From lower upfront maintenance costs to design flexibility, new construction can provide opportunities for home buyers navigating a low inventory market.
If you’ve been in the market for a resale home, you fully understand the massive struggle that exists with the limited inventory and incredibly high demand. Bidding wars are alive and well. Competing offers are throwing in everything besides their firstborn child — who knows, that might be coming next. It’s truly a struggle.
While new construction seems scarce on the Virginia Peninsula compared with other areas of Hampton Roads, there are options in every city. You just have to know where to look.
Here are things to consider when making the choice:
Timeline: Depending on the neighborhood and builder you choose, the timeline can range anywhere from 30 days to eight months.
Don’t overspend in the design center. An agent can help you determine which upgrades are worth paying for and which ones may be added later for a lower cost.
Deciding on a builder is the most important step in the process. Don’t just fall into the trap of looking at the beautiful features of the model home or falling in love with the amenities of the neighborhood. The quality and integrity of the builder you choose is THE. MOST. IMPORTANT factor! Do your research! Ask for references!
Make sure your home build stays on track. An agent can serve as an advocate when a project falls behind.
Have a flexible mindset going in. The process of building is not for the faint of heart. There will be a lot of decisions, potential delays out of your control and potentially compromises in many of your dreams.
Building a home can be one of the most stressful yet REWARDING experiences of your life! If you are feeling exhausted from the emotional roller coaster that comes with the current resale market, it may be time to talk with your agent about options to build!