Skip to main content

New construction advice

Historically I’ve always bought 100+ year old houses because I love the charm but due to the current market, I’ve gone ahead and put a deposit on a new construction home. Overall, it looks like a decent value for the price. Base was $383k + $10k premium for being on the lake, upgrades I’ve picked are $33k (primarily items I can’t do after completion or are difficult to do…Eg tray ceilings) for a 5 bed, 3 bath in a gated community. Similar existing homes in the immediate area (including the community itself) are selling for $500k+ and lack a lot of the things I wanted. I did a ton of research/interviews, and I’m very comfortable with the builder. They’re definitely the best builder in the area for my price range.

Any advice or tips for someone who has never had a house built?

What upgrades do you wish you had done? Upgrades you wish you hadn’t done?

Any suggestions for post-completion projects that will give the house some of the same charm I’m used to in older homes?

submitted by /u/TamedLightning
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/tqu674/new_construction_advice/

Comments

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...