5 Tips When Buying a Newly Constructed Home

KCM Crew, November 18th, 2018

5 Tips When Buying a Newly Constructed Home | MyKCMThe lack of existing inventory for sale has forced many homebuyers to begin looking at new construction. When you buy a newly constructed home instead of an existing home, there are many extra steps that must take place.

To ensure a hassle-free process, here are 5 tips to keep in mind if you are considering new construction:

1. Hire an Inspector

Despite the fact that builders must comply with town and city regulations, a home inspector will have your best interests in mind! When buying new construction, you will have between 1-3 inspections, depending on your preference (the foundation inspection, the pre-drywall inspection, and a final inspection).

These inspections are important because the inspector will often notice something that the builder missed. If possible, attend the inspection so that you can ask questions about your new home and make sure the builder fixes any problems found by the inspector.

2. Maintain good communication with your builder

Starting with the pre-construction meeting (where you will go over all the details of your home with your project manager), establish a line of communication. For example, will the builder email you every Friday with progress updates? If you are an out-of-state buyer, will you receive weekly pictures of the progress via email? Can you call the builder and if so, how often? How often can you visit the site?

3. Look for builder’s incentives

The good thing about buying a new home is that you can add the countertop you need, the mudroom you want, or an extra porch off the back of your home! However, there is always a price for such additions, and they add up quickly!

Some builders offer incentives that can help reduce the amount you spend on your home. Do your homework and see what sort of incentives the builders in your area are offering.

4. Schedule extra time into the process

There are many things that can impact the progress on your home. One of these things is the weather, especially if you are building in the fall and winter. Rain can delay the pouring of a foundation as well as other necessary steps at the beginning of construction, while snow can freeze pipes and slow your timeline.

Most builders already have a one-to-two-week buffer added into their timelines, but if you are also in the process of selling your current home, you must keep that in mind! Nobody wants to be between homes for a couple of weeks.

5. Visit the site often

As we mentioned earlier, be sure to schedule time with your project manager at least once a week to see the progress on your home. It’s easy for someone who is not there all the time to notice little details that the builder may have forgotten or overlooked. Additionally, don’t forget to take pictures! You might need them later to see exactly where that pipe is or where those electrical connections are once they’re covered up with drywall!

Bottom Line

Watching your home come to life is a wonderful experience that can sometimes come with hassles. To avoid some of these headaches, keep these tips in mind!

If you are ready to put your current home on the market and find out what new construction is available in your area, let’s get together to discuss your options!

 

 

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The 6 Home Renovations That Return the Most at Resale

The 6 Home Renovations That Return The Most At Resale http://www.bankrate.com/finance/real-estate/best-home-fixes-for-the-money-1.aspx

http://www.bankrate.com/November 18th, 2018

Posted in Design & Remodel, Home Buying, Home Repairs, Home Selling, Homeownership, Market Conditions, Renovate | Tagged , , , , | Leave a comment

Wendy’s Is Giving Out Free Jr. Bacon Cheeseburgers Every Day Through Black Friday

Wendy’s Is Giving Out Free Jr. Bacon Cheeseburgers Every Day Through Black Friday @Thrillist https://www.thrillist.com/news/nation/wendys-free-jr-bacon-cheeseburgers-deal-2018?utm_content=Wendy%27s+Is+Giving+Out+Free+Jr.+Bacon+Cheeseburgers+Every+Day+Through+Black+Friday&utm_source=twitter&utm_medium=social-media&ref=twitter-869

http://www.thrillist.com, November 17th

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See our Martha’s Countdown to Thanksgiving galleries

See our Martha’s Countdown to Thanksgiving galleries https://www.marthastewart.com/1522538/marthas-countdown-holidays?tel=center_twitter#MarthaStewart #Thanksgiving

http://www.marthastewart.com, November 15th, 2018

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5 Signs It’s Time to Downsize Your Home

5 Signs It’s Time to Downsize Your Home @themotleyfool #stocks https://www.fool.com/retirement/2017/12/08/5-signs-its-time-to-downsize-your-home.aspx#Downsize #HomeforSale #HomeBuying #LenandLeslieMarma

http://www.fool.com/retirement

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More Americans are using Real Estate Agents than Every Before

Yes, even Millennials

house technology

More Americans are using real estate agents to buy and sell their home than ever before, even among the younger generations.

A new Harris Insights housing consumer study, which was underwritten by the California Association of RealtorsThe CE Shop and REAL Trends, shows a full 90% of consumers use real estate agents to buy and sell their homes. This is a survey high, and is up 5 percentage points from the last study in 2014 and up 9 percentage points from the first study conducted in 2001. The study asked the opinions of 1,000 people who had either bought or sold a home in the last six months.

And despite fears that Millennials are replacing real estate agents with technology, the study found that is not the case, and 91% of those ages 18 to 34 used real estate agents in their transaction. That number is slightly higher among Gen Xers, or those ages 35 to 44 years old, at 94%.

Actually, it’s the older generations that are cutting real estate agents out of the picture as just 81% of those ages 55 and older reported using a real estate agent in their transaction.

The study also found that more educated consumers are more likely to use a real estate agent, 94% of those with a college degree used agents in their transaction. Those with only a high school diploma used agents at a rate of 83%.

Higher income earners were also more likely to use real estate agents. About 79% of those who made $50,000 a year or less used an agent, while those who made between $75,000 and $100,000 used agents in 98% of the cases.

If the need for real estate agents is increasing – what are consumers looking for when it comes to selecting their agent? “Referrals from people I trust” garnered the highest response from consumers on what was most important when selecting their real estate agent. About 69% of consumers said this was either extremely important or very important, while 92% said it was important.

Next in importance was “findings agents who had listings like my home” at 64%, followed by “looking at websites with ratings of agent’s performances” at 62%. In fourth place was “having a personal relationship with the agent” at 57%.

The study also found that consumers value agents who are members of a Realtor organization, as this was the fifth most important factor at 52%.

But while technology does not seem like it will replace real estate agents any time soon, it is playing an increasingly important role in the home buying and selling process. A full 92% of consumers reported looking at websites for information about real estate agents, and this number was even higher for younger generations. Millennials reported using websites 96% of the time.

The top websites used to look up real estate agents, in this order, were realtor.comZillowGoogle and Facebook.

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Are Homeowners Renovating to Sell or to Stay?

KCM Crew, November 13th, 2018

Are Homeowners Renovating to Sell or to Stay? | MyKCMOver the past few years, two trends have emerged in the housing market:

  1. Home renovations have shot up
  2. Inventory of homes available for sale on the market has dropped

A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.

This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.

According to Home Advisorhomeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.

A new study from Zillow asked the question,

“Given a choice between spending a fixed amount of money on a down payment for a new home or fixing up their current home, what would you do?”

Seventy-six percent of those surveyed said that they would rather renovate their current homes than move. The results are broken down by generation below.

 

Are Homeowners Renovating to Sell or to Stay? | MyKCM

More and more studies are coming out about the intention that many Americans have to ‘age in place’ (or retire in the area in which they live). Among retirees, 91% would prefer to renovate than spend their available funds on a down payment on a new home.

If their current house fits their needs as far as space and accessibility are concerned, then a renovation could make sense. But if renovations will end up changing the identity of the home and impacting resale value, then the renovations may end up costing them more in the long run.

With home prices increasing steadily for the last 6.5 years, homeowners have naturally gained equity that they may not even be aware of. Listing your house for sale in this low-competition environment could net you more money than your renovations otherwise would.

Bottom Line

If you are one of the many homeowners who is thinking about remodeling instead of selling, let’s get together to help you make the right decision for you based on the demand for your house in today’s market.

 


 

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