Marion County New Construction Update
February 17, 2020
Thinking about new construction? Let’s face it, there is something about having a brand-new home, with all new appliances and trendy features. The smell of fresh paint, new carpet or freshly stained wood is heavenly. Even better is the satisfaction of having designed the floor plan or chosen your favorite features.
You have a lot of choices to make in new construction, starting with the type of construction that meets your needs.
There are three types of new construction, spec (short for speculation) homes, tract (or production) homes, and custom homes.
Spec Homes: Homes “built on spec” means the builder has purchased a single lot and built a home on it not knowing who will purchase the home. Typically, the builder will list the home with a real estate agent to market and sell. Since the home is usually finished, or almost finished, when it goes on the market, the buyer does not have the opportunity to make changes in features.
Tract Homes: Tract homes are homes built in a development where all the homes are built around the same time, or in phases, by the same builder. The builder has selected floor plans and uses the same features in each model. Often buyers can purchase a tract home prior to completion, in which case they may be able to make changes in the features within the builder’s budget or for an upgrade fee.
Custom Homes: When the buyer purchases their land and then contracts a builder to build a home of their choosing, they are building a custom home. The buyer chooses their floor plan, or has an architect draw one for them, and chooses all of the features, sometimes with assistance from the builder or an interior designer.
Marion County currently has over 500 new homes listed for sale, and over 50 builders currently building in prices ranging from under $100,000 to over 1.5 million.
While some buyers go directly to the builder’s office or model center, it’s smart to use a real estate agent to help you through the process.
We advocate for you. The buyer’s team, foreman, sales assistants, and sometimes the preferred lender, work for the builder. An agent can help you interpret the sales contract, help you stay on schedule, and help make certain you get everything promised upon completion.
We know the builder’s in our area. Reputation is important. We have all heard stories of builders who failed to complete a home, used inferior products, or did not honor their warranties. Let us guide you to reputable builders you can trust.
Most builders will pay a real estate agent’s commission if we accompany you on your first visit, so it doesn’t cost you a penny to have someone on your side. Ready to go look at some model homes?
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