The Triangle has been ranked as one of the best places to live in America for decades, and as a result, national, regional, and local builders have focused on building new homes here. For a long time, the supply of build-able land was plentiful, but even before the recent slowdown, the cost of lots (and therefore new homes) in the most convenient areas has skyrocketed. However, for anyone willing to drive just a little further, there are still opportunities to build affordable homes.
Building or buying a new home is exciting, but also exceedingly more complicated and risky than purchasing a pre-owned home. This new homes construction guide presents some of the more important concepts to consider.
Buy New or Build New?
Builders often construct homes on their own account (i.e. “spec” or “inventory” homes), designed to attract a buyer who wants a new home. They may be partially finished, allowing a buyer to make some option choices; or fully finished and ready to go. These homes can be a great option for a buyer who does not want to wait during a long construction process.
Assuming you want to build from scratch, there are two options: buying in a development or buying a stand-alone lot to build on. The process and the decisions are different between these two, but you will need to know both because your situation may involve aspects of both.