A Guide to New Home Construction
If you take a walk or drive around almost anywhere in the United States right now, you’ll find new residential construction sites popping up. Low inventory during the pandemic has sparked a revival of new construction, including single home and townhouse construction, as well as home additions, renovations, and upgrades. The construction business is booming, and buyers and sellers are seeing the effects. The tips that follow can help you better understand the benefits of buying new, as well as the steps needed to plan a new build on your existing property.
NEW HOME CONSTRUCTION: BY THE NUMBERS
Between June 2020 and June 2021, the number of permits issued for new, privately owned housing units increased from 1.2 million to nearly 1.6 million. In addition, there were 1,324,000 new units completed as of June 2021, up 6.1% from 2020. The phenomenon is nationwide, but the South is seeing the largest surge of new housing starts.
Th inventory of new housing is growing year over year and that means homebuyers are starting to see some relief when it comes to their options. However, current homeowners also have plenty of choices for upgrading their space through new construction.
WHAT NEW CONSTRUCTION CAN DO FOR YOU
One of the most desirable aspects of buying new real estate is customizing various features in your new home. With new construction, you can work with your builder to ensure elements in your home are better suited to your needs, Examples of commonly customizable features for new construction include.
- Exterior and interior paint colors
- Lighting fixtures
- Placements of doors, windows, and outlets
- Floor plan
Another benefit to building new is that the modernity of your home will surpass almost anything else you can find on the market. New homes usually come outfitted with brand-new technology, modern construction materials, and contemporary finishing touches, so you can guarantee every feature in your new space is as current as possible. This also means that your appliances and electronic systems should not need to be replaced for years or even decades. Just make sure you consult with your builder and understand how your warranty covers you if something should break or needs replacing.
LET THE BUILDING BEGIN
Once you’ve settled on a contractor or firm for your renovation or a builder for your new – construction home, it can be helpful to run through expectations. Talk with your spouse and any other members of your household about time frames, likes and dislikes in terms of colors and style, and exactly what you’re looking to get out of this investment. Get everyone on the same page so you can avoid frustrations or concerns later.
Finally, enjoy it. Buying a new home that is 100% your own or planning a renovation to give your existing space a major upgrade should be exciting! After all, you’re embarking on this journey to change your life in a big way, so be sure to savor the process.
Ask your Sea to Sea Property Group agent about our Construction Consultant assistance.
Excerpts written by Alexa Bricker, Good To Be Home, issue 06