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Buy A New Home or Existing Home? Debunking Common New Home Construction Beliefs

When it comes to buying a house, the million dollar question is: Do you buy a new home or existing home?

Home buyers can be hesitant to build a new home over buying a home that’s being resold. However, this typically stems from fear of the unknown. Essentially, home buyers haven’t been equipped with all the facts when it comes to new home construction.

So we’re debunking popular common held beliefs when it comes to building a home vs. buying older real estate, so you can feel educated when making the right decision for you and your family.

THE ASSUMPTION THAT NEW CONSTRUCTION HOMES WILL EXCEED YOUR BUDGET
The main factor driving a home buyer’s choice between new home construction and an existing home is price point. Home buyers automatically assume that building a new home will exceed their budget.

However, there are a few contingencies that the home buyer should take into consideration:

  • Home Buyer Incentives: Unlike buying an existing home, home builders often offer lucrative incentives to help the home buyer up front. Incentives can include closing costs, upgrades, free appliances or other attractive offers that make the home more affordable and/or comfortable long-term.
  • Less Repair Costs: When home buyers build a new home, they are investing in the ease of a turnkey home, which often comes with fewer unexpected repairs than buyers of existing homes.
    • According to Zillow’s 2019 Consumer Housing Trends Report, more than 8 in 10 (83%) of existing home buyers say they repaired or renovated their homes within the first year of ownership.
    • More than half (54%) had to make a major repair or renovation within the first month of getting the keys.
    • Compared to new construction buyers: 48% of buyers who purchased a brand-new home in the past two years still haven’t had to make a single repair or renovation.

TIMING & HASSLE TO BUILD A HOME:
Home buyers think that buying a new home means the hassle of choosing a lot, picking designs and features and waiting for the home to be built. Although those reasons are why a lot of home buyers choose to build a new home, others need a more immediate solution for their family. Therefore, they think their only option is existing homes.

The reality is that more than half of a home builder’s inventory is quick, move-in ready homes. Meaning, these home are already built yet brand new and waiting for their forever family. The beauty of buying a quick, move-in ready home is that you get the newness of a home with the move-in timeline of an existing home. It’s a win/win!

To view our available quick, move-in homes, click here.

CONCERN ABOUT QUALITY OF CONSTRUCTION OR MATERIALS

According to Zillow, 26% of buyers who didn’t follow through with a new construction home had concerns about the quality of construction or building materials.

Over time, residential building codes and materials have significantly improved to ensure top-notch safety, design and construction of a new home.

Existing single-family homes, town homes and other real estate were likely built 10, 20, 30+ years prior to a home buyer purchase. Although the home likely sustained numerous updates throughout the aging of the home, in addition to quality inspections before closing on the home; a home buyer really never knows the state of an older home they are inheriting

HOME BUYERS THINK THAT SOME COSTS AND UPGRADES FOR NEW HOME CONSTRUCTION WEREN’T TRANSPARENT UNTIL THEY PURCHASED THE HOME

To be exact, 26% of home buyers who bought a new home in 2019 say that they did not understand the full breakdown of costs prior to building a new home.

We are unsure of the home cost transparency that’s afforded by other home builders; however we pride ourselves on handling the home buying process as if it were us buying the home.  Our New Home Sales Consultants provide price sheets and itemized personalization costs, as well as set clear expectations for the home buyer during model and showcase home walk-throughs. Costs and fees pertaining to lots, upgrades and everything in between, in addition to when each installment is due throughout the process is communicated from the beginning.

HOME BUYERS BELIEVE THAT THEY CAN’T GET THE SAME “CHARM” THAT COMES WITH AN OLDER STYLE HOME

The good news is with a new home build, you get to make your new home what you want! With a variety of floor plans, exterior colors and features, design selections, unique upgrades and more, you get to personalize each part of your home. The uniqueness you infuse into your new construction home will give it the exact “charm” you were envisioning.

Additionally, although your new home may not have the same look as an aged home, the communities we build in are mature and preserve a beautiful and homey feel.

HOME BUYERS FEEL THEY MAY BE OVERWHELMED BY THE UNKNOWN OF THE HOME BUILDING PROCESS

With any home builder, the New Home Specialist should create a road map for the home buyer that includes the following to help create transparency and trust and set expectations up front.

Home Building Process

  • Expected timeline
  • Cost breakdown
  • Design Studio Selections
  • Warranties
  • Home Owner Walk-Throughs and Orientation
  • Estimated Closing
  • …and everything in between.

In general, the home building process looks a lot like the below:

  1. Get a pre approval letter. Special incentives offered by using our preferred lender, Vision Lending.
  2. Pick a neighborhood
  3. Pick a floor plan, pick your structural options
  4. Pick from our available lots
  5. Sign the contract. We can conveniently send you our contract via email so you can sign from anywhere in the world.
  6. Pay builder deposit. We can also email you an invoice for your builder deposit to pay online. The builder deposit amount will vary depending on the sales price amount.
  7. Attend your design appointment within 2 weeks of signing your contract. We can also do a video call so you can design your home remotely. We can also email you an invoice if you want to add any additional items.
  8. Meet with the builder 4 times throughout your home build process.
  9. Sign your closing documents at the attorney’s office. Congratulations on your New Home purchase!
  10. Transfer utilities in your name
  11. Register with your neighborhood HOA for access to amenities
  12. Warranty will follow up. Our warranty team will be there for you with your 1 year builder warranty.

Throughout the home buying process, the home buyer should also have constant communication with either their New Home Specialist or their builder so they know where their home build stands at any given moment.

HOME BUYERS THINK THAT THE LOANS, SPECIFICALLY FOR NEW CONSTRUCTION, WILL BE A HASSLE OR CONFUSING

We offer our home buyers our preferred lender, Vision Lending. Our Vision Lending loan officers, Chung and Jason, will handle your mortgage pre-approval that will give you a realistic idea of your down payment and budget, and give you more negotiating power when you make an offer.

Our home buyers have a peace of mind through the process as our preferred lender goes above and beyond to hold their hands every step of the way.

So what do you think, should you buy a new home or existing home?

If you’re in the market for a new home and are trying to decide whether buying a new home or an existing home is right for you, we’d love to have a conversation with you. We’ll be happy to answer any questions about the home buying and home building process, so you feel like you have full clarity when it comes time to make an offer – on new home construction or older real estate.

Feel free to fill out the form below and one of our friendly and knowledgeable Online Home Specialists will be in touch with you shortly.

 

Our home buyers become family … thank you to all of our home owners for choosing McKee Homes!

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Top Reasons to Live in Wilmington, NC

From affordable seaside homes to a relaxed, yet active beach lifestyle, people across the country are discovering the lure of living on the North Carolina Coast. For those of you still pondering a move, we are highlighting the top reasons to live in Wilmington NC and surrounding areas.

DOG & BEER LOVER PARADISE:
Home to Wilmington are many dog-friendly establishments and walking trails as well as unique beer and wine shops, including Cape Fear Wine, Wilmington Brewing Company, Flytrap Brewing and Waterline Brewing Co.

PRISTINE COASTAL BEACHES:
Unlike most beach towns, Wilmington boasts an assortment of beaches close to one another, each with their own local flare. Choose from Wrightsville Beach, Carolina Beach, Kure Beach, Oak Island, Southport, Topsail Island and Masonboro Island. Whether you’re in the mood for boardwalks, fishing, swimming, sunbathing or nature walks, the Wilmington area has you covered.

SEASIDE LIVING THAT’S AFFORDABLE
Wilmington and Leland have been featured on the “Best Places to Live” lists for the last 10 years. Although Wilmington has seen a boom since 2015, both cities are still considered up-and-coming and thus are still very affordable compared to other coastal towns.

HEALTHY LIFESTYLE
The year-round warm climate and access to the water makes for a very active, healthy lifestyle. You’ll find locals outside enjoying nature around the clock, whether they’re running the Wrightsville Beach Loop, surfing, boating or paddle boarding on any body of water or enjoying a stroll on the waterfront Riverwalk in Downtown Wilmington.

WARMER CLIMATE YEAR-ROUND
The Wilmington weather is fairly mild throughout the year, allowing locals to escape the extreme temperatures of winter.

ELEGANT DINING ON THE WATER: (On the rivers, Intercoastal Waterway and Atlantic Ocean)
Smell the salty air or watch the sunset while noshing on fresh, local seafood atop terrific outdoor patios around the city. Bluewater Grill, Dockside, Pilot House Restaurant, Fish House Grill and Smoke on the Water are just a few local favorites.

TOURIST ATTRACTIONS
As a historical coastal town established in 1542, Wilmington has an array of captivating visitor attractions for kids and adults:

  • Battleship North Carolina: Envision what it was like for the crew during World War II aboard the Battleship North Carolina docked in Downtown Wilmington.
  • NC Aquarium at Fort Fisher: Discover aquatic wildlife at free daily dive shows and animal encounters. Explore more with behind-the-scenes tours, outdoor adventures and kid friendly camps. From touching stingrays and climbing the adventure reef to talking with expert shark divers and looking alligators in the eyes, there is something for everyone at Fort Fisher!
  • Tregembo Animal Park: Experience 100+ species of animals, including bears, tigers, lions, birds, reptiles and more.
  • Airlie Gardens: Airlie Gardens, a premiere garden of the coastal South, features 67 acres of walking paths, formal gardens, seasonal blooms, mighty live oaks, historic structures, and contemporary sculpture.
  • Poplar Grove Plantation: Tour the Manor and grounds at Poplar Grove, formerly a sweet potato and peanut plantation that’s one of the last remaining plantations open to the public in southeastern North Carolina.

DREAM HOMES AT AN AFFORABLE PRICE – FOR NOW!
As many are discovering the lure of Wilmington and surrounding growing communities, many are buying and/or building their dream homes now. Prices are predicted to skyrocket as people continue to discover this hidden gem of a coastal town.

As a longstanding home builder in Wilmington and surrounding areas, we have a variety of new and established neighborhoods throughout historic Wilmington and up-and-coming Leland. We have available homesites for you to choose the ideal location for your new home or you can choose from a plethora of quick move-in ready homes.

We build new homes in the following communities throughout Wilmington and Leland:

ESTABLISHED NEIGHBORHOODS:

Lanvale Forest (NEW PHASE SELLING!)
Lanvale Forest is nestled in the heart of north Brunswick County only minutes from Downtown Wilmington. The community offers a pool and pool/bath house, sidewalks and street lights. Leland is a new, up and coming area that gives residents the convenience of proximity to Wilmington while choosing from a variety of beaches in either Brunswick or New Hanover County. Enjoy Leland and it’s exciting activities such as, the annual Town of Leland Founder’s Day Celebration on the second Saturday of September at Founders Park.

Model Home: 4505 Combs Forest Court Leland, NC 28451
homes for sale in leland, nc

Clay Crossing (FINAL OPPORTUNITIES!)
A quaint twenty-one lot community perfectly situated off Darden Road between Middle Sound Loop Road and Wendover Lane in Wilmington.

Clay Crossing features our European elevation floor plans, giving the neighborhood a unique look. Just minutes from the intracoastal waterway, the new Ogden Market Place, local restaurants, Pages Creek Park Preserve, and beaches!

Clay Crossing is in the Ogden Elementary school district!

Model Home Address: 404 Middle Grove Ln at Darden Rd, Wilmington, NC 28411

New Homes in Leland NC

Cameron Trace
Cameron Trace is in a quiet, private part of Wilmington yet has easy access to I40 / College and N. Market offering privacy and convenience! There are several ponds in the community, the largest of which is over 3 acres. Cameron Trace will have approximately 120 single family homes. The exterior elevations will showcase the McKee Homes’ unique coastal characteristics and most homesites will allow for an optional 3rd car garage.

Model Home: 1621 Flushing Drive Wilmington, NC 28411

homes in wilmington nc

Hanover Reserve (NEW PHASE SELLING!)
Location and value are the biggest draws to Hanover Reserve. It offers the opportunity to be in Wilmington with easy access to everything in town, great beaches and parks.

Hanover Reserve is convenient to Ogden Park, one of Wilmington’s largest and most complete parks, with playgrounds, picnic areas, lighted playing fields and tennis courts, perfect for youth leagues.

Model Home: 1353 Eastbourne Drive Wilmington, NC 28411
buy a home in wilmington nc

NEW NEIGBHORHOODS

Bellaport
Bellaport is a new single family home community just minutes away from Carolina Beach, NC. It is convenient to shopping, restaurants, and the beach! Historic Wilmington is also a quick trip to visit. Enjoy the quiet surroundings of the Cape Fear River and Snows Cut Park on River Road as you watch boats sail by.

Model Home: 131 Bellaport Lane, Wilmington NC 28412

build a home in wilmington nc

Courtyards at Mallory Retreat
The Courtyards at Mallory Retreat is a new phase of the established Mallory Creek Plantation community in Brunswick County near Leland, NC. This community features a natural setting with wooded areas and ponds and is only 15 minutes from Wilmington with its historic downtown and access to some of the best beaches the area has to offer.

The Courtyards at Mallory Retreat will showcase our single-story Epcon floorplans designed with minimal stairs for easy access between indoor and outdoor areas, wider interior doorways and open areas perfect for entertaining.

Address: Salter Path at Mallory Creek Drive, Leland, NC 28479

Homes in Leland NC

If you choose Wilmington as your new home, we look forward to calling you “neighbor” and welcoming you to town!

Whether you choose to buy a resale home or build a new home, we’re here to answer any questions about real estate in Wilmington, the home buying process in general and our available new homes in Wilmington and Leland. We know moving to a new city, like Wilmington, can be overwhelming and we’re happy to help ease the transition however we can!

Please feel free to reach out to one of our friendly and knowledgeable New Home Experts through the form below or call us at: 910-672-7296.