Construction has been booming throughout southeastern, Pennsylvania. However, these projects have been in the works for years. Between buying the land, getting the permits and a myriad of other hurdles, it takes years to get a project geared up and ready to go to market. That means that builders are already starting to fall behind the demand.
With the status of the current market, we’ve seen that the resale prices have been skyrocketing, due to lack of inventory on the market. As the buyers we have are fighting over the limited inventory, the prices naturally rise. However, as I have mentioned in the last few weeks, the prices of resale have entered into the realm of similar products, except brand new.
So, if you’re looking to buy a home and you’ve been pushed to choose between a new home and a resale, here are some things to think about.
I know, the word says it on its own. Inevitably, there are things that go wrong with a home that need to be fixed. It’s impossible to get away from it. Whether you find that the floors have an issue and need to be replaced, the roof starts leaking a year into owning the home, or you find that the stucco needs to be refinished, you’re stuck with it on resales. New construction homes come with a warranty, generally about 10 years, so that is not a negligible factor.
When you are getting in early with a builder, you get lots of choices in how your house comes together. Whenever you buy a resale, you are buying someone else’s personal choices. They may have liked ornate crown molding, stucco on the outside of the house, and an odd floor plan. When you buy a new home, you get a choice over all the finishes. This holds true whether it’s the granite counter tops, hardwood floors, or putting stone on the exterior of the home. These choices will make sure that you house is perfect from the day you move in — no need to rip up carpets and get over your head in renovations.
Depending on your personal preferences, you may be tied to a specific school district. New construction homes are going to be limited in locations. So, if you are really attached to a specific location, you may want to turn away from new construction.
When you’ve finished your pros and cons list and you’re ready to make a decision, you should keep in mind that builders aren’t able to keep up with those flocking to buy. So, if you’ve decide that you’re going to look at the new construction projects in the area, be sure to get a move on now.
Your local realtor should know of the current and upcoming projects in the area. If you need more help, the Home Builders Association of Chester and Delaware Counties or the Home Builders Association of Bucks and Montgomery Counties can point you to the builders starting new projects in the area.
Wayne Megill is the Principal of The Wayne Megill Real Estate Team of Keller Williams Brandywine Valley and the President of Megill Homes, Inc. For buyer or seller representation, or for more perspective on the local and national real estate market, please email Wayne@waynemegillteam.com and visit The Wayne Megill Team site at http://www.pahomesandrealestate.com