We all know inventory of existing homes is historically low in the northern Virginia area — and in many parts of the country — right now. If you’re getting frustrated submitting offers on homes — only to find you’ve been outbid or someone else’s contract was accepted over yours for other reasons — you may want to consider new home construction.
While you may pay a slight premium over the price of resale homes, everything is, of course, brand new — without the wear and tear you can expect from homes that are even a few years old. Plus, you get to pick and choose the options, so your home is exactly that — yours. You select the site, the floor plan, the exterior, the flooring and carpet, the countertops, the cupboards, the bathroom fixtures, and more. Everything is based on your taste.
When you sit back and think about it, isn’t that what we’d all like?
I wish we’d used a Realtor buying our own new home years ago…
Some buyers mistakenly opt to work without an agent, thinking there’s no need to have representation when buying new construction. But that can be short-sighted. There are, in fact, numerous reasons to use a Realtor. I wish my husband and I had thought of this 17 years ago when we purchased our own home. It was a bit overwhelming, not having ever built before, and we could have really benefitted from the expert advice of a Realtor working on our behalf. Plus, an agent would have saved us dozens of hours of our own time looking over lists of upgrade options, making calls back and forth to the builder, and visiting the home site periodically to ensure things were correct and on track.
And, to clarify, you’re not saving money by choosing to work on your own, as buyers agents are typically paid by sellers or builders, not buyers. As it turns out, one local builder recently told our real estate team that 90% of their new home buyers work with Realtors.
Here are the Top 10 reasons to consider using a Realtor when buying new home construction from a builder.
- You’ll have an advocate representing your interests.
- You’ll find out about things the builder may not be obligated to volunteer (news of a new highway being put in close to your home site, changing school zones, the fact that you can hire a home inspector to inspect your home before settlment, or noisy construction nearby that will continue for years).
- You’ll have someone to help you compare and negotiate incentives offered by builders at various communities.
- You’ll have an objective party to advise you on whether certain incentives are worth it (i.e. money toward closing costs is nice, but the requirement to use the builder’s preferred lender to get that incentive may not be worth it when you compare rates and costs among other lenders).
- You’ll have someone who knows the right questions to ask, regarding new home construction (i.e. Is the deposit held in escrow, protecting you in case of bankruptcy by the builder, and how much time is allowed for the builder to complete the construction of the home?)
- You’ll have help choosing a LOT based on things you might not think of (anticipated traffic patterns, wetlands, ingress/egress, property grading (walk up vs. walk out basement), privacy, and view. Your Realtor can help you keep on top of when new lots are being released, if you have your eye on a particular lot.
- You’ll benefit from an agent’s experience knowing which options have the best long-term ROI (return on your investment). For example, should you put your money towards adding another bathroom, adding a bump-out to increase square footage, or finishing your basement?
- You’ll have an unbiased “second opinion” (if you want it!) when choosing design elements and upgrades (i.e. a real estate agent knows what choices are popular and will likely appeal to a future buyer of your home).
- You’ll have a resource who can put you in touch with multiple competitive lenders to get a mortgage with the best terms.
- You’ll get recommendations for good inspectors for the pre-drywall and final walk-throughs — and have your agent along at this critical meetings.
Would you like us to scour new properties for you, based on your location, size, and style preferences? Feel free to email us at email@example.com!