When you retire and buy your last home, you want it to be perfect. Why not, you worked hard all these years and now is time for the reward.
Many of you want a new home, one where you can make all the selections and have everything you always wanted. You may have heard, there is a lot of new construction in Delaware, especially in Southern Delaware not far from the coast. New construction is going to require more planning and advance work than you might have thought. Here’s why:
First, new communities are built in phases. Gone are the days when the developer put in all the infrastructure like roads and utilities for an entire community before sales begin. Now, the community is carved up into phases. As homes are sold in phase one, the next phase begins, and so on.
When is the clubhouse built and when will the amenities be put in place? Each community is different but there is a plan and usually, it does not happen until there are a certain number of homes sold.
We make it our business to stay abreast of new developments and what incentives and opportunities exist.
One of the best times to buy is when the first lots are released for sale. Usually, there are good incentives to kick-start sales and create buzz. Once sales are going strong, those incentives either disappear or the base model prices go up. This is similar to how some retail stores advertise a 25% sale but you learn prices had increased by that same amount just prior to the sale.
Last month we talked about the best time to sell your current home and why. This is one of those reasons why; you will be in a good position to go to contract when a great opportunity comes along. Many people do not realize this. You can have the best credit score and great income, but if you’re not a cash buyer or able to qualify for a mortgage without selling your current home, you are a contingent buyer.
No builder will begin construction of your new home until you can demonstrate the financial ability to proceed to settlement with no contingencies.
Second, many of our most popular communities are unable to deliver new homes for as long as 18 months! That’s a long time to wait if you have zeroed in on that community. What to do? We know some buyers out there on their own are moving to another community by the same builder. This might be a good idea but better planning might have helped the buyer to avoid settling.
Third, settlement costs are all over the place. I am hearing back from my agents that their buyers are shocked at some of the settlement costs in the most popular communities. Some builders who used to split transfer taxes no longer do this. Others which split impact fees are now passing on all these costs to the buyer. These new practices can vary not just by the builder but also by the community. Working with a knowledgeable Buyer Agent like the agents at Active Adults Realty means you will have all of these vital facts upfront.
But just today, a Sales Representative from one of the top-selling 55+ communities stopped in to see me and here is what she shared with me –
“When your agents bring a Prospective Buyer into my community, they are so much better prepared than buyers that come in with any other agent or by themselves.”
If you’re interested in buying new construction we invite you to schedule a time to talk with one of our Active Adults Realty agents. We’re here to answer your questions and give you all the information you’ll need to make home building a hassle-free experience. You’ve waited a long time for the reward of building your home, your way. Contact us and let’s make it happen.