Best Home Buying Tips | DRJ Real Estate Lakeland
If you’re in the market for a new home, you probably have noticed that affordability is a major issue these days. Home prices have steadily continued to climb, but so have interest rates. This makes the cost of ownership higher than it has been in a few years.
People eager to get into home ownership are frustrated by this. In fact, according to a recent article by Realtor.com, the beginning of June 2023 saw in INCREASE in median list price, a DECREASE in new listings, and an INCREASE in mortgage rates! All of these things contribute to creating a stagnant market, as Seller’s are reluctant to sell, and Buyer’s are being pushed out of buying by high costs of ownership. However, there are still some great opportunities to be found.
New construction homes might just offer some of the best value in real estate in this current market. While there are many factors to consider, including location, size, and price, there are several reasons why buying a new construction home might be the best option for you. In today’s Best Home Buying Tips article, we will explore the benefits of new construction homes and why they may be worth considering when making your next home purchase.
Why You Should Consider New Over Resale
One of the biggest benefits of buying a new construction home is the ability to customize it to your specific needs and preferences. You can choose the layout, finishes, and features that best suit your lifestyle, rather than having to make do with what’s already there. This allows you to create a home that truly reflects your personality and meets all of your needs, both now and in the future.
Another advantage of new construction homes is that they are often built with energy-efficient features that can save you money on utility bills. These features can include everything from high-performance insulation and windows to Energy Star-rated appliances and HVAC systems. With a new construction home, you can feel good about your carbon footprint and save some money in the process.
A newly constructed home often comes with the latest and greatest in materials and construction techniques, which can make it an efficient and low-maintenance option. With new appliances, plumbing, and electrical systems, you can be confident that you won’t need to do any repairs or upgrades for many years to come. This can save you time and money and give you peace of mind knowing that your home is built to last.
A new construction home typically comes with a warranty from the builder. This can protect you against unexpected repairs or defects that may arise in the first few years of owning your home. Having a warranty can give you peace of mind that you won’t have to pay out of pocket for any major repairs. Not to mention, it is unlikely that you will need any repairs on your new build! This is much different than the worry that can come with owning a resale home. Even with a home warranty, nobody wants to deal with the inconvenience of repairing or replacing things during your first few years in a home.
No Need for Renovation
Finally, a new construction home eliminates the need for major renovations, which can be both time-consuming and costly. With a new property, you can move right in and enjoy your new home without worrying about anything needing to be updated or repaired. Even things as simple as having to replace lighting fixtures, flooring, fixtures, or paint can add up to considerable additional expense when buying resale.
Best Home Buying Tips: Take Advantage of New Construction Homes
The above listed items are all great reasons to consider buying new construction. However, the real value is found in something else that not many Realtors promote. Understanding how new construction sites are sold can allow buyers to find exceptional value.
Buying in Early Phase Development
When a builder is constructing a new home development, it is critical that they pre-sell as many home sites as possible. The challenge for the developer is that they have to sell something that has not even been built yet. In Phase 1, they will have the land, layout, and blueprints. However, there will be no physical homes for sale at this time. If you were to visit the home site, you would just find dirt.
Sales usually take place in an office, and feature virtual videos, brochures, and blueprints of the home styles available, as well as the community amenities.
In order to entice potential buyers, the prices during early phase development will often be lower than what late phase homes will be selling for. Typically, builders will increase prices during each new phase. That means that if you are willing to buy your new home off of a blueprint, and wait 3-6 months for it to be built, then not only will you likely get an excellent deal on your home, but it will probably already be worth more by the time you move into it! This can be worth thousands, if not tens of thousands of dollars!
If you have a hard time buying a home without seeing it “physically”, try to find out the earliest phase in which the builder will have “model homes” available. These are actual homes built at the development site to showcase what is available. These model homes are commonly highly upgraded (to show you all the options), and commonly aren’t available for actual purchase until the development is near completion. However, model homes give you a chance to walk through an actual home that will have the same look and floor plan as your potential home. Additionally, model homes are usually built during early phase development, so there is still value to be found.
Taking Advantage of Builder Incentives
Other ways that builders will try to get home buyers to buy early is with “builder incentives”. These can be things like credits towards upgrades, free upgrades, or even mortgage rate discounts! Depending on how desperate the builder is to lock in new buyers, these incentives can be worth thousands of dollars!
The trick is that not all incentives are advertised. It takes a seasoned real estate professional to known what is available and what is possible. Sometimes it takes a little negotiating and nudging to score a few extras. DRJ Real Estate has excellent working relationships with some of Lakelands best new home developers, and we are well versed in the various incentives available. Let us help you find great value and opportunity in a new construction home in Lakeland!
Call DRJ Real Estate Today to See What’s Available
In conclusion, while there are certainly many factors to consider when buying a home, it’s important to keep in mind the benefits of new construction homes. Buying early, and leveraging builder incentives, can save you thousands of dollars and actually increase the value of your new home.
With customization options, energy-efficient features, quality materials and a warranty, you may find that a new construction home offers you the best value for your money. Furthermore, the ability to avoid costly and time-consuming renovations is an added benefit that will allow you to enjoy your new home from the moment you move in. So don’t be afraid to explore the world of new construction homes when looking for your next living space.
If you are curious about new homes in Lakeland, call DRJ Real Estate…remember, it is important as a buyer that you have professional representation. This is true even when dealing with a new construction home. Having a Realtor from DRJ Real Estate working with you will cost you nothing extra, and will often help you save money on your purchase. In today’s challenging real estate market, let DRJ Real Estate help you find the best value available! For more of our Best Home Buying Tips articles, be sure to check out our website and social media pages!
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Best Home Buying Tips | DRJ Real Estate Lakeland