Top 7 Advantages of New Construction Over Resale Homes
Once you start house hunting there is no doubt one of your first stops will be at a new homes website or community to see what they have to offer in the area you would like to live in. In fact, new homes have stepped up to win the hearts and minds of homebuyers for the better part of the past decade where we’ve seen an unprecedented explosion in new home construction and buying. What was once considered a luxury reserved for the rich and famous, new construction has opened the door to all price ranges and styles including luxury high-rise condominiums, townhouses, active adult communities and single-family homes.
There are a tremendous number of benefits to owning a new home including the ability to customize the home to your liking, meeting all the new neighbors as they move in and substantial savings in utility costs with new homes now being built to a higher, more energy efficient and green standard.
It’s your house. No, REALLY your house. – When you buy a resale home you are purchasing a home that someone else crafted to suit his or her lifestyle. Sometimes it’s just perfect and exactly what you are looking for but more often than not there are a few “Why did they do that?” issues with a home that you will have to renovate or remove when you move in to fit your lifestyle. When you build a new home you will be able to choose exactly what you want and where you want it so you can move in and not have to touch a thing.
Everyone else is new too! – Resale communities are great because you can see the neighborhood, how people care for their homes and everything is already established but those same benefits can prove to be cons when you are the only new neighbor on the block. Moving into a new home grants you the privilege of meeting the neighbors when they are also looking to meet new people and settle into the community. There won’t be any pre-established social circles to work your way into and you will be discovering new things about your neighborhood at the same time everyone else does.
Newer homes are more attractive when you resell. – Life happens. You might have to relocate or you make a lifestyle change a couple short years after you move in. The good news is that newer homes are more attractive to prospective homebuyers because it’s their opportunity to buy a newer home without the price premium associated with new construction. Better yet, you’ve already purchased all the appliances and upgrades for the home and many parts of the home are still under warranty making the home a great inclusive value. This will compare favorably to older resale homes that may require renovation or updating to make it livable for the modern homebuyer.
Location, Location, Location! YOU choose! – When you shop for resale homes the homes you find are obviously fixed to their current location. How many times have you seen a great resale that would be absolutely perfect if it were a little closer to the community clubhouse or offered a larger back yard for the kids to play? New homebuilders typically offer a range of model homes to choose from and you can usually place that model on a lot of your choice. Now you can have the home of your dreams in the cul-de-sac you’ve always dreamed of!
In the current market new homes may be a better deal than resale homes. – That’s right, the market shift has turned the tables. Now buyers have the market in the palm of their hands and can get some really outstanding deals on homes but you have to know where to look. Resale home owners may be willing to deal but in the past thirty days I have been able to successfully negotiate $69,117 off the asking price of a new home for a client and then shortly after located a home for another client and negotiated $91,000 off the asking price and we are still in negotiations to get even more from the builder. By the way, these home prices included upgrades! I have never met homeowners who were willing to accept a substantial reduction on the price of their home to the tune of more than $60,000. As a matter of fact, many homeowners have overpriced their homes on the market because they owe more than the home is worth and they cannot afford to go lower in price.
Buying Tip: To score a new home deal you can’t walk in and offer builders $400,000 under what they are asking for the home. Fantastic deals can be found however if you find the right buyer’s agent who specializes in new homes because their experience, relationships with builders and negotiating ability will help you save thousands of dollars.
That brown carpet and tiny kitchen? Soooooo 1970s! – Kitchen big enough for one? Small closets, shower only bathrooms and carpet everywhere? Not for today’s homebuyer! The modern lifestyle is drastically different from what it was even ten years ago and resale homes often lack the oomph and space to satisfy. Today’s homebuyer wants a bright, open kitchen with breakfast bar and high-end appliances. We now do most of our living in the kitchen! Soaking tubs in the master suite and walk-in closets are now considered standard staples of the modern home. New homes often feature these amenities as a part of their standard offering and are even starting to prepare homes for the future including the addition of whole house networking and walk-out basements that can be finished as future living space.
New homes save money with efficiency and green building techniques. – Many new homes are taking advantage of the Energy Star standard which sets forth a number of requirements that products like windows and doors must adhere to in order to achieve an Energy Star rating. In addition to Energy Star many builders are now offering green building and living options like the installation of solar panels on the roof of a home to harness the sun’s energy and convert it to electricity. If you install enough solar panels you may just have the electric company paying you for the electricity you are producing! These features are often very costly to retrofit a resale home with if it wasn’t initially built to these standards.
The next time you start searching for homes be sure to consider all of your options including new construction. When buying new construction you should take into account the fact that most new homes take approximately four to six months to build. You will also devote more of your personal time to building the home as you will need to choose home upgrades and work with your agent through the inspection and financing processes.
Happy hunting!
Joshua Ferris is a new home specialist and has created a valuable resource for home buyers considering the Orange County NY area. Learn more about Orange County NY real estate by visiting http://www.realestateinthenycsuburbs.com.
Buying A Vacation Home In Cyprus
With good infrastructure, escalating property prices and a lucrative holiday rental market, buying a vacation home in Cyprus is a good proposition. If you are considering purchasing a Cyprus vacation home it is advisable to go through a registered agent who will make the whole process a stress-free one.
What to consider before buying a Cyprus Vacation Home
Spend some time thinking about exactly what it is you are looking for in your holiday home even before you hire an agent. Giving your agent a detailed description of your requirements will help the agent discount those properties that do not meet your requirements and increase your chances of finding a perfect holiday home that you will not regret buying. Consider the size of the house that you will require as well as the frequency with which you are likely to use it, the potential for renting it out when you are not using it as well as the long term investment prospects. If you are likely to be traveling to Cyprus frequently, you also need to take into consideration the distance from the airport. While beachfront, landed properties are far more popular than high-rise apartments that are inland, you may have other priorities. So be sure to let your agent know.
When allocating your budget for a vacation home in Cyprus you need to add about 10% over and above the purchase price to cover other incidental fees including VAT and Transfer of Title as well as the agent’s fees. Ascertain all these in advance so you are not caught unawares.
The steps involved in buying a Cyprus Vacation Home
If you wish to reserve a vacation house that you’ve seen and liked, you would be required to pay a reservation deposit. This reservation deposit guarantees that the house will be reserved for you until the formalities are completed and will not be shown to anybody else. The purchase price of the vacation home is fixed at the time of paying the reservation deposit and any future property market fluctuations will not affect your purchase price. However, you need to remember that the reservation deposit is non-refundable except in cases where the seller is perhaps awaiting planning permission certification and it is taking longer than expected.
Non-residents who wish to purchase property in North Cyprus are required to open a North Cyprus bank account, which will facilitate the stage payments to the developer as well as the payments of utility bills if buying a resale property.
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Short Sales: A Guide to the Las Vegas Real Estate Market
Many new investors thrilled by the novel idea of making money by buying and selling real estate, are persuaded by short sales or sometimes called “foreclosures”. Short sales are the real estate equivalent of repossession auctions.
Occasionally, homeowners are forced to sell their property for less than the mortgage they own on it. This is what a short sale is.
The main consequence of a short sale, for the property owner in particular, is that the bank sets the final guide price and the terms of sale.
Banks and other mortgage suppliers dislike short-selling so it can take a long time for them to approve any offer made on a short sale property. This usually amounts to a wait of up to six weeks for the mortgage-provider’s approval.
During this period, in the current market, mortgages will have changed. Interest rates will have risen and it is possible that you will be unable to buy the property that you bid on six weeks previously.
Obviously, for any sort of speculator, time is money. Even for buyers interested in personal property as a home, this is a lot of time on such a risky deal.
Fortunately, there are other strategies available to investors that allow for changes in the market.
Investing in a buoyant market such as the one in Las Vegas now, is sure to build a very positive portfolio in the years to come. There is no harm in buying property for a high price if you are confident that the value of that real estate will grow. A true investor understands this and so will usually avoid the temptingly low prices of short sale real estate.
In fact, Las Vegas provides decent profits for any sensible real estate investor for reasons pertaining to the current market. Constant developments and new employment opportunities make it a reliable market.
You are likely to find many examples of short sale properties in Las Vegas because to the current market conditions. There are a lot of people that paid too much for his or her property originally; or who has altered the real property state in a way that was damaging to its value.
The key point to take away from this article is while short sales are risky, the can be very profitable if you have patience in the market. The key is to find a buoyant real estate market like the one that exists in Las Vegas. Sensible investments in a good market will repay you with a nice profit margin. Equally, people buying real estate as a permanent home may want to ensure that they don’t waste their family’s time on short sales or markets that will lose them money.
I hope this has helped you in your efforts to make money from real estate.
Thomas Bladecki is the author and can provide additional information about foreclosures and the current real estate markets visit http://www.home-foreclosure-help.org for more info.
Tips For Buying A Great Vacation Home
There are plenty of places where you may want to take a vacation on a regular basis. Rather than paying for accommodations each time you go you may want to consider buying a vacation home. This is a good idea if you want to be able to spend the entire summer in a particular location. Many people have vacation villas so they can go to a warmer climate for the winter months as well.
Take your time to monitor the market and see what the going prices are. You want to be able to buy your vacation home for a low price. This way you get a better return on your investment. It is also very likely that you will be able to sell it for a nice profit in the future. It will depend on the popularity of the vacation home location when you are ready to sell it as well as the market trends.
Carefully consider the location where you want to have your vacation villa. How much time do you plan to spend there? How much is the upkeep of the home going to cost you? What plans do you have for the vacation home when you aren’t using it? You also want to make sure this is a location where you want to continue spending your vacation time. If you aren’t sure then you should want to invest in one until you know for sure.
There is a misconception that only the very wealthy are able to buy a vacation retreat. That simply isn’t true in today’s economy. Many couples are investing in a vacation home rather than their retirement fund right now. They know they can always borrow money against their vacation home if they need money in the future. You can also make money from the vacation home by renting it out to other parties when you aren’t using it.
Make sure you know what it is that you are buying when you look at vacation homes. You don’t want to get so caught up in the fact that it is along the beach to not notice the poor shape of the foundation or that the pipes are leaking. While you definitely want the scenery from your vacation home to be lovely, you need to pay attention to the details of the vacation home. Take the time to ask why it is for sale in the first place as it can affect your decision to buy it.
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