At a glance, many buyers consider new homes as simply a part of the overall pool of available homes for sale.
But, in reality, new homes are very different from resale homes.
When you consider buying a resale home, it’s “there” and you can see exactly what the seller is offering for sale.
New homes are different because there are relatively few completed new homes for sale at any given time.
That’s because few builders can afford (or obtain financing) to build a large number of unsold homes.
That means buyers must base their buying decision upon viewing a model home or reviewing building plans.
Buyers who are “visual” often struggle to understand a set of blueprints as they try to make one of the biggest financial decisions of their life.
Buyers who choose to build a new home must also make numerous decisions, including lot selection, plan development/changes, and dozens of selections for everything that will go into their new home.
Building a new home requires a tremendous amount of communication between builder and buyer that doesn’t exist in a resale home transaction.
Another consideration is the time that’s required to build a new home.
Production homes (non-custom homes) can often be completed in about 75-90 days following issuance of the building permit.
Custom homes usually take 120 days or more after permit issuance, depending upon a variety of factors, including developing plans, getting construction bids, and other considerations.
Buying or building a new home can be exciting, but it’s a very different proposition than buying an existing home that can be seen, touched, and be yours after a short escrow period.
If you’re interested in buying or building a new home, give me a call at (208)938-5533 or e-mail me.
I’ve helped many of my clients buy/build new homes over the years and would be happy to answer any questions you may have about the new home market.