“Is New For You?”
It’s not “new news” that the real estate market has picked up. With new listings appearing on the MLS daily, buyers have a lot to chose from. Fixer-upper or move-in ready? Open concept or cute and cozy? Many potential buyers spend hours agonizing over these decisions only to find themselves compromising on their must-have lists in order to find a home that will meet most of their needs. One alternative to this situation however is the option of new construction where buyers can often customize their new home till their heart’s content.
With great new communities such as Glade Parks, Preservation and Heritage Cove popping up in the region new construction may just be the best option for you. So is it for you? Here are a few things you should know when considering buying new construction:
Find a great agent
Model homes and new construction developments are often staffed by an agent who has a relationship with the builder. This is why it’s important to find an agent who is in your corner and is working for YOU. Make sure to find an agent who has experience with new construction and is not affiliated with the builder.
Look to the future
Check with the city to find out what is planned for the surrounding area. If you chose your new home because of the view, will it still be there in 5 years? Or maybe there are some great new developments in the works that will cause the resale of your home to skyrocket in the coming years such as the planned river walk in the Glade Parks community. Most builders put the responsibility on the buyers to be aware of the neighboring communities so make sure you do your research.
If the project you’re interested in is nearing the end of its sales cycle and many homes are already sold, the builder may be more willing to negotiate with you not necessarily on price but on upgrades. When the builder reduces the price on a home and it closes this becomes public record but when offered an upgrade package there is no way to track it. Therefore what could amount to thousands of dollars in an upgrade package could end up being a better deal than simply getting a price reduction.
It’s just a numbers game
Builders and developers don’t have a personal or emotional attachment to the house they built compared to the typical seller who has lived in their home for many years and made lots of memories. With a home builder it’s just a numbers game and thus new construction is typically priced to sell compared to the seller who may unconsciously price their home too high because they are not ready to emotionally detach from it.
For many buyers new construction can be a great idea. The first few years in a new home are typically maintenance free so if the idea of lounging in your pajamas with the Sunday paper while your friends and family toil and sweat over home repairs, sounds appealing to you then new construction may be the way to go. Just remember that whether buying old or new the best thing you can do during the home buying process is find yourself a great agent that will work for you!