5 Reasons to Consider Buying a New Construction Home in Philadelphia
Disclaimer: New construction isn't for everyone. There's something to be said about the character of original trim work, refinished floors, and a real brick facade on an old Philadelphia row home. And what's not to love about a renovated home? I personally have fallen in love with the process of making an old home new and beautiful again.
However, if you're into roof decks and funky exterior materials, nine times out of ten... you've got to go new. New Construction is everywhere you look in Fishtown and Kensington. What's that? Another road is closed while PGW runs new gas service? What else is new.
The New Construction is creeping into Port Richmond too. Just glance to your right and enamor at all the Tyvek siding wrap as you slowly make your way off of the 95 South on ramp from Allegheny Avenue. Philadelphia is building, and building, and building... so much so that one block might look completely different if you blink too long.
If you buy a home pre-construction, you'll be able to choose your finishes and create a home that satisfies every single one of your design tastes. You'll have to wait a bit longer than buying a home finished -- but the way the Philadelphia market is going, you're almost guaranteed to have instant equity AND a customized crib by the time your home is finished being built. Make sure you Realtor is experienced in New Construction and goes over, in detail, the possible added costs for customizing and upgrading your home before you go under contract.
Most reputable Philadelphia builders offer a one year builder's warranty to cover necessary repairs and material defects for the first year you occupy your home. Just make sure you and your Realtor read the fine print. Just like any warranty... there's certain things you can do to accidentally void them.
3. Strict Code Requirements
New homes have to pass a multitude of city inspections at each stage of the building process before moving on to the next. Contractors must adhere to the most current Philadelphia building codes in order to ensure your safety. This doesn't mean you skip a home inspection. Contractors and city inspectors are human, and can make mistakes.
Also, keep in mind there's absolutely NOTHING wrong with an older home as long as it's maintained, updated and inspected by a licensed home inspector.
4. Tax Abatement
Simply put, if you buy a newly built and abated property, you'll only pay taxes on the value of the land for the first ten years after the property has been built. Sometimes the Philadelphia abatement program gets a bad rap, but it encourages new construction in many once underdeveloped Philadelphia neighborhoods and has helped to revitalize communities. However, due to criticism, the city has tossed around the idea of altering it.... and even getting rid of it altogether. [Contact me if you have questions about the city's tax abatement program.]
Most builder's adhere to the latest design trends -- perfect if you're going for a modern look and feel. New homes are clean, sleak, cool, and might offer roof decks with city views. 'Nuff said.
So there you have it, five reasons why a Philadelphia new construction home might be right for you! And if you are considering, then please note:
New construction transactions are often complicated, may require an agreement of sale written by the builder, and absolutely require asking the right questions and doing the homework BEFORE going under contract. As a new construction home buyer, it's very important to have the right representation. I honestly can't stress it enough.
Your agent matters. I've closed more than 30 new construction transactions. If you're looking to have the right Realtor by your side, please don't hesitate to contact me today: firstname.lastname@example.org