Video Transcription:
If you take a walk or a drive almost anywhere within Monmouth County, New Jersey right now, you will find new residential construction sites popping up. Low inventory during the pandemic has sparked a revival of new construction as well as home additions, renovations and upgrades. The construction business is booming and buyers and sellers are seeing the effects. Hi I’m Michele Irizarry, CEO and Broker of Shore Prime Properties. Being located in Long Branch, New Jersey, we are seeing more and more new construction projects popping up almost daily. We will discuss tips to help you better understand the benefits of buying new as well as the steps needed to plan a new build on your existing property. Each week we bring you useful real estate content about the home buying and selling process, DIY tips and decor trends. Please be sure to like and follow Shore Prime Properties on Facebook and LinkedIn and subscribe to our YouTube channel to stay up to date on these weekly videos. If you prefer to read, we have articles just like this in our very own magazine, “Good To Be Home”. This magazine is delivered to our clients homes on a bi-monthly basis. If you would like to receive this magazine, reach out to us today to be added to our mailing list.
New home construction by the numbers: Between June 2020 and June 2021 the number of permits issued for new privately owned housing units increased from 1.2 million to nearly 1.6 million. In addition, there were 1,324 000 new units completed as of June 2021-up 6.1% from 2020. The phenomenon is happening nationwide. The inventory of new housing is growing year over year and that means home buyers are starting to see some relief when it comes to their options. However current homeowners also have plenty of choices for upgrading their spaces through new construction. Internet searches for home remodeling more than doubled from 2020 to 2021, according to the Home Improvement Research Institute. The home improvement products market has also grown exponentially from a little under $300 billion in 2013 to roughly $460 billion in 2020. There’s no question that Americans across the country are turning their attention towards improving their homes both structurally and functionally.
What new construction can do for you: One of the most desirable aspects of buying new real estate is customizing various features in your new home with new construction. You can work with your builder to ensure elements in your home are better suited to your needs. Examples of commonly customizable features for new construction include: exterior and interior paint colors, light fixtures, placement of doors windows and outlets, colors of cabinets and countertops, hardware, flooring and floor plan. Another benefit to building new is that the modernity of your home will surpass almost anything else that you can find on the market. New homes usually come utilized with brand new technology and modern construction materials and contemporary finishing touches so you can guarantee that every feature in your new space is as current as possible. This also means that your appliances and electronic systems should not need to be replaced for years or even decades. Just make sure you consult with your builder and understand how your warranty covers you if something should break or needs replacing.
How to navigate your home renovations: Many local contractors in the Long Branch, New Jersey area are noting that the number of people interested in interior and exterior renovations and enhancements has skyrocketed in the recent years. This is great for both the construction industry and homeowners looking to add value to their space. However, it also poses some challenges. If you’re thinking of planning any new construction project for your home keep your time frame in mind. Many materials are taking longer to be delivered right now – in some cases up to 14 weeks when it normally would take three weeks. Contractor schedules are pretty filled and they are looking to book projects months out in advance so if you have a renovation plan in mind, it’s probably best to book it now. Also consider consulting with an architecture firm first because no matter what type of project you’re planning these firms have resources and contacts at the ready to assist you as opposed to seeking out individual contractors yourself for every part of the job. For example, if you are planning a kitchen renovation, an architecture firm may already have marble manufacturers, cabinet makers and tile installers that they work with regularly and can recommend saving you time and in many cases money. Once you are ready to start your new construction, here are a few tips that every homeowner should keep in mind for a successful build: Number one: ask questions. Be direct with your contractors about your concerns wants and needs before any construction begins. It’s important to get honest answers about when they plan to start their jobs and how long you’ll have to be out of the house- if at all. Number two: read the fine print. There may be additional costs that you weren’t expecting with your build especially for a new home construction, like jurisdiction fees for tapping into water or electrical lines and impact taxes. Number three: create a master plan. Before construction begins, work with your builder to formulate a highly detailed roadmap for your project. It’s better to spend more money upfront on planning costs than it is to spend additional money later on on avoidable problems. Number four: communicate. You should interview with each contractor to get a good feel of their work and communication style. Make sure to communicate your wants and needs and lifestyle. Your builder should have a good grasp on your household day-to-day activities and how this renovation will impact your quality of life at home. These same rules apply whether you are planning an interior or exterior renovation and keeping these points in mind can help your build run much more smoothly.
Let the building begin: Once you’ve settled on a contractor or firm for your renovation or a builder for your new construction home, it can be helpful to run through expectations. Talk with your spouse and any other members of your household about time frames, likes and dislikes in terms of colors and style and exactly what you’re looking to get out of this investment. Get everyone on the same page so that you can avoid frustrations or concerns later on.
Finally, enjoy it. Buying a new home that is 100% your own or planning a renovation to give your existing space a major upgrade should be exciting. After all you are embarking on this journey to change your life in a big way so be sure to savor the process. If you need advice or guidance in any way or would like to visit some of the new developments in our area feel free to reach out to us here at Shore Prime Properties. We are always happy to help. I’m Michele Irizarry, selling prime real estate at the Jersey Shore.
