This Old House vs.New Construction Part III: Top Tips

So you’ve been mulling over the pros and cons of Resale Homes vs. New Construction. Now what?

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Let’s talk about what to do with this information on a practical level with tips and tricks to make the most of your purchasing power whether you buy new or “used.”

New Construction Tips

Run a “background check” on the builder’s track record. What else has this builder or company built? Do they have a reputation for finishing on time, on budget, and with good feelings all around?

Take a hike. Walk and drive the streets of the new development you are considering purchasing in. If any of the homes on site are already occupied, pop by to ask current residents what they think about the quality of the home, and whether the builder lived up to the contractual agreement. You’ll pick up inside info and maybe meet your future neighbors.

Slow down, Romeo! Don’t fall too deeply in love with the model home – you probably won’t be moving into that one. You can sign on the dotted line for all the upgrades available, but you will be getting out the checkbook to make those extras happen.

Bring your own agent. Many builders have a Real Estate agent on site, and they’ll be more than happy to help you. At the end of the day, these folks are working for the builder, not for you. Bring your own agent to the table when you buy a newly constructed home to ensure that your interests are properly represented.

Resale Home Tips

A professional home inspection is NOT OPTIONAL. You wouldn’t buy a car without a test drive – don’t make your biggest purchase, a home, without a professional investigation of big ticket items like roofing, plumbing, fireplaces, furnaces and the like.

Be prepared to Counter-Offer. Your home inspection may turn up an issue. If your home inspection reveals fixable flaws, your Realtor can help you propose solutions including seller-made repairs or a lower price.
• Expect the unexpected. Pipes leak, foundations crack, and furnaces fail – these are all potential costs of home-ownership. Don’t panic, but do prepare.

Hire a pro when necessary. If major repairs are required, you’ll either have to do them yourself or bring in the professionals. Be honest about your DIY skills and if professional services like plumbing/electrical/appliance repair are needed, call your Realtor for a referral.

Give me a buzz. I’m happy to help with market insight, info on your home’s value, or representation in your next purchase or sale. Whether you have questions or you need professional Real Estate services, I am at your service.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate 

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This Old House vs. New Construction Part II: The Potential Risks

If you are considering a home purchase, you may be wondering whether an existing home or new construction is the better choice. This article is part two of a series: This Old House vs. New Construction. Let’s take a look at the potential risks of both options.

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The potential Cons to consider with New Construction include:
• Cookie-cutter design – often less character than an older home
• Higher price (upscale amenities, current construction costs)
• Limited negotiating room on price
• Generally smaller yard
• Risk of shoddy construction
• Frequently have a homeowners association (can put limits on how you use your property)

The potential Cons to consider with Resale Homes include:
• More maintenance: Things break or wear out
• Less energy-efficient, thus more costly to operate
• Dated design, older appliances and amenities
• Generally smaller bedrooms, bathrooms, and windows
• It’s been lived in

In the next segment we’ll discuss how to mitigate the risks of both New Construction and Resale Homes.

Call me or drop a line. I’m happy to help you navigate the waters whether you are thinking of buying, selling, investing or just have questions about the market.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate

This Old House vs. New Construction Part I: The Upside of New Construction

Metro Denver is experiencing a Seller’s Market right now – defined by fewer homes on the market than there are Buyers; in other words, a housing shortage. Because of this exciting state of affairs, home builders have reinstated projects halted during the lowest point of the economic downturn, and begun work on new residential projects as well to meet the demand for homes unmet by current inventory.

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Are you considering a home purchase? Have you been wondering whether a home with history and character or a brand-spanking-new home is the right place for you? There are pros and cons in either direction. This article is part one of a series: This Old House vs. New Construction.

The PROS of New Construction include:

• Contemporary style – finishes will likely follow today’s trends
• Possible design options during construction phase
• Cheaper to maintain (new appliances = fewer repairs)
• Cheaper to operate (energy-efficient construction)
• Extended warranties may be available/included
• A cohesive neighborhood (consistent layout, common areas)
• That “new car” smell: fresh paint & flooring, the cleanest appliances you’ll ever see
• Frequently have a homeowners association (helps protect resale value)

The PROS of Resale Homes include:

• Availability: More choices, more styles to choose from
• Lower price: It’s not new anymore
• Price may be more negotiable than new construction
• Track record: Many repairs already made – you can learn from the house’s established repair history
• Established neighborhood
• More mature landscaping
• Location, location, location – resale homes are everywhere, new construction may not be available in your top      neighborhood

One important factor in the success of your next purchase is the expert you work with. Whether you are ready to sign on the dotted line or just tipping a toe in the waters of home purchase, I’m here to help. I can represent you in the purchase of a resale property or brand new construction to ensure your interests, and bottom line, are both taken care of.

Call me or drop a line – I’m here to help.

Jack Meyers

The Meyers Group
jackestate@aol.com 
303.263.3050
Twitter: @jackestate