New Construction Could Be the Key to Success in Today’s Market

by | Jul 12, 2021 | New Construction

Those who are in the market for a home are quickly learning that they have plenty of competition. It is a hot market and people are moving more than ever. In result, home prices are soaring, and bidding wars are becoming a new normal.

There is a smart solution to this madness. Buy a home that is not built yet!

Read further to find out more about how new construction can be the key to success in today’s market.

Why new construction?

If you are not a DIYer or you are not looking to fix up a pre-built home to make it your own, then new construction may spark your interest.

With new construction, you can customize a simple “template” home and make it exactly how you want.

House hunting for a home that has not been built yet

Set up an appointment with a development consultant.

Venture out and explore several different model homes to determine the layout and style you are looking for.

Your dream home could be a new construction home in an upcoming housing development or just simply an empty lot.

Is there a negotiation process?

Unlike the home buying process, when meeting with a builder on your home, there are “sticker prices”. Meaning this is the price that you pay and that is that. Of course, with a little wiggle room for design specifications.

There are typically no negotiations, no bidding wars, and no dealing with difficult sellers. Based on today’s market, this sounds great, right?

Are there any challenges?

One of the most difficult challenges when building a home is reviewing the initial contract. This can be difficult without the presence of a Real Estate Agent or a lawyer to ask questions. At this point, a lot of faith will be put into your builder.

Another challenge could be making the decision between using the builder’s in-house title company and lender versus finding one of your own. To help with this, weigh out the pros and cons. Number crunch and guide yourself toward the best possible decision for you.

Advice for aspiring home builders

Have a plan. Typically, there are about 3-5 standard build options you can choose from. However, those are just “templates”. You can customize and upgrade to fit your expectations.

Have a budget. Having a budget before you pick a home is key. This gives you an idea of what template is right for you and how you can upgrade to stay on budget. Ask your design consultant to itemize everything for you. So, if the cost is too much, you can downgrade a few things to stay within budget.

Ultimately, be very practical and logical. A home is an investment. Take it step by step and make sure everything works in your favor and it is the home of your dreams!