New construction is everywhere across Florida and because we are one of the hottest real estate markets in the country, new construction is inevitable. People always want the newest and the best and especially if they can be the first one in a new home, all the better… Or is it? Yes, new construction means no one else has lived in this home prior to you moving in and you have the newest and shiniest of everything but is that enough to make new construction more valuable then resale homes?
Before jumping in on a new construction home it's important to understand the pros and cons to a new construction.
#1. Everything is new. Obviously. When you get a brand-new home it's built just for you and no one else's lived in it before. You also have the newest materials, appliances, finishes and fixtures.
#2. No one else has tested it. It's like getting a brand-new car, no one else has worked out the kinks or bugs yet. So even though you have a brand-new dishwasher it could be a lemon. Maybe that faucet needed to be recalled or that material wasn't really what you had in mind. Buying new construction means you are the first one testing all of these new things out.
#3. Are you buying a model home or custom designing one? Depending on when you get into the buying process of a new home, you could be designing it custom from the ground up or you could get in on the tail end of construction. New homes in Alton and Sonoma Isles are not only being built to customers but tracked homes are being built as well. How custom do you want the home? Do you want to make decisions on every little detail what you want it almost done for you? This is something to consider when buying new construction.
#4. You may have to buy it without seeing it first. Like I mentioned before, you're technically buying a product that's not complete yet. You might have pictures, renderings, floor plans and maybe even a virtual tour, but you won't actually see the home until it is completed. That may or may not be an issue for you.
Related Post: Pros and Cons of buying a home on the golf course
#5. Prices can vary. You may have agreed to buy the home at a certain price but that also included certain materials and finishes. If you want to upgrade, add a bedroom, add more space, etc. that's going to increase the price upon final closing. Plus, I wouldn't expect a price reduction if you choose not to go with certain high-end things. Those prices may be set in stone.
#6. An in-house lender may get you a better price. Often these subdivisions and newer communities will have their own in-house lender that can offer incentives, cashback, or reduced interest rates. It's important to check out what they can offer and compare with other lenders in the area.
#7. Make sure you understand what lot you are getting. You may love the house but when it's all said and done you may hate the lot it sits on. New homes are usually released in phases so it's important to understand where your home is going to be and you get the right home site for your needs. Do you want to be close to the entrance, close to parks, or do you want to be more private so that people are not walking by your front door every day?
#8. Amenities may not be available yet. Building a new home usually means they will build some houses first and then work on the amenities. It may be several years before that clubhouse is completed or the swimming pool gets put in. Are you willing to wait? It's important to ask when these items will be built.
Related Post: Creative Ways to Buy a House
Of course, I always recommend having your own real estate agent and not going with the agent on-site. Their primary goal is to sell that house, not necessarily to find the best house for you. Having your own agent on your side means your tastes, budgets, and needs will be the top priority. Have someone that's on your side, not the builder side.
For more information on new construction or to see what's currently available in Palm Beach Gardens, Jupiter, and surrounding cities give me a call. BROWSE ALL NEW CONSTRUCTION COMMUNITIES