Boston condos for sale: Purchasing a new construction condo
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Boston condos for sale: Purchasing a new construction condo
Finding the right home is one of the biggest challenges for potential buyers today. Right now, the supply of homes for sale is still low. But there is a bright spot. Newly built homes make up a larger percent of the total homes available for sale than normal. That’s why, if you’re craving more options, it makes sense to see if a newly built home is right for you.
But it’s important to remember the process of working with a builder is different than buying from a homeowner. And, while builders typically have sales agents on-site, having your own agent helps make sure you have proper representation throughout your homebuying journey. As Realtor.com says:
“Keep in mind that the on-site agent you meet at a new-construction office works for the builder. So, as the homebuyer, it’s a smart idea to bring in your own agent, as well, to help you negotiate and stay protected in the transaction.”
Here’s how having your own agent is key when you build or buy a new construction home.
Agents Know the Local Area and Market
It’s important to consider how the neighborhood and surrounding area may evolve before making your home purchase. Your agent is well-versed in the upcoming communities and developments that could influence your decision. One way a real estate agent can help is by reviewing the builder’s site plan. For example, you’ll want to know if there are any plans to construct a highway or add a drainage ditch behind your prospective backyard.
Knowledge of Construction Quality and Builder Reputation
An agent also has expertise in the construction quality and reputation of different builders. They can give you insights into each one’s track record, customer satisfaction, and construction practices. Armed with this information, you can choose a builder known for consistently delivering top-notch homes.
Assistance with Customization and Upgrades
The most obvious benefit of opting for new home construction is the opportunity to customize your home. Your agent will guide you through that process and share advice on the upgrades that are most likely to add long-term value to your home. Their expertise helps make sure you focus your budget on areas that will give you the greatest return on your investment later.
Understanding Builder Negotiations and Contracts
When it comes to working with builders, having a skilled negotiator on your side can make all the difference. Builder contracts can be complex. Your agent can help you navigate these contracts to make sure you fully understand the terms and conditions. Plus, agents are skilled negotiators who can advocate for you, potentially securing better deals, upgrades, or incentives throughout the process. As Realtor.com says:
“A good buyer’s agent will be able to review any contracts before you sign on the dotted line, ensuring you aren’t unwittingly agreeing to terms that only benefit the builder.”
Bottom Line
If you are interested in buying or building a new construction home, having a trusted agent by your side can make a big difference. If you’d like to start that conversation, let’s connect.
Byline – John Ford – Boston Seaport Condo Broker.
Boston Seaport Condos for Sale 500k and above
Boston Seaport Condos for Sale 500k and above for Boston Seaport Condos for Sale in 2024.
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Boston condos for sale: Purchasing a new construction condo
If you’re in the process of looking for a Boston high rise condo today, you know the supply of homes for sale is low because you’re feeling the impact of having a limited pool of options. And, if your biggest hurdle right now is that you’re having trouble finding something you like, don’t forget that a newly built home is a great option.
As a recent article from the National Association of Realtors (NAR) says:
“Home buyers continue to be met with limited housing options during what’s typically the real estate market’s busiest season. . . . The current supply of existing homes is about half the level it was in 2019 . . . Meanwhile, the market for new construction is a bright spot.”
Here’s a look at a key metric that shows just how much new home construction is ramping up nationwide. It’s called new residential completions. Basically, completions are newly built homes that are finished and ready to move into.
The graph below uses data from the Census to show the trend of new-home completions over time, including the long-term average for the number of finished housing units (shown in black on the graph):
As you can see on the left (shown in orange), leading up to the housing crash, builders exceeded that average. The result was an oversupply of homes on the market, so home values declined. That was one of the factors that led to the housing crash back in 2008.
Since then, the level of new home construction has fallen off, and builders haven’t built enough homes to meet the historical average (shown in red). That underbuilding left the housing market with a multi-year inventory deficit. And, that deficit is part of what makes inventory so low right now.
But, here’s the good news. The green on the right shows that according to the latest report from the Census, builders are matching the long-term average right now. And that means they’re bringing more newly built homes to the market than they have in recent memory.
And residential starts and permits are also gaining momentum. Starts are homes where the construction has officially kicked off. Permits are homes where builders are planning to break ground soon. Since both are up, it’s a sign there are even more newly built homes coming soon.
What This Means for You as a Boston Condo Buyer
More newly built homes in various stages of the construction process means your pool of options just got bigger. If you’re looking to move right now and timing is important to you, reach out to a local real estate professional to explore the homes that were recently completed in your area. If construction is done on those homes, you should be able to move in quickly.
But, if you can wait a bit and the idea of customizing a home from the ground up appeals to you, ask that same agent about the homes in your area that are in the process of being built. If you buy a home that’s still in the works, you can help pick the features and finishings along the way. And when none of the homes you’ve looked at so far are to your liking, being able to tailor one to your taste may be your best option.
Either way, a trusted real estate agent is a crucial part of the process. They’ll know exactly what’s available in your area and can base their recommendations on your unique needs, desired neighborhoods, and more.
Boston Condos and the Bottom Line
So, if you’re having trouble finding a condo you like while inventory is so low, it may be time to consider looking into new-home construction. If you’d like to start that conversation, let’s connect so you’re working with an expert on what’s available in our area.
Updated: Boston Real Estate Blog 2024
Updated: Boston Real Estate Blog 2024
Back Bay Condos for Sale
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Click Here > Boston Back Bay Apartments for Rent
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
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Boston condos for sale: Purchasing a new construction condo
There’s no question that the financial benefits of selling a Boston condo for sale are outstanding today. Now is truly a great time to list if you’re ready to make a change. But if you do sell your Boston condo right now, you may be wondering where you’ll go when you move.
With so few Boston condos for sale that are available to buy right now, you might be considering purchasing a new Boston high-rise condo as one of your options. But you may be unsure if that’s the way to go. Let’s compare the benefits of newly built Boston condominiums versus moving into an existing one, and why working with a Boston real estate agent throughout the process is mission-critical to your success no matter what you decide.
The Pros of Newly Built Condominiums
First, let’s look at the benefits of purchasing a newly constructed home. With a brand-new home, you’ll be able to:
1. Create your perfect Boston condo.
If you purchase a newly built Boston condo such as the Boston Seaport Echelon, you’ll have the option to select the custom features you want, including appliances, finishes, landscaping, layout, and more.
2. Cash-in on energy efficiency Boston high-rise condos.
When moving into a new Boston high-rise condo, you can choose energy-efficient options to help lower your utility costs, protect the environment, and reduce your carbon footprint.
3. Minimize the need for repairs in a new Boston condo.
Many Boston Back Bay condo builders offer a warranty, so you’ll have peace of mind on unlikely repairs. Plus, you won’t have as many little projects to tackle. QuickenLoans puts it like this:
“Buying a new construction vs. existing home typically means you’ll have fewer repairs to do. It can be a huge relief to know that it’s unlikely you’ll have to repair the roof or replace the furnace.”
4. Have a brand new Boston condo
Another perk of purchasing a new Boston condo for sale is that nothing in the house is used. It’s all brand new and uniquely yours from day one.
The Pros of Existing Boston Condos for Sale
Now, let’s compare that to the perks that come with buying an existing Boston Beacon Hill condo for sale. With a pre-existing home, you can:
1. Explore a wider variety of Boston styles and floorplans.
With decades of Beacon Hill homes to choose from, you’ll have a broader range of floorplans and designs available.
2. Join an established neighborhood.
Existing homes give you the option to get to know the neighborhood, community, or traffic patterns before you commit.”
3. Appreciate that lived-in charm of an older Boston Beacon Hill condo.
The character of older Boston Beacon Hill condos for sale is hard to reproduce. If you value timeless craftsmanship or design elements, you may prefer an existing home. According to Houseopedia:
“Charm is priceless. Existing homes, especially those built in the 1950’s or before, often offer architectural elements, historic charm and a quality of craftsmanship not available in new homes.”
The choice is yours. When you start your search for the perfect home, remember that you can go either route – you just need to decide which features and benefits are most important to you. Working with the guidance of your trusted real estate advisor will help you make the most informed and educated decision, so you can move into the home of your dreams.
Boston Condos for Sale and the Bottom Line
If you have questions about the options in your area, let’s discuss what’s available and what’s right for you, so you’re ready to make your next move with confidence.
Boston Condos for Sale & Boston Apartments for Rent
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Ford Realty – Boston Real Estate Google Reviews 2024
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Boston condos for sale: Purchasing a new construction condo
Boston Condos for Sale
Finding the right Boston condo for sale to purchase today is one of the biggest challenges for potential buyers. With so few Beacon Hill homes for sale and construction of newly built homes ramping up in Boston Seaport, you may be wondering if you should consider new high-rise condo construction buildings in your search process. It’s a great question to ask, and one to look at from the pros and cons of what it means to buy a new home versus an existing one. Here are a few things to consider when making the best decision for your family.
New Real Estate Construction
When buying a new home, you can often choose more energy-efficient options. New appliances, new windows, a new roof, etc. These can all help lower your energy costs, which can add up to significant savings over time. Your home also helps protect the environment and reduces your carbon footprint.
Lower maintenance that comes with newer Boston high-rise condos is another great benefit. When you have a new home, you likely won’t have as many little repairs to tackle, like leaky faucets, shutters to paint, and other odd jobs around the home. With new Seaport condos and other new high rises, you’ll also have warranty options that may cover portions of your investment for the first few years.
Another solid benefit to new construction is customization. Do you want stainless steel appliances, granite countertops, hardwood floors, an office, or a multipurpose room to homeschool your children? These items can be customized to your specific needs during the design phase. With an existing home, you’re buying something that’s already completed, so if you want to make changes, you may need to hire a contractor to help get your home ready for your family.
Existing Boston Condos
When buying an existing Boston condominium, you can negotiate with the current homeowner on price, which is something you generally don’t get to do with a high rise condo building. Builders know their material and construction costs, and they have a price set for the model you’re buying. So, if you want to negotiate, then maybe an existing home will be best.
For many families, having an established neighborhood is also important. Some buyers like to know the neighbors if it’s family-friendly, and traffic patterns before making a commitment. When you buy new construction, you won’t have a full view of some of those details until the lots around you are sold.
Finally, timing comes into play. With an existing home, you can move in based on the timeline you agree to with the sellers. With new construction, you need to wait for the house to be built. Depending on the time of the year you’re buying and the region you’re in, the weather can also be a factor in the timeframe. This is something really important to keep in mind, especially if you need to move sooner rather than later. Over the past few months with COVID-19 and social distancing regulations, some areas for new construction have been delayed.
Other Options to Consider when Buying into a New High Hise Condo Complex
The current flow of supply and demand in the downtown Boston highrise condos makes vertical development a necessity. Whenever regional economies go through prolonged periods of prosperity, sellers’ markets ensue, and demand for brand new construction increases. In the case of downtown Boston, building high-rise new condominium towers is a sensible housing solution for this growing metropolitan area, but prospective buyers should be aware of the complexities of vertical development. To this effect, here are five questions prospective buyers of new construction of Boston highrise condos should present to their real estate agents and developers.
When Will the Condominium Documents Be Ready?
Prospective condo buyers who make their deposit payments before reviewing the association bylaws and related documents are taking on substantial risk. The developers may mention they plan to allow pets or include basic cable television in the association fees, but such statements are only official when they are part of the documents that dictate the occupancy and maintenance of the condo. Boston high rise condo investors who intend to flip or rent their units may not be as interested in reviewing the documents ahead of time, but this should be very important for buyers who intend to occupy. Is the Developer Experienced?
Boston Condo Developer
The track record of the Boston condo developer will give buyers an idea of what they should expect in terms of architectural styles and ability to complete.
Can I Thoroughly Review the Offering Plan?
Before Boston highrise condo developers are allowed to break ground on their projects, they must file offering plans with county and state officials. These plans tend to be very detailed and can easily run longer than 100 pages. However, everything condo buyers should know about the building, units, and amenities is contained in this document. The offering plan should be made available to buyers before contracts are presented. In some cases, the developers may request a small refundable deposit from prospective buyers who wish to take a copy home so it can be reviewed by an attorney. If copies of the offering plan are given to listing agents, no deposits should be required.
What About Concessions and Additional Closing Costs?
Buying a new high-rise condo means becoming an investor in a housing project, and buyers may face closing costs beyond those typically associated with detached single-family residences. At the same time, concessions or enticements may be offered to early buyers to offset additional closing costs.
Are There Any Special Risks?
As previously mentioned, urban condo development is an economic activity filled with complexities, which means plans can deviate, things may change, and new actions must be taken. For this reason, a large section in the offering plan may be dedicated to special risks. A careful review of this section is essential for buyers who are curious about how much of their deposit they will get back if the building is never completed, but there could be various other risks to consider.
Boston Real Estate for Sale and the Bottom Line
Whether you want to buy a newly built home or one that’s already established, both are great options. They each have their pros and cons, and every family will have different circumstances driving their decision. If you have questions and want to know more about the options in our area, let’s connect today so you can feel confident in making a decision about your next home.
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