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Things to keep in mind when purchasing a new property from builder such as Toll Brothers in communities that they build?

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I know someone who works for one of these companies. The upside is a huge economy of scale. Their projects run on time more often and they have a highly developed supply chain. We recently renovated a house with a local builder and things like getting materials or scheduling subs was a challenge. Another upside is a known quantity and a brand- this can be attractive if you’re relocating someplace and want to have a good idea what you’re buying without taking a risk on a local business that is unknown to you. The downside is a limited number of options- it’s more like ordering off a menu than a bespoke home. This extends to many aspects of the property and it has to do with their well thought out profit margins and areas of leverage. The neighborhoods tend to be a bit cookie cutter. If I was moving nationally I’d definitely consider- I know people who moved from the NE to Nashville and SC and they were very happy with it.

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Totally agree with cookie cutter call out there🙂

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Here are few things I would suggest you keep in mind when looking at new construction - Builder reputation - HOA rates - amenities being offered (pool, courts, play area etc) and how important they are to you - School district - Lot premium - likely little to no trees. Can you live with that? - plans/elevations are fixed. Identify few things that you don’t want to compromise on e.g. Guest BR on 1st floor, natural light in the kitchen etc - you don’t want to do structural changes after moving in, do as much as possible beforehand - outdoor landscaping, sun room etc can be done later at a cheaper cost and to your liking. Don’t get it done by the builder - financing options offered by the builder. Even if the rates are high but, builder gives you good lump sum credit, take it. Refinance immediately after closing. Lot of people do it. - Negotiate, negotiate, negotiate Good luck!!

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Keep in mind that landscaping the back yard will be expensive unless you just plant sod. We spent over $100k on the back yard on a 1/3 acre lot. I’m a fan of new construction though. I would do it again if buying again.

We don’t have a pool. Money on hundred plants/trees, patio cover and pad, outdoor bar and BBQ area, retaining walls (our lot slopes up), drainage, sprinklers, sod, lighting, water feature, etc.

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