Everyone loves to be the best. But should you be among the first buyers in a new home community where none of the homes have been built yet?
The answer is yes! If you are willing to take a leap of faith on moving quickly when a new community’s first phase release is announced, you can move into what is the hot new neighborhood and get an upgraded, brand new home with a great site location at an attractive price.
If you’re in a growing or stable market, be first. In a good market, you can get a better deal being one of the first into the neighborhood. Take the time to check with a top rated local real estate professional to gauge how well the market is doing. Currently, Northeast Ohio is experiencing low inventory in the resale sector with many homes selling within one week of listing. Buyers are rushing to lock in low-interest rates, which are guaranteed to rise by the end of the year. The overall national economy has stabilized and in many markets is healthier than it has been in the last decade.
Choosing the Perfect Site
When it comes to the location of your lot, you’re likely to score better choices if you buy early on. If you desire the quiet cul-de-sac or a site with a wooded tree buffer, now may be the time to act.
National production builders like to complete a few homes near the entrance to the first phase before they open up other lots while smaller to mid-size developers might release all their lots at once if it’s a smaller subdivision. This means opportunities for prime location sites are best secured in the early stages of development.
Most newly introduced communities have lot premiums on prime lots. This inhibits all of the prime lots being taken first and supports a healthy balance in the pricing of the community and product as it moves from infancy to completion. These may range from a few thousand to several thousand dollars. Buyers who choose early usually get a better lot premium than those who buy once the community is underway and in demand. Also, a builder will often offer pre-construction or pre-grand opening incentives to those that purchase before the model home is completed.
Many new communities have guidelines that determine how many homes with a particular style or color scheme can be built on the same block, so the houses don’t look the same.
That means early buyers will have more choices available in a single family community while those looking for a townhome or limited maintenance cluster homes will have a better choice of retrieving an end or middle unit (if attached) or the best placement and view on a detached unit. Late buyers will be more limited because of what has already been built.
When you buy a home early in a new community, amenities such as a clubhouse, swimming pool, parks or walking paths might not be built before you move in. It’s possible that some or all of the amenities might never be built.
Sometimes the cost to build amenities is part of the overall plan for the development. Other times, those costs are sales-driven, which means amenities won’t be built until certain percentages of homes have been sold.
Amenities are important not only for your enjoyment but also your home’s resale value. In many cases, the city where the new community is located has a community rec center. This may be attractive to the new dweller with additional offerings such as fitness centers and specialized classes. Check with your sales representative to learn more.
Schools are the top consideration on whether to build and invest in a new community. Whether the homeowner has school-age children or not, a community with a top rated school system and special programs will almost always ensure that housing values will remain stable for years to come.
Be in the Know
Buying first means you could be living with construction noise and heavy equipment on your street for a few months or several years, depending on how large the community is, how many homes will built and the proximity of those homes to yours. However, builders take many precautions to make sure that their existing homeowners are comfortable in their new homes and make it a top priority to keep nearby job sites and streets clean and free of dust and debris.
Acting early means you could be living in your new community sooner than you dreamed.
Petros Homes has two new opportunities located in Brecksville, Ohio for those that want to buy a new home. The Four Seasons is a single-family luxury home community located off of Highland Drive and will feature 31 new home sites in the award-winning Brecksville-Broadview Heights school system. Currently, final preparations are underway for road paving, and the new model home is under construction with an estimated completion date of fall 2017.
“The Village” of Brecksville is a 57 site, limited maintenance, detached cluster home community perched at the top of Snowville and Brecksville Roads and less than one mile to the breathtaking Cuyahoga Valley National Recreation area. The community received resounding approval from city residents and local government officials in late 2016. This new neighborhood will offer housing that will appeal to empty nesters wishing to downsize from their larger home with an affordable price and easier lifestyle. Demand is high! This type of housing has not been offered in the city for over a decade, and opportunities are limited. Work has begun on the infrastructure and paving is estimated to take place in early summer 2017.
Blog Source: Petros Homes | The Benefits of Buying Early in a New Home Community