Buying a New Construction Home in Raleigh-Durham
If you're in the market for a new home in the Raleigh-Durham area, it can be difficult to decide whether to look at existing homes or talk to a builder about new construction homes. Both have their advantages and disadvantages.
Advantages of buying a pre-owned home
Buying an existing home in Raleigh and elsewhere offers a myriad of benefits. Just a few of these are:
- You know your neighbors. With a pre-owned home, the neighborhood is already established and you know who your neighbors will be and how the street looks. With new construction, you could be the first person to buy on your street.
- You know what the house looks like. With an existing home, you also know what the house looks like. You don't have to imagine it using a combination of architect drawings and interior design samples. You'll also likely have established landscaping and trees, rather than new plants that will take years to mature.
- It's generally less expensive. According to "US News and World Report" magazine, buying an existing home versus building a home or buying a newly-constructed home is almost always less expensive per square foot.
Advantages to buying new construction homes
Despite the advantages of buying an existing home, buying new construction homes is appealing to many home buyers because you don't have to compromise. In addition, new homes offer some distinct advantages:
- Everything is new and unused. One of the primary advantages to buying a newly-built home is that everything is brand new. You are the first owner and you don't have to deal with any bad design choices or maintenance issues from the previous owners.
- You can often customize and make upgrades. When you purchase a new construction home, you usually have the option to customize the home and/or make upgrades to things like the countertops, floor coverings, tile, fixtures, lighting and other elements that help to make the home just right for you and your family.
- You have a warranty. Most newly constructed homes come with a limited warranty on the workmanship and materials used to build the home. As all of the mechanical elements, such as the furnace, air cooling system and water heater, are also new, these generally have a warranty also.
- New homes use new technology. Another advantage to buying a newly-built home is that such homes often make use of the latest, energy-saving and time-saving products, such as high-efficiency heating and cooling systems.
New construction homes in Raleigh
Because it is tougher to get construction loans, fewer builders are investing in residential real estate, and there are fewer new construction homes on the market in Raleigh this year than in previous years. If you are considering shopping for a newly constructed home this year, consider the following tips for buying a home when the inventory is low:
- Offer more earnest money. Even with fewer homes to sell, builders usually need funds for their next project. Offering more up-front,earnest money can go a long way towards making your offer more attractive than those of others vying for the home.
- Be flexible during negotiations. In a market with less inventory, a builder has less of an incentive to sell his homes to the first interested party. It pays to be flexible about price as well as such things as the closing date and who pays the closing costs.
- Work with an experienced agent. A good real estate agent, who has experience with new construction, can help guide you through the many steps involved in buying such a home and can help you write an offer that's both attractive to the builder and to your budget.
Just a few of the new home developments in Raleigh and the surrounding area for sale right now include Ivy Hall in Raleigh, Lynnwood Bluff in Raleigh, Shallow Cove in Raleigh and Orchard Ridge in Durham.
If you're in the market for a new or existing home in the Raleigh area, there's plenty for your to consider this summer season.