New construction homes can have hidden costs, which is why you have to pay attention to the details when deciding on a new build.
When touring model homes, always ask the builder about what’s standard and what’s considered an upgraded feature with additional costs.
Buy on your terms and work with our team to navigate the ins and outs of purchasing the new construction home of your dreams!
Don’t Mistake “New Construction” with “All-Inclusive”
There are many advantages of buying a new construction home—low-maintenance living, brand-new appliances, and minimal repair costs are just a few. Plus, a new build provides a blank slate for buyers to begin making sweet new memories!
While buyers should be excited about all these benefits, they should also be aware of the potential hidden costs associated with purchasing a new build. We’re here to ensure you know exactly what is included in the overall cost of your new construction home.
Protect yourself before there’s a problem
Just like an existing home, a brand-new home can have hidden issues that could require repairs. Something as simple as inadequate plumbing or roofing could result in sizable amounts of damage—this is why you have to protect yourself by being proactive in the home-buying process. All builders have their own nuances, which is why you should take the time to research different options before deciding on the right one. If you want some tried and true recommendations, your agent can provide valuable insight. Every home, including new builds, should be checked by an independent home inspector who isn’t affiliated with the builder.
Before you commit to purchasing a new build, make sure to read the fine print of the home warranty. You may have to rely on your warranty if any issues arise that aren’t covered by your homeowners’ insurance policy. And remember, not every warranty is the same, so it’s important to determine exactly what your warranty covers and the length of the coverage.
Stay true to your non-negotiables
Newly-built homes aren’t guaranteed to include all the necessities, so you need to know what to expect from a standard model. It’s quite common for new builds to come without certain interior items, such as appliances and window treatments, plus exterior fencing and landscaping.
Before you make an offer, talk to your builder with your agent present and ask about the features included in your future home. Everything from drawer handles to light fixtures could cost extra, so be sure to compile a list of non-negotiables to budget for things you can’t live without.
Don’t be duped by the mesmerizing model home
The model homes you’ll tour often have all the available upgrades the builder offers—we’re talking gourmet kitchens with granite countertops and open-concept floor plans with beautiful hardwood flooring. However, these top-level features could cost you thousands of dollars more than the builder’s grade basics.
You can work with your agent to figure out which features are included in the standard model’s base price. Be sure to focus on what originally made you fall in love with the property, not all the bells and whistles you see in the showy model. When contemplating which upgrades are worth the cost, think about the home’s future resale value—will the upgrades increase your return on investment and appeal to a variety of buyers? This is a prime opportunity to lean on your agent’s expertise to determine which upgrades will add the most value to your home.
Ready to Buy a New Build?
When you buy a new construction home, you always want to have a trusted real estate agent by your side. Remember, the builder’s sales agent has the builder’s best interest in mind—not yours. We have the new construction experience needed to guide you through the negotiation process and make sure you’re getting your money’s worth. Contact us to learn more about new construction properties in the area, and we’ll get the ball rolling on buying your new home today!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
You’ll love the open floor plan and fine finishes in this new construction rambler! Featuring a chef’s kitchen, split floor plan, and cozy corner fireplace, you’ve found your dream home! Relaxing with family and friends in the interior open spaces or outside on the screened porch or deck will create great memories of lake living! A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want! For more info, Click Here!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
You’ll love the open floor plan and fine finishes in this new construction rambler! Featuring a chef’s kitchen, split floor plan, and cozy corner fireplace, you’ve found your dream home! Relaxing with family and friends in the interior open spaces or outside on the screened porch or deck will create great memories of lake living! A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want! For more information about this listing, Click Here!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
There’s no place like home and this brand new construction is just waiting for you to make it yours! Spectacular split bedroom, open floor plan with soaring ceilings and abundant windows for a wealth of natural light! The kitchen boasts gorgeous granite and stainless steel appliances and there is a huge bonus room over the garage. The master suite is accented with a tray ceiling and access to the wrap around porch. Now that I mention porches, this home has not one, but two breathtaking wrap around porches for the ultimate outdoor living experience. Hurry, this one won’t last long!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
The inventory shortage experienced by most regions of the country was evident in Lake of the Woods in 2018, as listings were down 13.9% over those in 2017. 234 sales were reported in our MLS in 2018, down from 294 in 2017 (a 19.6% decrease). New construction accounted for 11 of the 234 sales. The median sold price increased 4.56% year over year from $239,000 to $249,900.
Of the 234 total sales in 2018, only 15, or 6.4%, were either short sales or foreclosures.
At the height of the distressed real estate market in 2010, a whopping 43% of all sales were either short sales or foreclosures.
So let’s look at our steady growth over the past five years:
In 2014, the median sold price was $219,450, with 193 homes selling. Only 11.9% were distressed. Average days on market was 92.
In 2015, the total sales climbed to 247, with 15% being distressed. The total sales represented almost a 30% gain over 2014, and the median sales price dropped to $210,000.
In 2016, the market was quite flat compared to 2015 in regards to total sales, which held at 243 with a decrease in distressed sales to 11.1%. However, 2016 saw the median price jump to $225000, a healthy 7.1% increase.
In 2017, there were 294 total sales, a whopping 21.1% increase over 2016 with only 5.8% being distressed. The median sales price climbed to $239,000.
Average days on the market (DOM), which is the number of days it takes from the time a property is listed until it goes under contract, has steadily declined from 92 days in 2014 to 76 in 2018.
It’s also telling to note that a significant number of lots have sold in the past five years. From January 1, 2014-December 31, 2018, 177 lots exchanged, with 55 occurring in 2018.
New Construction has been climbing, as well. 2014 realized 18 new construction starts; in 2015, there were 41; in 2016, there were 28; in 2017, there were 30; and in 2018, there were 34.
In 2019, according to Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors, mortgage rates are expected to increase at a much slower pace than that in 2018. So far in 2019, they have actually decreased from the 4th quarter of 2018.
The prognosis for 2019 is excellent! In many areas of the country, inventory is rising. In LOW, there are 62 homes active on the market as of 1/26/2019. Last year in January, there were 55. More stable rates and more inventory should propel us to experience healthy sales and appreciation.
**All statistics have been obtained from BrightMLS, our local MLS, except for new construction starts, which were obtained from LOWA.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my homeworth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Build your dream home on sought after Wakefield Drive. Enjoy seasonal water views, a short walk to the beach and all the lake has to offer. Whether your passion is boating, water-skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed!
Community Features
Management: Owner/Self-Management, Bar/Lounge, Basketball Courts, Beach, Boat Ramp, Club House, Common Grounds, Fitness Center, Gated Community, Golf Club, Golf Course, Jogging/Walking Path, Horse Trails, Lake, Meeting Room, Picnic Area, Pier/Dock, Pool (Outdoor), Putting Green, Recreation Center, Riding/Stables, Security, Soccer Field, Boat Slip, Gift Shop, Tennis Courts, Tot Lots/Playground, Water/Lake Privileges, Management Included, Master Insurance Policy Included, Pier/Dock Maintenance, Reserve Funds Included, Road Maintenance Included, Tot Lot(s)/Playground Included, Security Gate Included, Snow Removal Included, Security Included, Pool(s) Included Covenants, Restrictions
School Information
Elementary School: LOCUST GROVE
High School: ORANGE
Middle School: LOCUST GROVE
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your professionals for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia, we are your proven Real Estate professionals. Thinking of selling? If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. The Question is how much is it worth? Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
The inventory shortage experienced by most regions of the country was evident in Lake of the Woods in 2018, as listings were down 13.9% over those in 2017. 234 sales were reported in our MLS in 2018, down from 294 in 2017 (a 19.6% decrease). New construction accounted for 11 of the 234 sales. The median sold price increased 4.56% year over year from $239,000 to $249,900.
