In today’s vibrant real estate market, new construction homes provide a promising opportunity for potential homeowners. From a blank canvas to tailor-made spaciousness, owning a new construction home has numerous benefits.
A Look into New Construction Homes
Buying a new construction home does not involve bidding war dramas seen in resale purchases. Purchases progress on a first-come, first-serve basis, putting pressure off from buyers. It includes a wide range of design options, from choosing your tile finishes to selecting your landscaping.
Additionally, new homes are much more energy-efficient. They comply with the latest building codes, which means they have better insulation, energy-saving windows, and efficient HVAC systems. With solar panel options, eco-conscious buyers can reduce their carbon footprint drastically.
New construction homes also come with a warranty. If any problems arise during the early years of homeownership, builders will cover the expenses. This extra cushion of protection provides peace of mind to the buyers.
The Rise of Granny Flats
The rise of granny flats or Accessory Dwelling Units (ADUs), a smaller, independent residential dwelling unit on the same lot as the stand-alone (i.e., detached) single-family home, has added a novel aspect to new house developments. They’re becoming increasingly popular for their multi-purpose uses.
Granny flats offer an excellent solution for housing aging parents or generating rental income. They also serve as an ideal space for home offices, studios, or retreats for adult children living at home. Some homeowners also use these for renting purposes which is a substantial revenue stream.
Granny Flats Price List: A Snapshot
Granny flats price list usually varies due to material, size, location, and design. Used as a separate yet extended living space, costs for constructing a granny flat generally range from $90,000 to $120,000 for standard single-level ones. Two-level flats with high-end finishes and custom features may range from $125,000 to $180,000. However, these costs are only rough estimates.
When considering the price, it’s essential to account for other potential expenses, including permits, utility connections, and any necessary site work, such as grading or tree removal, which could add 5-15% to the total cost.
Considerations When Investing
For those considering a new construction home, always research extensively about the builder. Check their track record in terms of quality and promptness. Always visit a model home or a home built by them before making a decision. Also, check into customization options and what they might entail, in terms of cost and length of the construction process.
When considering a granny flat, research local zoning laws as not all municipalities allow them. Be sure to outline a clear construction and finance plan before beginning. In many cases, the benefits of added space and potential rental income will far outweigh the costs.
Conclusion
Whether it’s the appeal of tailoring a home to your liking or creating an additional dwelling space in your backyard, new construction homes and granny flats offer a range of opportunities to potential homeowners. With the proper investment analysis, these homes could be a perfect fit for your lifestyle or investment portfolio.