In my previous post, we took a closer look at the different options buyers have if they want to purchase Chicago new construction. The first is by far the biggest undertaking when it comes to purchasing a new construction home—starting from the ground up. The second option is to buy a home from existing plans—when most of the work has been done, but there are still decisions and plans for the buyer to make as well.
But our third option is the most common—purchasing a spec home. It is also the least expensive and least time consuming for buyers looking to purchase a new construction home.
This is a great option for a buyer interested in Chicago new construction without the time and expenses that come with building a home from scratch. A spec house is very near completion—there won’t be major modifications to the home’s structure or interior. The buyer typically makes customizations like the finish of hardwood floors, paint colors and countertops selections. But this type of new construction isn’t appropriate for extensive changes.
This is where the realtor’s experience with the market as a whole comes into play—he or she can give you expert insight on what modifications are doable and what will affect a home’s future resale value. Realtors should be familiar with home trends and offer an objective view on what customizations will benefit you when you re-sell the home.
For buyers of new construction—whether starting from scratch, building from existing plans or purchasing a spec home—the realtor is vital in assisting you from start to finish. The realtor should essentially be your consultant and your right-hand-helper in evaluating proposals, assessing your budget and explaining the details and nuances that come with building and renovating.
It’s also to your benefit to include the realtor involved in all meetings about your new construction property. The agent has a fiduciary relationship with you to ensure your interests are best served in negotiations—it’s also helpful to have them as a second set of eyes and ears.
It’s also important that you work with a realtor who is aware of current home trends. This is usually a once-in-a-lifetime undertaking, so you want to be as up-to-date as possible on the most technological advances, cutting-edge appliances and finishes that would be used and considered in future resale value.
For example, your agent should be able to consult with you on the things that are popular and important in today’s homes. Things like open family rooms, multifunctional “lifestyle centers” instead of home offices, elevators, steam showers, and outdoor living space are things that are found in more and more modern homes because they fit our changing lifestyles. Those sorts of trends are important in real estate, so it’s equally valuable to have someone who understands this working with you on a new construction project.
I’ve worked in Chicago real estate for more than 25 years, and much of that has been spent partnering with clients on new construction projects. My extensive experience in the real estate market, including builders, architects, interior designers, etc. has allowed me to provide a critical eye to many Chicago new construction projects
I’d be happy to answer any questions you have about a “build-out” for a brand new Chicago condo from raw space or a new construction home that you can customize to your lifestyle. Contact me at (312) 498-5080 or email me at [email protected]