The most important thing people want to know with new construction is what options they have in terms of customizing their home. With today’s real estate market and buyers being very well aware of the updates resale homes are seeing they want to see these updates as standard features with new construction. In terms of what you can do it’s nearly unlimited.
If you’re doing new construction in the 200-300k range the average options people choose range from 10-35% of the base price of the home. New construction from mid 400’s and up tend to see updates not exceeding 8% of the purchase price of the home. This does not mean you can’t go wild with upgrades and extra options but the average home buyer is more conservative with the updates they choose on higher priced homes.
Some builders like Richmond American Homes offers packages that you choose from. These packages come with X, Y, and Z and will run you a certain amount to choose from. Other builders such as Infinity Home Collection do not do packages and instead let you make whatever choice you want and there’s a price that will reflect that choice. If you want Sub Zero appliances versus Bosch you can do that.
There is a standard that new construction offers. You will have your standard choice of what color granite you want, what color hardwood, the carpet, paint options, etc. Every new construction offers this. You will pick these changes out at the Home Gallery a few months after you sign the purchase agreement. It’s here where you’ll spend anywhere from 8-35% extra on your house to make it your own. So what all is offered?
The choices are pretty much endless. Do you want Mahogany or Chestnut cabinets? How about cedar plank or birch floors? Maybe granite doesn’t work for you and you’re more into quartz, butcher block, or soap stone. Want to increase your voltage package so you can use your iPad to control lights, surround sound, tv, and alarm system? You can do that. How about making a master bath with two walk in closets? Like Laundry on the upstairs level, adding a loft, making a study, radiant heat, outside fireplace with an enclosed patio? Maybe you want double ovens, over-sized pantry, range, hood, and stove? Removing a wall, changing the floor plans, making it whatever you want your home to be; you can do that too.
With new construction the options are literally limitless on what you want to do. Remember you can do too much. Buyers only want a couple of things for resale: updated kitchen with updated bathrooms and hardwood floors. The rest is icing on the cake. Remember to make your home yours but don’t go crazy and overtop. You will only recover 80% of what you spend on upgrades when it comes to resale.
If you’re in the market for a new home and are considering new construction please contact us at the Colorado Dream House Team.
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