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Old 05-17-2010, 12:03 PM
 
14 posts, read 50,842 times
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Hi All,

I would like to know which are good builders in Chicago area. So far we have looked at the following builders -

1) MI Homes
2) Lennar
3) Lexington

Could anyone suggest who builds quality homes? Any specific complaints about the builder?

Thanks.
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Old 05-17-2010, 12:16 PM
 
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Given the problems that most of the major mass subdivisions have had with eroding home values I would personally be more worried that new construction is too risky compared to existing...
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Old 05-17-2010, 12:38 PM
 
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why would that be? This was the case way back in 2006-2008.
Currently home prices are low and then you can customize the home as you want when you go with new construction.
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Old 05-17-2010, 01:04 PM
 
Location: Sugar Grove, IL
3,131 posts, read 11,608,418 times
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Anymore, you have to look into the financial stability of the home builder, not just to see if they build a quality home. I do know that Town and Country is financially stable and does a fine job. I know Lennar builds in lots of markets, but don't really know about the quality or financial stability.
You might also check with the municipality that you are considering living in. they may have some info to help you.
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Old 05-18-2010, 10:33 AM
 
14 posts, read 50,842 times
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Default Anyone else?

Anyone else can give me more information?
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Old 05-18-2010, 12:08 PM
 
Location: Roselle, IL
223 posts, read 754,497 times
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Quote:
Originally Posted by confusedchicago View Post
Anyone else can give me more information?
Where on the suburbs are you planning on building? You may like to narrow your search according to this...
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Old 05-18-2010, 01:21 PM
 
14 posts, read 50,842 times
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Default builders

We narrowed our search to 3 places -

1) MI homes at Hanover Park
2) Lennar at Des Plaines
3) Lexington at Des Plaines

The only reason we are buying new construction is 'cause we do not want to have any hassle of repairs and can suggest upgrades to what we want.
Hence, we prefer a good quality home so that when we plan to sell; we would not need to be bothered about repairs.
Moreover all these properties are under construction. So even if we book it now; we will have them available in August-Sept time frame.
So we really prefer a good quality builder as we do not want surprises at the last moment during closing.
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Old 05-18-2010, 02:41 PM
 
Location: Land of debt and Corruption
7,545 posts, read 8,294,698 times
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This is just my impression, but I think existing homes hold more value. If you plan to stay in the house for 10+ years, then maybe building makes sense. Otherwise, there are bargains to be found in existing sales and new construction can't compete. One plus you have building though is that the towns you're looking at are already established. No way would I move into a new development in this market.
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Old 05-19-2010, 11:32 AM
 
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I think "confusedchicago" has demonstrated a very common misconception about new construction.

It is simply NOT TRUE that you "would not be bothered about repairs" with new construction. Further even the most desperate builder cannot make "upgrades" without either passing some of these costs on to you, or EVEN WORSE, cutting corners in areas that may be less visible to maintain their profit. The testimony of many many people, even who used top notch custom builders, is that repairs / rework/ punch list is a GIANT part of buying a new home.

A much better place to start examining your desire to own a home is to understand what you are buying. First and foremost you are buying a dwelling IN A SPECIFIC TOWN -- the value of what you paying for upfront and what you can expect to sell for down the road is a function PRIMARILY of WHERE you are buying. You really ought to examine the COSTS of buildable sites in DesPlaines, Hannover Park or any other town thoroughly before shopping for EITHER new construction or existing.

Given the erosion of prices I would be very very very reluctant to commit to either of those locations unless you have very specific ties to those towns. I would be very curious to see what sort of price ranges new construction from mass builders are fetching in those towns ESPECIALLY in light of the fact that MOST housing stock in those areas is not exactly of recent vintage.

I also would caution that even in what like seem to be "new" buildings , be the single family, semi-attached or multi-family, the on going needs for MAINTENANCE will NEVER be avoided in our climate and instead of worrying about 'repairs' you ought to think into terms of what is realistic to spend to keep this 'new' dwelling intact each and every year.

Finally I would suggest that you use the 'features' of new construction as something of a yardstick to measure up existing homes. It is highly likely that the existing home will be a MUCH better value. The services of a professional home inspector should give you the information you need to comfortably make an offer that should allow you to purchase an existing home that will be a better value than new. The assistance of a skilled real estate agent should also be very valuable in helping you get your goal: a dwelling that will meet your needs.

Good Luck!
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Old 05-19-2010, 11:40 AM
 
Location: Bloomington IN
8,590 posts, read 12,227,293 times
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Lennar Homes doesn't have a good reputation anywhere in the country. Google Lennar Homes complaints. In FL they used Chinese made drywall which has apparently caused numerous issues including mold throughout homes there. Here is just a sample: Lennar Files China Drywall Suit, Alleging Defects Found in Florid - Democratic Underground
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