Cathy Nealand likes new houses–but not too new. Her strong preference is for a property that’s 1 to 5 years old.
Why? Because the Prudential Realty broker-associate figures that a nearly new place gives her the best of both worlds: current construction styles without the “hassles” of making a brand-new home livable. “You can move in, mow the lawn and be done with it,” Nealand says.
She is enamored of brand-new construction and relishes the fresh feeling and choice of interior finishings that come with a build-to-suit home. Yet her life experience has taught her that it takes time and energy to upgrade any house, whether it is old or new. That lesson was underscored recently when she hired a contractor to renovate the kitchen of her present property, an arduous process. “I’ll never remodel another kitchen–not ever,” she stresses.
Although a brand-new property does not usually need renovation, a number of other labor-intensive activities may be required to transform it into a home that meets your needs and makes you proud. For instance, most buyers of brand-new homes must oversee the landscaping. Moreover, they generally face the expense and time involved in finishing the home’s interior, including the installation of window coverings and architectural finishes that the builder didn’t include, such as crown moldings or a built-in entertainment center.
“When you buy nearly new, you can move in without a lot of extra work,” Nealand says. To be sure, buying a home in the 1- to 5-year range gives you fewer aesthetic choices. Yet any major construction issues will probably have been resolved before you move in. “One huge benefit of a house that’s just a few years old is that the bugs are worked out,” says Robert Freedman, a sales manager for Re/Max Realty. Should a significant defect remain unresolved, the buyers, or their inspector, will usually spot it, whether it’s a leaky roof, cracked flooring or uneven settling.
Who prefers a nearly new home over one that’s brand-new? Often this choice appeals to older Baby Boomers who have entered their 50s and are seeking the relative simplicity of a turnkey residence. “Many young people are looking for the prestige of a brand-new home. They want to show it off to their friends,” Freeman contends.
Here are three pointers for those considering the purchase of a nearly new home:
– Make sure you buy a place suited to contemporary tastes. Floor plans remain relatively standard for long stretches of time. And some home features, such as hardwood floors with a natural oak or maple finish, never go out of style.
Other features, however, are more prone to fluctuations in fashion. Typically, any property under 5 years of age will be finished in what Freedman calls “the current vernacular.” That means that kitchen appliances will be stainless steel or white, rather than gold or green, for instance.
Perhaps you don’t care personally whether the home you buy projects a dated look. But real estate specialists urge you to look ahead to the resale market for any property you purchase. A house that meets current fashion standards should be easier to sell than one with a dated look.
– Select a nearly new house outfitted to your particular tastes. While there are many advantages to purchasing a home with many finishing touches complete, you’ll want to be sure you share the taste of the previous owners. Perhaps they went to great expense to install plantation shutters on the windows, for example. It’s nice that they made the financial outlay, but they’re a benefit to you only if you like that styling, Freedman points out.
You’ll also want to be sure that the lighting fixtures, carpeting and wall treatments suit your tastes.
– Check a builder’s record whether buying new or nearly new. Suppose you’re buying a 4-year-old traditional home in a development that’s fully complete. It may not be obvious which company constructed the homes in the community. Still, it’s worth the effort to identify the builder of the subdivision. “You want to find out if the original builder has a good reputation,” Freedman says. You should gain assurances that the home you’re considering would be strong and durable.
How can you learn more about a builder’s reputation? One way is to stop by the development on a Saturday afternoon and talk to original owners. Among other questions, you’ll want to ask about the company’s background and whether the firm corrected defects willingly and thoroughly.
If the builder is relatively new to the industry, don’t let that fact outweigh positive reviews. As Freedman says, “Just because the company wasn’t in business 10 years ago doesn’t make it a bad builder.”
