Builders have been quite in the past several years due to the fact that you could purchase a used home for less than build new, due to declining home values. Time has once again changed, the market has shifted, and the pendulum is on the upward swing.
Home builders are out in strong forces building neighborhoods and subdivisions. It is not uncommon to be out driving only to come across signs like…“Model Homes” or “20 Lots Available”, they appear to be everywhere. With the increase in home values and the lack of inventory, this is what fueling the real estate market with new construction.
Why Not Consider Buying New Build
With inventory at an all time low, why not consider building new instead of competing with other buyers with multiple offers on used homes? In today’s market, buyers are battling multiple offers scenarios everyday. When you go with a new build home, you eliminate the multiple offer game.
The Advantage With A New Build Home
With a newly built home the advantage can add up quickly. Let’s touch on some of the benefits and features of a new home.
Newer homes are more energy sufficient by has much as 30%. This can save hundreds of dollars per year. New built homes have more open floor plans, bigger rooms, more closet space and master suites that come with separate tube and shower. These homes are built with better quality materials and are wired for the latest electronic technology.
Buyers will get to pick the floor plan of their choice from a wide range of styles. Most builders will allow you to tweak the floor plan slightly to better enhance your taste.
Unlike a used home where the hot water heater may be 10 years old, the new home’s appliances will be brand new and will come with a manufactory warranties, including the central air system and furnace. Some areas of the home will have has much has a 10 year warranty.
Have you experience a new car smell? That is the same sense you will get when you move into your new built home, there is nothing like the smell of new. And there is nothing like knowing that there has been no one before you who has lived in the home.
My Experience With A New Home
When my wife and I built our home, it was very exciting and rewarding, watching our new home come to life. We picked out the lot we wanted, in the area of our choice and the style of house with our preferred floor plan. We added a fire place to the master suite and had the builder extend the great room. We practically felt like we designed our dream home. This was the first time for us and we were not experienced by any means, our home turned out fantastic and to this day we are still living in it.
Is Buying a New Construction Home Right For You?
Is building new versus buying used, right for you? I would way out the pros and cons on both sides. Some other items to consider with a new build would be…are you in the position to wait while the home is being built and do you have the patients it takes to do this?
On new builds there will be the need of putting in the landscape, this could be farmed out to a professional or you can do it yourself. The cost involved in the landscape may be added to the cost of the home through a landscape package or could be an out-of-pocket expense.
I would really recommend consulting with someone who has built new and/or a real estate agent who deals with builders and have experience in this area. They will be able to give you some great insights into the process and help you avoid costly mistakes or features that you did not considered.
Two Common Methods of Purchasing A New Build Home
There are two ways to purchase new construction. A construction loan could be obtained from a lender or a deposit can be made to the builder to get the project going. If a deposit has been made to the builder then after the home is completed, the home buyer would then take out a loan to finalize the purchase. Of course, the buyer will want to be pre-approved for the loan before doing this.
If you are in the market to purchase a home then why not consider a new build has a possibility. This will only open up more choices for you.
Check out this great website for more information to consider on New Home Builds.
More Blog PostWhy buy a HUD home How owning real estate Vs Renting will build Wealth Buying a short sale Vs buying a bank owned property Todd Rodocker specializes with first time home buyers, seasoned buyers and investors. He can be contacted firstname.lastname@example.org, cell 801-694-0903 or by visiting his web sites www.utahrealestatestore.com www.UtahHomes.kwrealty.com