New homes can be an excellent option in some circumstances. There should be almost zero maintenance for the first few years and you can often choose the options to your own liking. You will pay a premium over a resale home in terms of $/sf.
Two major things to take into account are the tax rate of the new home (including Mello Roos) and the cost you will need to pay to landscape the sides and rear of the home to your liking, if any.
Again thanks to all of you for your input. It helped me make the right decision.
Keller Williams Realty
Again thanks folks. Regards, Chris L
have a better idea... That Realtor also then can be helpful in showing you other properties similar to
the one you are referring to, and you may even want to consider then not a brand new construction but
one that is may 5 or so years old, which may work well for you too.
A local Realtor has access to a lot of property information and can also show you properties that
in your price range may even work out better for you or at least will give you the feeling that the price
is ok..... Remember also that with developers sometimes if you still can make changes the price
may go up because you want hardwood flooring instead of carpeting etc.
It would be a good recommendation for YOU to work with a Buyers Agent who represents YOU in
the negotiations of the sale contract with the developers office.
YourRealtor4Life! Working always in the very BEST interest of her clients, Buyers, Sellers and investors alike. Covering for @Properties the city of Chicago, all N and NW suburbs of N. Illinois, and the fine homes of the North Shore and with my partner agents I cover all states of the US and properties worldwide.
Good Luck to you.....and have a wonderful Day
I'm sure you've heard it a million times - the most important component of real estate value is location. That's why developers charge different prices for homes in the same development with the same exact floor plan and same square footage.
When I lived in San Diego, my good friend bought a home in a new subdivision in the Del Mar Highlands section of San Diego. There were 10 or 12 homes being built in the exact model he wanted, with a few of the homes priced more than twice the price of the others. A visit to the site showed why - the highly priced homes had a perfect, unobstructable view of the ocean. From the back patio you could see the full sunset every evening at Torrey Pines State Beach. He paid twice the price and bought a home with the view. Five years later when he sold and moved out of state, the San Diego housing market was at its lowest value in years. But he sold the home for about $300,000 more than he paid for it.
Moral of the story: Consider the location as the primary component of value.
I have clients I'm working with that were looking to buy a newer home. We looked throughout lake Hills and Dos Lagos. They expressed an interest in looking at the new homes in the new Riverwalk development. There are several new homes being built, however as soon as I took them there to look, they changed their minds.
Typically, newly built homes are more expensive. Even with the upgrades and the incentives the builder was offering, the purchase just didn't make financial sense to my clients. They purchased a home in Dos Lagos that is only a few years old and already has numerous upgrades and finished landscaping. And for quite a bit lower than the brand new homes.
If you're not working with a Realtor, I suggest you get one right away. The FIRST and foremost step in purchasing a home is to get with a Realtor. Check with friends and family to see if they can refer someone to you or research sites, such as this one to find a good professional Realtor. Your SECOND step is to get pre-qualified for a loan. AFTER you find a Realtor, he or she will have you meet with the lender that he or she uses regularly. This is important. Please let me know if I can help or if you have any more questions.
Keller Williams Realty