The Benefits of Buying New Construction on the Outer Banks
by Mike Bishal
on Tuesday, September 13th, 2016 at 2:31am.
Getting educated about the inventory here on the OBX is cause to realize it has a lot of diversity. From the simple beach boxes that are among the earliest rental cottages built here to the oceanfront estate level homes…..and to everything in between…..we see homes that are weathered and charming to brand new & in sync with traditional architectural features that are defined by coastal living.
When I show property to folks looking to invest into the resort rental segment, 2nd home market or primary living due to moving here many do not realize how close in price a brand new home is to one that may be 20+ years old.
Also, when they factor in that there is a Spec Home segment of the inventory here they get even more excited. If you didn’t know, a Spec Home is one that a builder has in their inventory that they chose to build without actually having it sold….it is a speculation project that they anticipate will attract a buyer.
Starting With A Piece of Land
Of course, one could secure a vacant lot, get help choosing a builder and build a custom home. I see many times folks get the JUST RIGHT feeling when visiting homes they feel they would like but other times it never really happens. That is when we shift to securing a lot and building it JUST RIGHT for them. And, when they do not want to go through the custom design phase, pick and choose colors, cabinets, and all that comes with building they put me to work on sharing the Spec Home inventory which is usually mostly built or completed making it almost as simple as buying a home that has been there for years.
Another mention about the education of this topic includes learning that building materials, construction techniques and technology means a stronger, longer lasting home. This is especially important in a coastal environment like ours. This next subject may seem premature but many times folks think about the influences of selling their home before they buy.
How Long Will You Own Your Beach Home?
The average time of ownership here on the Outer Banks is about 8 years. If you buy a 20+ year old home and go to sell later on it is nearly 30 years old, may need a lot of work and updating, therefore be a low position on marketability. If it is a new home and you go to sell it will be more popular and fresher, therefore the marketability is much higher. The topic of materials used and soundness of a coastal home is something to really think about.
Contact me today….share what you see as your comfort range on price and I will show you how close pre-existing older homes compare to a newly constructed home here in the Outer Banks. I think you will be pleasantly surprised!