Things To Consider When Buying A New Construction Home

Buying a home is always an exciting thing, but it's still an anxious time.  So much can happen...what will the home inspection turn up?  What will the seller's be willing to fix? Just how old is that HVAC and the roof for that matter?  Will it appraise?  So it's no wonder that in the Summerville, SC area where there are a lot of new developments going in, a lot of folks choose to buy new and eliminate some of that guesswork.

You pick your lot, you pick your cabinets, flooring, colors...and you sit back and wait to just move right in to that brand new house.  And these days with the market as it is, home builders are more willing to negotiate on the price, on upgrades and are just about always will consider paying some or all of your closing costs.

Seems like an easy proposition for the home buyer.  But there are things to consider when buying a new home that are a bit different than when you purchase a resale. 

What upgrades are worth paying for?
When you buy a resale home, it pretty much comes as it is.  If you don't like the light fixtures, you know you'll be the one who's going to go shopping and swap them out.  If you don't like the wall color, you'll be the one doing the repainting or stripping the wallpaper.  There's an understanding that you might  have to do some remodeling or redecorating to make the home your own.

In a new build, you typically get to pick certain features.  (Unless you're building custom, you'll be limited to the choices the builder gives you and you may not be able to make some changes such as moving walls or other structural things)  Should you put a ceiling fan in each bedroom?  Do you need a cable jack in every room?  We live in the South, do we really want that fireplace?  And it's further complicated by the fact that for many items, you'll be paying extra for it.  Even something as minor as adding an extra electrical outlet in the kitchen can cost you more.

What I always tell my buyers is this...think about resale value in case you ever need to sell down the line, but also consider putting in and paying for the things that are not easily added later.  A good example is that fireplace.  Yes, we live in South Carolina, but the truth is that the fireplace is a nice feature that a lot of people want.  Whether they use it or not, it becomes a focal point in the room.  And a lot of the newer homes have gas fireplaces that are cleaner and easier to use.  This isn't something you can add later without a lot of aggravation and expense so it's worth it to do it now.

Here are some other things that make my list:

1. Pre-wire for ceiling fans!  While the fixtures themselves are not so important, the wiring is.  Here in the greater Charleston area, people expect to see homes with ceiling fans in each bedroom and the main living area at least.  Even if you only put in an overhead light for the time being, future buyers would want to know that the home has been pre-wired for ceiling fans.  (Same thing for wiring for the garage door opener.)

2. Which brings me to the next thing...don't pay to upgrade to the lighting/fans unless you really love what the builder is offering.  Light fixtures are so inexpensive to do on your own and the big chain stores and specialty stores means many more choices.

3. Flooring...here's a big one...this is definitely much more of a personal choice.  Wood floors, real tile and upgraded carpet are always going to give you better resale value later on.  However, this is something you can add later as well.  My feeling is that if it means getting another upgrade you deem more important or if it puts affording your new home out of reach, then get the builder grade flooring now and upgrade later. 

4. A separate tub and shower in the master bedroom is a must.  It's pretty much expected in many newer homes and a lot of people want that garden tub.  Does it need jets? Not in my opinion, but a tub someone can actually fit in comfortably and soak in definitely is!  Also, if you have the space, opt for dual sinks in the master.  This can be a deal breaker for a lot of couples.

5. Don't under estimate the value of your lot.  Springing for the bigger lot premium could definitely be worth it if it means your home will back to protected areas, be a little larger than the others or offer more privacy in other ways.  Also consider if you are right next to the subdivision entrance or on the main thoroughfare or near a busy road.  You'll have better resale value if you keep to quieter streets and/or find that cul-de-sac lot that so many families love.

I think you get the idea.  So let me touch on one other important issue when buying a new home here in Summerville, SC.

Do you need your own agent representation?
The answer is yes, at least if you live in South Carolina where buyer's have the ability to "hire" their own agent under SC Buyer Agency rules. 

I "rescued" one buyer from a deal with a new home builder because they went in to the sales office without having their own agent.  This person thought the binder he was putting down on the lot was just to hold it until he could definitively make up his mind.  But the sales agent had him sign all the paperwork and without realizing it, he ended up in a contract to purchase. 

Keep in mind that the on site sales agent works for the builder.  They want to sell you a home.  And while I know many of these sales agents personally and know them to be honest and reputable, wouldn't it be good to know that you have your own agent looking out for your best interests?  That's not to say that you can't go it on your own, but with Buyer's Agency representation free to the buyer, why wouldn't you at least consider it?

That's my short answer.  For more information regarding how Buyer's Agency works in South Carolina, visit http://www.mariapettis.com/Home_Buyers/page_2154263.html or contact me directly for an in-depth explanation.

In a Nutshell
When buying a new home in a new development keep in mind the upgrades that are easy to do later and opt for the ones that would difficult or expensive if you were to do it yourself down the road.  Think about resale value and what other potential buyers might look for to help guide your decisions.  And when in doubt, consult an independent agent who can offer you suggestions and advise you through the entire process.

Maria Pettis
http://www.mariapettis.com/
(843) 860-3901
Century 21 Properties Plus
Summerville, SC

White Gables Subdivision - Summerville SC Real Estate

Featured Neighborhood - White Gables, Summerville, SC:

The White Gables Subdivision is located off of Central Avenue in Summerville.  It's a very easy, short drive into downtown Summerville where there's plenty of shopping including big box stores like Walmart, Target, Kohl's as well as plenty of locally owned shops with unique items in historic downtown.  There's also a huge variety of dining options as well.

White Gables was developed by Saussy Burbank home builders beginning around 2001, with some new construction going on even as of this writing, but most of the development is complete.

What many people love about White Gables is the many amenities...there's a architecturally pleasing clubhouse that's available for community use, a community pool, a couple of play areas, tennis courts, walking paths and a lot of open common areas some of which have ponds.  Along with the victorian and Charleston inspired style of homes, it makes White Gables a very aesthetically pleasing neighborhood.

A unique feature of White Gables is that detached garages are located to the back of each property and are accessed through alleyways. (There's a shot of an alley in the video) The idea was to leave the front of the property looking clean and neat with no driveways...just sidewalks to meander while your neighbors wave to you from the front porch.  But a complaint I sometimes hear is that the driveways are small.  Depending on the lot and your vehicle, it can become a bit of a challenge.

The yards are also small.  For many folks, the amenities offset this.  (I forgot to mention that there's a large open field which is great for playing a game of soccer or baseball or just letting the kids run around.) I've seen many yards landscaped in a lovely manner giving the feeling of a "courtyard" where you can sit and relax.  If you're looking for a large, private space to call your own this may not be the neighborhood for you.  On the other hand, I know many people, with their busy lives, don't want a big yard to care for and these yards certainly fit the bill.

The homes themselves are done in a charming style, some with big front porches, some with double porches and some with side porches or "piazzas".  Many floor plans are open which is what today's buyers are looking for.

As of this writing, homes in White Gables really run the gamut in terms of price...smaller homes start in the $120's with larger homes going all the way up to $300K.  Just remember, market conditions change frequently so it's best to consult an agent to see what types of homes are available in your price point.  There are some single story homes, but most are two story and not many offer master bedroom down.

Watch the video to get a feeling for the neighborhood and for additional information.  You can search White Gables homes for sale as well as other homes in the Summerville and Charleston areas on my website at http://www.mariapettis.com/.

And as always, feel free to contact me directly with questions or for further assistance.

Kind Regards,
Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
Maria@MariaPettis.com

104 Sparkleberry Ln, Summerhaven Real Estate

I recently listed this wonderful house in Ladson, SC which is near Summerville and Charleston. 

Actually the location is great!  It's a short hop to I-26 and a quick commute to Charleston Air Force Base, the Naval Weapons Station and the new Boeing site.

Shopping?  Take your pick!  Not 15 minutes to Northwoods Mall or loads of great shopping in Summerville.  Tanger Outlet Center is maybe a 20 minute drive at most.  And there is a grocery store, Walmart and other shops well within 10 minutes or less for your convenience.

The subdivision is called Summerhaven which was developed by Ryland Builders.  This is a great neighborhood with a community pool/club house, play park and walking trails.  And the best part is that these amenities are all around the corner from this home within walking distance!  Perfect for folks who like to be active in their communites or for families who like to get outside to play.

But lets talk about this terrific house itself!  Enter into a two-story foyer with shining hardwood floors.  How's that for a warm welcome home?!  To the right is a room which the current owners are using as a more formal living area, but it could be used as a formal dining room or office.  One of the best assets of a home is having flex space since everyone's lifestyle is a little bit different.  This way, you can decide the best use of this room for yourself based on your needs.

As you continue in, you enter the heart of the home...the bright family room which opens to a large kitchen.  There are plenty of corian counters and tons of storage in the big 42" oak cabinets.  There's also a large pantry.  But the thing sure to grab your attention is the large island which can comfortably seat 3 or 4 people AND has electricity! So it's great for both extra prep space or more casual eating.

Off the kitchen are sliders which go out to a large, fully fenced yard.  There's an oversized patio which gives you plenty of space for your grill and patio furniture...perfect for get togethers or just relaxing.

As you head upstairs you'll enter onto a very large, open landing.  Here you'll find a big linen closet adjacent to the bedroom area.

You'll see in the video that two of the bedrooms are clearly decorated currently as children's rooms.  The sellers are willing to paint both rooms a neutral color prior to closing at buyer's request.  The room currently decorated as a girl's room has it's own access to the hall bathroom (which has dual vanities I might add) and it's own walk-in closet.


Make a grand entrance through the double doors into the master bedroom!  A nice-sized room with it's own ensuite bathroom, it's a perfect get away space.  The master bath has dual vanities at a raised height which is a great feature no matter how tall you are.  You'll also find a large walk-in closet, another linen closet (can you ever have enough closets?) and a deep tub to soak in.
 
But one of the best features of this house, in addition to the master bedroom and kitchen, I've saved for last.  Talk about a great flex space!  The FROG (finished room over garage) is large and has it's own walk-in closet as well so it can serve as a fourth bedroom.  It's a bit separated from the other bedrooms so it would also make a terrific media room, play room or office.  Again, the choice is yours!
 
If you'd like more information on this fantastic home, visit 104SparkleberryLane.MariaPettisHomes.com or you can contact me directly.  Feel free to also visit my website at http://www.mariapettis.com/ to search other homes on the MLS, but I hope you'll add this one to your "must see" list.
 
Kind Regards,
Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
Maria@MariaPettis.com
 
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Summerville SC Real Estate Market is Heating Up Thanks To Tax Credit!

Time is running out on the expanded buyer tax credit! Be sure you are under contract by April 30th and can close by June 30th!

If you are thinking about purchasing a home that's a short sale, be very careful in making your decision and be prepared for the possibility of missing out on the tax credit. The "short" refers to the financial aspect of the sale, not the length of time it takes. These transactions can take months and you are often in the dark much of that time. Things can change unexpectedly and suddenly when dealing with short sales. There are no guarantees with a short sale.

Talk to your Realtor for more information or feel free to contact me directly!

Maria Pettis
Realtor, ePRO, SFR
Century 21 Properties Plus
(843) 860-3901
www.SummervilleRealEstateOnline.com

Charleston Area is One of Five Real Estate Markets Expected to Fare Well in 2010

A recent article from Smart Money cites the Charleston, SC real estate market to be one of several expected to fare best in 2010.  The article suggests that the market here could even show a slight improvement over recent years.  Among reasons stated were the fact that housing prices never really got out of line with personal income levels and the arrival of Boeing in the Lowcountry could help foster jobs and growth.

It's my personal observation that we've seen an increase in activity from buyers.  The expanded and extended Home Buyer's Tax Credit which certainly made an impact on sales this past fall, may be an additional reason for the continued uptick in activity now.

To read the complete article, click on the link.  For additional information about the Summerville Real Estate Market and the Charleston Real Estate Market, feel free to contact me directly or visit my website.

http://www.smartmoney.com/personal-finance/real-estate/5-Markets-Expected-to-Fare-Best-in-2010/


Maria Pettis
REALTOR, ePRO
Century 21 Properties Plus
(843) 860-3901
http://www.summervillerealestateonline.com/
http://www.charlestoncarolinahomes.com/
www.youtube.com/summervilleschomes

REALTOR® Magazine-Daily News-Fannie to Offer Closing Cost Aid on Foreclosures

In this buyer's market, can it get any better for buyers? Apparently it can!

Fannie Mae is now offering to pay up to 3.5% in closing costs on foreclosures in their inventory! Check out www.HomePath.com for a list of available properties in your area. As of this writing there are 31 in the Summerville, SC area alone!

You can also use the equivalent amount for purchasing new appliances.

For more information, contact me or click the link to read more.



REALTOR® Magazine-Daily News-Fannie to Offer Closing Cost Aid on Foreclosures

Maria Pettis
REALTOR, ePRO
Century 21 Properties Plus
(843) 860-3901
mpettis@century21properties.com
www.SummervilleRealEstateOnline.com

So You Want to Buy A Home? But Are You Really Ready to Get Started?

The newly expanded and extended tax credit is opening the door for a lot of folks looking to purchase a home.  Interest rates are still low, there is a ton of inventory...it's a buyer's market!

 

You've browsed listings online, set aside some money for a down payment and closing costs, you're ready to roll! Right? 

Well, almost...

 

Do you know the very first step you should take before going out with your real estate agent to look at homes?  If you said talk to a lender, you hit the nail on the head. Unless you are one of the lucky few with cash to make your home purchase, speaking with a lender is the first real step toward getting that key to your new front door.

 

Many times I'm contacted by folks who are very excited to start looking for a home.  They tell me their wish list, all the things they want or need, the desired location, they talk about homes they've seen online, etc.  And I will ask a lot of questions as well so I can be sure to find the perfect place.

That's the fun part.  But then we have to face the reality of what these folks can afford.  So I will begin to ask questions that every home buyer should know the answer to...

1.  Have you been pre-qualified or pre-approved?

Many agents won't even put you in their car to go look at homes until you can show them at least a pre-qual letter from your lender.  This is just a general letter saying that based upon the information you've provided the lender, they feel you qualify for a mortgage amount of X dollars.  A pre-approval letter is even better and one that you will want to include with any offers you make.  This means you've actually provided certain documentation to the lender, they've checked your credit and basically they've approved you for your loan although it may be contingent upon providing other documentation or meeting additional criteria.

2.  What type of loan are you applying for and how much do you have for a downpayment?

This is important for you and your agent to know as well.  Different programs have different down payment requirements.  For example, FHA currently requires buyers to put down 3.5% of the purchase price.  VA loans can be up to 100% financing, however, you still have the option of putting money down.  A conventional loan may require as much as 20% down.

Say you are approved for a $200,000 loan and you have another $20,000 for a down payment.  That's a total budget of $220,000.  So you need to decide if you want to look at homes all the way up to your max of $220,000 or stick to a lower price range.  Which leads me to the next question...

3.  Did you get a breakdown of your monthly mortgage expenses at different price points?

Even though your lender may say you qualify for a $200,000 loan...what does that equate to in monthly payments and are you comfortable with that?  Have them include estimated insurance and taxes in addition to the mortgage amount because those expenses will effect your monthly payment as well. 

4.  Have you shopped around?

I always recommend talking with a few lenders.  Start with your own bank or credit union.  Your agent, family and friends may have people they can recommend as well.  Different places can offer somewhat different programs and certainly different rates.  Your interest rate can make a huge difference on the monthly payment...more so than a reduction of the price of the home in some cases.

Bottom line is...you really need to know if you qualify for a loan and for how much.  You want to be sure you are looking in the right price point so you are not wasting your time or your agent's time.  You may need to adjust your expectations up or down regarding the quality, location or condition of homes based on this information and your local market conditions.

I've come across folks whose credit may not be the greatest and so they are hesitant, perhaps even a bit embarrassed, to talk to someone about their loan options.  Any reputable lender will keep the information confidential.  And if you don't qualify for a loan now, they can often times make suggestions on how you can improve your credit score.  This can often be done over the phone and it won't cost you a thing.

The thing is, you won't know for sure unless you do it!  And it really is the essential first step to home ownership.

For more information or if you have questions, contact your lender or feel free to contact me.  While I am not a mortgage expert, I will do my best to answer your general questions or to point you toward resources where you can get the appropriate information.

Maria Pettis

Realtor, e-PRO

(843) 860-3901

maria@mariapettishomes.com

http://www.summervillerealestateonline.com/