Benefits of Buying Early in a New Construction Community

Benefits of Buying Early in a New Construction Community

When it comes to new neighborhood developments, one hurdle for the developers is to actually get people into the community and live there. The developers of communities spend a lot of time planning, implementing, and constructing a community that people will enjoy being a part of, but nobody can enjoy it if there isn’t anyone there in the first place.

The Advantages of Buying Early in a New Community

To kickstart the community, developers may often offer incentives for homebuyers and builders to buy in a community that isn’t fully completed with homes. Here are some of the benefits of buying into a community during its early stages.

Better Deals

A community that has ten residents/families is a lot more desirable than a community that has none. That is why builders and developers selling new construction homes in Summerlin (or elsewhere) may have “introductory” pricing for a number of the first buyers that decide to join the community.

These prices may be significant enough to make the purchase worth it, but that isn’t the only option either. While you may only get a small price reduction, some incentives come in different forms.

Closing costs being covered, discounted upgrades to your house in the future, and many other opportunities are sometimes available that can save you money down the road.

Value Creation

This can create a lot of value for you in the long run. Oftentimes after multiple people have decided to build in a new community, the developers move into stage two where they can increase the price of their homes.

This is because the first buyers prove the community to be desirable and the community becomes more established. This can even lead to a third stage where the home prices may rise yet again. This occurrence is one of the pros and cons to consider when buying new construction.

Oftentimes, in addition to upgrades and services, your deal may have included, many early buyers find themselves in a community they wouldn't have been able to afford to live in later on.

First (or Early) Pick

Being an early buyer in a community gives you much more control over factors that you would normally not have a say in. Right off the bat, you can decide which lot and where within the community you want your house built.

Location Consideration

This gives you the option to pick a location that either presents the best investment over time, or one that seems to fit your preference the most. Oftentimes these are the same.

In this instance, you can pick how close or far away you are from the community entrance, what specific road within the community you will live on, and where your house will be built in relation to any other amenities the community may offer.

Floor Plans

On top of this, being one of the first to buy or build a new home in Henderson – or anywhere else, for that matter – may give you more options in terms of floor plans for your house. In many communities, some floor plans may only be compatible with specific lots, and some floor plans and houses may be limited due to what other homes and floorplans are built around them.

Being one of the first in a community gives you access to every floorplan the developer has to offer. This means you get even more say over your personal preferences or the floorplan/location duo that you think provides the best investment over time or that suits your needs.

Look of House

Lastly, you will often also have more freedom when it comes to the exterior look of your home. Same with the floorplans, the more houses that are built in the community may limit what access you have to the exterior of your home.

Nobody wants to build a house that looks exactly the same as the one that's right across the street. Being one of the first allows you to choose what you prefer.

More Time

When buying into a community early, you may given more time. If you have a current home, you may want more time to figure out and finalize the sale of your current home.

Buying early gives you more flexibility in terms of when you need to move out of your current home and into your new home. More time also gives you the opportunity to get a good grasp on your finances so that you are sure you have everything you need in order to buy into the community.

Weighing Your Options

Lastly, you may have more time to spend on the decision-making process. Since you are buying in early, there are a lot more possibilities that we mentioned previously. With that, having a bit of extra time to make sure you are happy with your choices can be very helpful.

Whether you need more time to prepare for the move, more time to save money, or more time to make decisions, working through the process early may prove to be much less stressful compared to buying into an already completely developed community.

Are There Any Risks to Buying a New Home Early?

With any option of buying or building a home, you will always likely have to deal with risk. This is why it is important to do your research. It can be very beneficial to look up the community's developer to see what communities they have done in the past and how they have turned out.

Most often, the deciding factor isn’t whether their community flopped or not, rather it is whether or not their past communities are appealing to you, however successful they may be. Seeing how their already established communities look and how their homes are priced can give you more insight into the community that is currently being developed.

Buying Early in a New Construction Community

Overall, the three main benefits of buying early in a newly built community may include better deals on homes, more options in terms of what your home looks like and where it is, and more time to make all of these decisions.

Related Articles

Post a Comment