In all of my years of being in Real Estate, I have never seen so much New Construction occurring in Fremont. It's exciting, it's nerve racking, and it's going to be GREAT for our area!
Here is a quick run down of the New Construction Subdivisions coming up:
Gallery 23 East - This subdivision will feature 126 Single Family Lots, 91 Attached Family Lots, and 250 Multi-family Lots*.
SunRidge Place - This subdivision will feature 45 Single Family Lots, 88 Attached Single Family Lots, 60 Lots that could have 3 or more units, 8 Multi-family Lots including the Capstone Lot which has proposed 38 Multi-Family Units that are 3-4 bedroom units each.
Morningside Crossing - Proposal in place of a Multi-Family development that will have 120 units in the first phase, depicted as "high amenity/upscale".*
Morningside Pointe - Preliminary Plat of 176 Single Family, 50 Attached Single Family, and 2 Multi-Family Lots.*
*Over the next few weeks I will be writing more articles regarding what each subdivision has to offer and how the lots will be laid out.
There is nothing like walking into a brand spanking new home: everything is pristine, the appliances have not been touched, the flooring is in perfect condition, the foundation looks amazing. Its like sitting down in a brand new car! Its just feels so nice! Then again, it's a bit smaller than you were hoping for, it doesn't have that character and charm of an older home, and the basement is yet to be finished. You could buy a larger home in town for the same price.....but it's 70+ years older than the new house AND the furnace is up there in age. Hmmmm....Here are a few things to keep in mind when you are weighing the options of buying new.
There is less up front maintenance
Yes, this is typically true. However, when buying a new construction home, be sure to find out what type of warranties the builder is willing to offer. Many times as time goes on you will see nail pops or windows that were not sealed properly. Be prepared for unexpected costs. This is a part of home ownership regardless of whether you buy new or existing. New homes have massive benefits such as construction using the newest, safest building codes and eco-friendly, energy-efficient materials. There is no risk of asbestos on your heat ducts or lead based paint on your windows and the insulation is top notch helping you to save on utility costs.
You get to design your own home
One of the greatest things about building a new home is that if you purchase the lot and hire the builder, you can customize just about anything! If you walked thru a model home and decided you loved everything except the paint color....you can change it. Want to upgrade to granite counter tops...if cost allows, change it. There is an unlimited number of things that you can change about a home when you are constructing it from the ground up.
In this market, homes are disappearing before many get the chance to look at them. Others have seen everything on the market, and nothing "fits" what they are looking for. If this is you, new construction might be what works best for you.
What to watch out for
Be aware of the subdivision that you are purchasing in. What phase is the subdivision in? You could be building now, and have no back yard neighbors, but when the next phase starts, how close will your neighbors be? Another thing to consider, will the phase your home is being constructed in be finished relatively quickly or will you be living in a construction zone for years to come? What amenities will the subdivision offer once it is complete?
Be sure to not get blinded by all of the shiny things! Even when you purchase a new construction home, it is wise to get a home inspection. The builder may hire sub contractors for electrical, roof, plumbing, etc....the last thing you want to find out is that your roof was done improperly. Having a home inspection can help save you a ton of money down the road, especially once your builder warranty is up.
Hurry up and wait
If your looking to move in the next 30-45 days, New Construction is likely not for you. New Construction can take anywhere from 4-6 months to be constructed.
So what's the verdict?
That depends on what is most important to you! If you are prioritizing being able to customize the home to fit your needs, love the shiny new features, and have the time available to wait for the property to be built, a New Construction home might be for you! If you do not mind having to change some aspects of a home in order to save money, maybe fix a few things yourself for some sweat equity, then an existing home might be right for you! I would be happy to sit down with you and weigh the options of New Construction vs Existing Homes for your family.