Of course these lots are also the ones that charge an additional premium for being larger, on a cul-de-sac, or in a more private setting.
2.) If there are already buyers under contract next to your lot it may be that you will be limited to the choices of exterior elevation, siding material and color. The reason for this is to maintain a variety of street views and a high appeal for the subdivision.
You do not want to have the same exact color or facade side-by-side or even across the street from each other.
3.) Depending on your lot location the floor plan may need to be a mirror image of the model home or brochure. In other words the garage may have to be on the left instead of the right or vice-versa and that goes for every other room inside the house. The reason for this usually has to do with driveway in relation to the storm water drain at the street curb
It is never advisable to have your driveway in the path of a storm water drain as that is a weak spot on the street curb.
4.) Some builders offer a fantastic variety of endless options and require a 2-3 hour consultation in their showroom to finalize your choices. Others builders keep two to three basic package of upgrades to choose from and limit the color selections.
It is important to keep your selections of upgrades reasonable for your neighborhood. Your Realtor® can give you an idea what is typical. If you find yourself with over 25% of your purchase price in luxury options it may be smart to consider a neighborhood that starts at a higher price point.
Remember, it is the neighborhood that will determine the general market value of your home in the long run. So the point is: don't overinvest unless you plan to keep the house for much more longer than the average American Homeowner.
5.) Lot sizes have gotten smaller over the years as builders put homes closer together in order to maximize land use and maintain competitive pricing. This makes ranch style (one-story) homes harder to find in new construction because their "footprint" tends to be wider.
At the same time the 2-story floor plans usually offer the option of a bonus room or additional bedroom over the garage.
Is that five already? I thought of more but will just post the lead-in and leave the rest up to you guys:
Most production builders do not allow for customizing the floor plan...
Homeowner's Associations...
Market value appreciation if you are one of the first buyers...
Covenants and restrictions...
Coordinating the interest rate lock...
Builder price reductions and incentives...
Not all floor plans can be built on every lot...
A builder will have more rights than the buyer in a typical new construction contract...
Builder warranties...
Model homes...
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Only the top ~4% of all Realtors® have elite CRS professional status; nationwide we are responsible for over 20% of closed residential transactions.
CRS is the most exclusive and prestigious Realtor® accreditation earned through advanced education, established experience, and a high level of production; contact your CRS Realtor® Maximiliano "Max" Carrillo at (704)400-0535 for access to a nationwide network of elite professionals.
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