It is an exciting time to shop for a home in South Florida. New home starts are up and builders are feeling more confident thanks to our improved economy. As the prices of short sales and foreclosures have risen, the prices of building new have remained stable or even dropped thanks to drops in prices of building materials, and it is now very possible to have a brand new home for the same price as buying a resale. All it takes is the patience to wait 6 months before move-in, and you can select your own style, colors, and finishes and have your new home move-in ready, complete with a 10-year warranty.
Believe it or not, it’s not as complicated as you may think. One local builder will even accept a contract for $1000 down and no construction loan necessary. Once the home is completed you can apply for a conventional, FHA or VA mortgage and proceed to close with your $1000 credited back to you. From what they have told me, they have so much confidence in the local market and the value of their homes, they are willing to take the chance because they know they can easily sell it for the cost of the original contract or more.
It may be the best way to have exactly what you want, exactly where you want it, and to lock in current market prices at no risk. So if you’re not a DIY-er and not in the mood to fix it up yourself, it’s a really good option to have and I’m so excited to be able to recommend it as a good value and a worthy option. It’s also good to remember that our South Florida/Coastal building code is the most stringent in the country and has become even more so with each passing year. So you are looking at solid homes, built of concrete or concrete block and with hurricane strapping on the roof and hurricane-rated protection on all openings (including the garage doors).
More choices, more options, and a competitive market. It’s all good!