Risks & Rewards - Is It Worth The Wait?

By
Real Estate Agent with DFW FINE PROPERTIES 0506509

Nearly one year ago, this photo was taken on my Buyer's new construction. In less than seven days, I hope to be posting "Sold," and the buyers will be moving into their new home shortly thereafter. When a Buyer decides to build (which in this case, took place more than nine months before you see the building in progress), there are a lot of pieces to the building puzzle. 


From the decision to buy, the location of where it will be built, permits, planning and zoning, easements, utilities, electricity, gas, water, sewage, foundation, to every single component such as pieces of wood, bricks, screws, and mortar, including all that is involved in sheetrock, wiring, lights, heat, air conditioning, the roof, windows, doors, pouring concrete for the foundation, building the chimney, insulation, choosing a fireplace and mantle, to selecting the flooring, cabinets, closets, shelving, kitchen cabinets, countertops, appliances, tankless water heaters, painting, landscaping, and making adjustments or changing orders, waiting to move in takes a lot of patience and understanding. 

In new construction, every single detail counts. The issues that need to be dealt with include permits, city ordinances, inspections, supply issues, and of course weather permitting. Other considerations are how will this be financed and does the buyer have the discipline to save and not overspend from the beginning to the end to get their loan approved by either the Builder's Lender or another Lender on time before closing? 


Closing day is always as exciting as it is nerve wrecking. If the buyers must sell their own home first, can anyone predict what their buyers will do when there is a contingency, and the Builder does not make exceptions for contingencies? Lining up movers in advance when you cannot predict the weather, and making financial allowances for things the builder does not include, such as blinds is always something to think about. 


More importantly, if this is your dream, will it cost more to wait to build when there is inflation and factors unknown in regards to supplies and the economy? It all boils down to risks and rewards and figuring out, was it worth it? 


To be continued..... Patricia Feager

 

 

 

  

Posted by

Texas Law requires all license holders to provide the Information about Brokerage Services form to prospective clients.

https://www.trec.texas.gov/sites/default/files/pdf-forms/CN%201-4-1.pdf

 

 dfw fine properties

 

DFW FINE PROPERTIES

                                        3575 Lone Star Circle, Suite 315
                                        Fort Worth, TX 76117
                                        Office: 817-748-4800/FAX: 817--748-4900

                                         Patricia (Peace without Panic) Feager (Faith without Fear)
                                                        Cell: 469-951-4758

                                                        Email: patricia.feager@gmail.com

 

MBA (University of Dallas)
BA
(Bachelors of Arts & Science)
Paralegal (Southeastern Career Institute)
Associates (3) (College of Lake County)
KU (University of Kansas)

CERTIFICATIONS

CRS (Certified Residential Specialist)
SRES (Certified Senior Residential Specialist)
PSA (Certified Pricing Strategies; Mastering the CMA)
CRS (Certified Military Relocation Specialist)
RENE (Real Estte Negotitions Expert)

"With self-discipline most anything is possible." --- Theodore Roosevelt 

 

 

 

  

Comments (13)

Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I'm excited for you and the buyers that the end of this journey is almost here. Whoo hoo! There is definitely a lot of patience needed when building a new home. But the end result is worth it!

Enjoy your day!

Jun 22, 2022 04:30 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Patricia. I have always been a fan of new construction. In the current environment, when timing and availability of materials are unknown variables, not so much! Too much to describe here, but not the best idea. Small builders are being squeezed for labor and materials and the large guys still can't get some supplies. Are you willing to roll the dice? Some will! Many will win but you could also lose big time. Enjoy your day.

Jun 22, 2022 04:57 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Patricia - Patience, Persistence and Perspiration make an unbeatable combination for success - Napoleon Hill.    I hope this quote is true for your buyers.   Congratulations and good luck to all participating.  

Jun 22, 2022 05:12 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have a new build transaction in escrow and the build is definitely taking longer than it normally would.  Also, trying to figure out the best time to put their current home on the market will be a challenge but we just have to trust that when they are ready, it is the best time to do it.

Jun 22, 2022 06:07 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Patricia... I've built two of my own homes and most years at least 25% of my buyer business is new construction (often more). I have a new construction contract now for a buyer that will take 12-14 months to complete... it's a 2,200 square foot ranch home. I built a 6,000 square foot basement home in 2001 in seven months!

Jun 22, 2022 06:29 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Patricia,

Build has its risks and rewards. I closed in march on a home we went under under contract in Fall of 2020! It took 2 1/2 years to build of course they were hoping my buyer would back out because it was taking so long and they could sell it for much more. My buyer knew how prices were escalating and kept patient when he closed he pocketed $300,000 in instant equity!

Jun 22, 2022 06:45 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

They must be so very excited for their new home. Glad it could get completed there.

Jun 22, 2022 11:01 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Patricia I would love to see pictures of the finished house once it is all completed.

Jun 22, 2022 05:47 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

George Souto - it is completed. It will close next week. I'll post pictures after it closes. 

Jun 22, 2022 06:25 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kat Palmiotti - I do believe the ultimate sacrifice a buyer makes on making the decision to own new construction is having the patience to wait for something really good without immediate or short-term gratification. Having to wait patiently for your  new home in Montana, a state you didn't live in previously took a lot of courage and sacrifices finding an alternative way to live in something temporary where at times was most challenging. And you did it!!!

Wayne Martin - my clients are thrilled! Their soon to be occupied new home was worth the wait. As soon as they move in, they already know they have moved into home equity in a shorter time due to property appreciation than they did in the  home they last sold. Without having to remodel and make changes to a pre-existing home before moving in, or shortly thereafter, they know they can easily sell this new one and still make a handsome seller's net. Planning is the key to increasing the chances for retirement early while living with quality and luxury.

Michael Jacobs - Napoleon Hill is one of my favorite inspirational writers and someone who has motivated me the most.  Whether someone wants to acquire wealth and/or achievement, Napoleon mastered the skills and passed to torch to many followers. Thank you for your good wishes!

Brian England - When I sat with my buyers at a construction meeting, I requested they let me and my clients know at least 75 days before closing so that we could plan to put their house on the market. They followed through and their home successfully sold with a lease back (no charge) until completion.

Nina Hollander, Broker you have quite a bit of experience with new construction. I sell a mix of both pre-existing and new construction. It really is a buyers decision and an experienced agent can keep the ship sailing until they reach their destination. In this new subdivision, there were different builders. We watched other builder homes go up faster. My buyers were never jealous that theirs took more time. It was their choice to prefer a quality builder who proved to be more meticulous to details. The project manager listened to them throughout the process. Quality with customization and ability to make adjustments is what mattered to my buyers. Square footage is just shy of 4,000 square feet. They are so happy!

Jun 23, 2022 09:18 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Dorie Dillard Austin TX - the same was true from this experience. My clients are so happy, patient, and understanding. Everything on their wish list came true! They figured out what it would cost to build today and were thrilled to know about how much equity built up during the build time. Pocketing home equity upfront is such a wise and wonderful investment!

Rocky Dickerson - thanks! it means a lot to me to hear you say that. 

Jun 23, 2022 09:19 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good morning Patricia Feager, MBA, CRS, GRI,MRP, your clients must be so excited to close on their home next week. Waiting for a home to be completed does take a ton of patience but it is worth the wait for sure.

Jun 24, 2022 06:00 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Beth Atalay - It is so wonderful to hear from you and your comments are always welcoming. Thank you, so much! You're such a great Broker who can be counted on because you are credible. Again, thank you. 

Jun 24, 2022 06:06 AM