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In this economic climate, I would be very cautious in considering new construction... We've had MANY discussions on this very board about how builders can cut their costs through hidden, "behind the scenes" ways. They're hurting and the last thing they will do is give things away. I guess inspecting every phase of the construction would help offset some risk. But, even then you have to consider if the rest of the community will be sold - ever.
A resale, in a completed and established community, where you have a history and information on the home quality there is the better option to me. I'm not above a little sweat equity to shine it up.
I mentioned this in another thread, but i can build a 3100 sq foot house in Fort mill with a 10 school rating with granite countertops, ceramic tile backsplash, hardwood floors, upgraded master baths, stainless steel appliances, community pool, and brand new furnace and water heater, 30 year roof for around $215k through TrueHomes. With a 10 year structural warranty.
I've been looking daily at existing homes since December and nothing is even coming close to that. Why buy existing when I can get that I listed above?
Go to realtor.com and search fort mill for houses between 180-220k and you'll see what you can get.
I plan on building soon if the builder will give me the lot I want. Why buy an older house that IMO is overpriced when I can get a brand new one?
See bold above. That's why your house is cheap. They build cheap houses in cheap neighborhoods.
If you are going to buy a new house then you need to make sure that you have it spelled out exactly how you get your deposit back if the builder goes under and doesn't finish the place. There are a lot of sad souls in Charlotte that are out a lot of cash because of this. I would also be very hesitant of buying in a neighborhood that only has a few homes in it. What happens if they don't sell anymore?
In regards to the deposit, it's best if the deposit is placed in an escrow account controlled by your real estate agency. Give it to the builder, and they go bust, and you stand a good chance of never seeing it again.
If you are going to buy a new house then you need to make sure that you have it spelled out exactly how you get your deposit back if the builder goes under and doesn't finish the place. There are a lot of sad souls in Charlotte that are out a lot of cash because of this. I would also be very hesitant of buying in a neighborhood that only has a few homes in it. What happens if they don't sell anymore?
In regards to the deposit, it's best if the deposit is placed in an escrow account controlled by your real estate agency. Give it to the builder, and they go bust, and you stand a good chance of never seeing it again.
Good point. Everyone should drive into the neighborhood called Bromley in Union County. There are several houses in there for sale and not one of them has a home owner living in any of them. The whole community is empty and the builder is asking 1 million + for each house. Very nice development though. Wouldn't want to be the first buyer in there.
Lets not beat a dead horse to death. The Charlotte housing market is soft. I would say JOBS is the problem. It didn't help things around here to loose the Wachovia HQ.
New vrs resale home? Most buyers tend to spend the max they can on the house, leaving no $ for any type of improvements.
I had this conversation with a broker friend of mine yesterday. First time home buyers tend to favor new construction. Everything is new, bright and shiney, it is easy to get in, many times with 3% down or less sometimes. This is why after 3 years they walk out on these homes, not enough down payment to keep them in.
See bold above. That's why your house is cheap. They build cheap houses in cheap neighborhoods.
Do you have any info to back that up? Inexpensive homes maybe, but not cheaply built. You should walk through a model before you make such an off the cuff statement. Do you work for one of their competitors? I did construction for 8 years and noticed the quality with the build when I did the tour.
Also, Truehomes has been around for 3 years and does not have 1 BBB complaint - so I wouldn't think they do poor construction.
I doubt I will be building now, I was just saying what is out there compared to existing. The reason they are so cheap is because the market for new homes is the worst in a long time and they are lowering their prices to get people to buy. Since they are a large company they do forcasting and have accountants do all the numbers regarding the market.
The average homeowner is by themselves and list their house at the price they bought it for, plus a little to make some money. After sitting on the market for 100+ days, maybe they'll catch on.
Oh, and granite counter tops and stainless steel appliances have been around for quite some time now, so I hardly consider it a fad.
I know a few people at True and I would recommend who ever makes comments without checking them out is foolish.
They are some of the folks that bailed out of CP Morgan a few years ago, saw the fall coming, and positioned themselves to clean up the pieces of the failed builders in the area. (as far as land positions)
Land development cost a ton, but land position prices have dropped. This is how they are building so inexpensive.
Plus very little competition at that price range for what they providing standard.
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