As mentioned in my last post, new construction is popping up everywhere in Las Vegas. During a “seller’s market”, it’s nice to have the option to buy new as there is A LOT to choose from. Don’t get me wrong, it’s still competitive with waiting lists & even “lotteries”, but from my experience this past year I have had a little more luck finding my buyers newly constructed homes.
You may be wondering: “Should I buy new or old?” I think one of the biggest factor to consider would be the timeline. If you’re looking to find something to immediately move into, buying a new home maybe not be the way to go. With wait time anywhere from 5 – 18 months including the build time, unless the builder has “move-in-ready” homes available, a resale would definitely be a better direction to go. Btw, “move-in-ready” homes are exactly what the phrase says: they have already been built with “options” already decided on are ready to move into. “Options” are basically all the selections you get when designing your home. These include things like as if you’d like to convert a built in loft to a bedroom or have a walk-in shower or bathtub in a bathroom. Other options include choice of flooring, cabinets, counter-tops, exterior look (builder term “elevation”). Options are endless!
*An important thing about options is that they will add onto the cost of your “base-price”. This is the price listed on the sales sheet of the floorplan(s). Sales agents often say that you should expect to pay about 20% of base price for options.
*Another important factor is your “lot premium”, which is the cost of the actual land your beautiful new home will be sitting on. This varies depending on builder, area of town, size of lot, views & other things.
Since I was maybe 8 yrs. old, my father built every house we moved into. So for me, it’s my comfort zone. He was a Civil Engineer, who worked at the highest level of the planning, design, construction, and operation of multifaceted construction projects (yes, I Googled that
). His personal belief also was “why take on someone else’s problems?”
However, I also see the value in resale. You most likely will get more bang for your buck depending on the upgrades the previous owner may have added. Especially when it comes to fancy things like upgraded cabinets, quartz counter-tops, pools, & finished back yards, which would be included in your cost of your purchase price.
Something else to consider when buying a resale is that you may need to do repairs. This will be caught early on during your “inspection” which is part of the process before finalizing your purchase of your home. This can be an easy fix (no pun intended) as your agent would “negotiate” with the previous owner who has the option to fix the issue(s), replace, or credit the money that it would take to fix or repair or sometimes replace.
The down-side is that although, even with a home inspection, catching each & every repair is not a guarantee. This can result in unforeseen out-of-pocket expenses post-purchase. However, it is advised to get a “home warranty” offered through 3rd parties such as American Shield, that may help you cover these or any issues that could arise during your residence at your new resale home.
With a new build what’s nice is #1: you most likely will be set up with a builder warranty plan your 1st year that will cover many issues you may have which can make life much easier allowing you to actually ENJOY your new home vs. working on it over the weekends. #2, you will most likely have fewer issues since your home is brand new.
In the end, your “perfect home” truly is what YOU’RE comfortable with & feels RIGHT to you which is not always logical & is more about your experience & instincts. Here is a chart that weighs the pros & cons of new vs. resale home purchasing.
Just a side note, when buying new, it’s always a good idea to bring your own agent with you as you want to have someone that represents you as the sales agents at the sales offices represent the builder. It doesn’t cost you a penny more & you have someone that has your back. *Very important: you must walk in with your agent on your 1st visit or the builder will not honor their service to you.
Happy house hunting!
P.S. I do hope it will be with me!:)
