Should I Buy A New Construction Home?
Top 10 Reason Why You Should
When it comes time to deciding on purchasing a home, the question whether to buy a resale or build new always comes up. Because new construction builders market the prices relatively comparable to a resale, it's hard not to consider. Of course you must ask yourself, "What is important to you at this given time?” Do you have time to build a home? New construction build out time can be anywhere from 6-15 months depending on the builder and community. Is a pool an absolute must have and financially, you're not capable of adding a pool right away? These are certainly factors that may rule out choosing a new construction, but let's look at the top reasons you SHOULD consider.
Top 10 Reasons to choose a new construction home:
1. It's BRAND NEW! Because everything about the home is new, there are fewer maintenance costs associated with repairs or renovations. There's no need to worry about replacing a roof or A/C. Realtors know these are higher valued costs that come up on inspection reports for older homes and can take a hit on insurance or passing loan appraisals.
2. HOME WARRANTY - Typically new homes come with a home warranty. Keep in mind storm and/or wind-related damage is considered an"act of nature" and would be excluded from the warranty. Living in South Florida, you might expect this.
3. Customize and create your own flair - Many builders (even ones that aren't specifically custom home builders) have options for you to upgrade and choose the style & color of cabinets, countertops you desire along with several other features you may want to add. Some builders do not give these options and considered "what you see is what you get." Typically the prices of these homes are budget friendly and you may find it still worth going with even though they have carpet in the room. You can replace the carpet after closing and still have made the right choice financially.
4. Energy Efficiency - Buying new means new appliances that are energy efficient for cost savings. Windows may be a high level of double pane or hurricane impact depending on the builder, also saving energy efforts.
5. Tech Savy - A lot of home construction builders will include the latest home technology such as keyless entry, smart hubs & digital thermometers.
6. Closing Costs Incentive - Builders typically have a monthly incentive to reel you in. They could give you money off towards upgrades, but the most common incentive we see is covering partial or all of your closing costs when using their preferred lender. Remember closing costs are a separate costs (roughly 2-4% of the purchase price). This is a huge deal for people, especially buyers that only have enough money for the downpayment.
7. LESS COMPETITION - In a seller's market with multiple offer situations, this could be best reason to choose a new build. We hear people all the time say "I don't want to be a in a bidding war." Sellers often choose cash and conventional offers over FHA and VA loans. Unfortunately there is a stigma out there for FHA and VA loans, leaving the buyers disappointed and hopeless in buying a home when there is such low inventory. But when it comes to new construction, you have inventory available and can still use your FHA or VA loan, whatever you are qualified for!
8. LAND LOT INCLUDED WITH SOME BUILDERS - There are several builders in Port Saint Lucie that purchase the lot in advance and will include the lot into the overall purchase price. The prices on lots have increased dramatically, so this may be a huge incentive to build with these specific builders. In some communities there are lot premium charges, but nowhere near the cost of a privately owned lot.
9. "FORCED APPRECIATION" - From the very moment you purchase, you will notice the base new construction prices tend to increase in value overtime. Typically every quarter, if not sooner, when new inventory is released, the purchase price has increased by up to $5,000!
10. VARIETY OF CHOICES - Port Saint Lucie is on the most fastest growing cities in Florida. There are plenty of vacant lots in the scattered neighborhoods for inventory. There are also several new communities being built in Port St. Lucie's town of Tradition. Whether or not you would prefer having a monthly homeowner's association fee and gated security, you still have a variety of choices to choose from when it comes to considering a new construction home.
Do your research, but let a Realtor help you! Don't go at it alone. The Huber Group is experienced and well connected with the local home builders. We are provided with new inventory and pricing weekly. Because there are rarely any spec homes ready for move in at this time in the market, we do get notified right away of any fallouts. That is, when a home is completed or about to be completed and there was a fallout with the previous buyer. You have the ability to snatch it! If you need assistance with what home builders to select from and understand what each one offers, we can guide you in the right direction! You need an experienced agent on your side to help you negotiate the best possible buying scenario for your unique needs. We lookout for your best interests! Before going to any model home or calling an office number, reach out to us so we can register WITH you and represent you throughout the process.
Get Started
Contact us to learn about which home builders are the right fit for you and we can start setting up your very first site visits today: stephanie@thehubergroup.com or 772-301-8524.
View listings for New Homes here.