Buying New or a Resale?

by Lynn M. Bower, PA
RSPS, ABR, GRI. AHWD, PMN, CNE
John R. Wood Properties

 

Lynn M. BowerBuying Real Estate – Old versus New

Our team has been helping customers buy and sell homes since 2004. We have gone through the good times starting in 2004 through 2007, and then we all saw the nationwide devastating period after the real estate boom. Those days are in the past and today we have over 50 new communities currently under construction in the Naples area. So when we work with buyers the question always arises “should I buy new or a resale”? This is a good problem to have but there are a few viewpoints we would like to share.

Buying in a new community:

·  New homes afford you fewer worries for a number of years in terms of appliance breakdowns and roofing issues. Most developers offer a one year warranty on their work and more on items like roofs and etc.

·  New will usually offer lower HOA fees until the community takes it over from the developer then they almost always rise.

·  New will enable you to take advantage of developer’s current incentives. NOTE: there are more during the summer slow months than in the peak of buying in the season/winter. Please note, if you are not working with a Realtor when it comes time to sign the contracts – you should. There are nuances in the contract that a seasoned agent know or will pick up and in the end help you the consumer. Also know that if you stop into a new community without a Realtor they ALWAYS have the visitor sign in. If you do so without your agent with you then you will not have any representation unless you hire an attorney before signing a contract.

·  If you have to sell before the developer finishes the project then you are in direct competition as a seller competing with the developer whose incentives could lessen your pool of buyers.

Buying a resale property

Naples was built from the beach eastward. Most of the buildings closer to the beach are older, however, in real estate it is always about location, location, location. With a resale you will have an established community most often closer to shopping, mature landscaping and almost always larger lots. The price developers are paying for land today coupled with labor costs drives them to build as many homes on a parcel as the county will allow them.

We have buyers who want the least expensive resale home in the nicest neighborhoods so they can remodel to their tastes. We also have buyers that want the home that has been remodeled so they don’t have to go through the mess. As far as condos go they are usually closer to the beach as well but again, older. There are some new condos being built for the first time in 8 years near the beach. Those prices start in the million dollar range.

When purchasing a resale the title search is imperative.  We have found so many mistakes in titling and building code infractions, all of which can undermine a closing. Needless to say Access Title Agency is one of our favorite go to companies for the last 4 years.

So, as they say “different strokes for different folks”. Until you work with a full time Realtor to discuss your wants and needs it can be a very daunting task finding that perfect home in Southwest Florida.

If you would like to see the quarterly statistics on Naples, FL resales you may go to www.TheBowerTeam.com  and then scroll down under Market News. The statistics represent a number of years in the past as well as most current.

 

Lynn M. Bower, PA
RSPS, ABR, GRI. AHWD, PMN, CNE
The Bower Team
Local Realtor. Global Reach.
Direct: (239)438-6784
www.TheBowerTeam.com for direct MLS access

John R. Wood Circle of Excellence 2012, 2013, 2014
Women’s Council of Realtors Past President

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John R. Wood Properties
3255 Tamiami Trail N.
Naples, FL 34103

 

 

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