Question: What could possibly be better than NEW CONSTRUCTION?
Answer: ALMOST New Construction
Many buyers want to move into a home that requires ZERO work and has a modern floor plan with modern amenities. Building a new construction home is often the best choice for a buyer wanting those things. A buyer needs to remember that although there are many positives with building a new construction home there are also some negatives that must be factored in. Some factors to consider are:
1) Often times Sod / Sprinklers / Landscaping are NOT included and must be done later
2) Often times the Builder has the BUYER pay the Property Transfer Tax at closing (Whereas it is customary that the SELLER pay the Property Transfer Tax in Michigan when selling a resale/used home). The Property Transfer Tax in our area is $8.60 per thousand dollars of the sales price. That can add up to a sizeable amount of money!
3) Often times window treatments, vanity mirrors or other extras like towel holders are NOT included in the sale and therefore become an added expense later on.
4) Often times a Deck or Patio is NOT included and must be done later
5) Build time can vary (especially with our Michigan winters!) and so planning for a seamless move from your current home to your new home can be challenging. Also, you will want to explore extended interest rate lock options for your mortgage to make sure that the rate you are comfortable paying when you decide to build does not dramatically change for the worse by the time the home is ready for closing.
6) Upfront costs - often times the amount of upfront payments required by the Builder is far greater than the upfront deposit on a resale home. It is important to study the specific contract guidelines regarding the refund policies of the payments made to the builder including in the event your mortgage loan is ultimately denied
The BEST deal out there is often an ALMOST new construction. An "almost new construction" home is a home that is no more than a few years old. Depending on how long the owner has been in the house, many of the add-ons such as sod, sprinklers, landscaping, window treatments, basement finishing, etc...may already be done. The means that the new buyer gets virtually all of the benefits of a brand new construction home PLUS doesn't have to deal with as many (if any) of the negatives.
I recently listed this 2014 Built home at 58618 Winnowing Circle S, South Lyon for $400,000. Take a peak at its FLOORPLAN TOUR & PHOTOS .
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