As most builders break ground on new communities, they offer both inventory homes and new construction builds. What is the difference between an inventory home and a build from the ground up? And, which one is the right choice for you?
Inventory Homes / Quick Move In Homes
An inventory home, also known as a quick move in home, is a brand-new home. However, the home has already been built, or is in the process of being built. This means that the details of the home have already been determined and selected. For example, the floor plan, interior selections, exterior architecture, and any upgrades into the home have already been determined by the designers and builders themselves. If you sign a contract on an inventory or quick move in home before the home has been completed, or while the home is still in the build process, the builder may still allow you to make some changes regarding customizable options within your home if you choose to do so.
Many people love the aspect of purchasing an inventory/quick move in home for a variety of reasons. The biggest perk to purchasing a quick move in is simply it is a quick move in! From the time you sign the contract until you close on the home is much shorter than it would be to build a home from scratch. In fact, many times the home is fully completed, so you can move in almost immediately. This benefits many people, especially those who are moving from one property to the next. Others may benefit from having the home interiors already selected; if you’re not one for designing yourself, it may be a relief to have the home designs already determined for you! Last, often times you’re able to get a pretty great deal when purchasing an inventory home compared to building the home from scratch. Why? Well, because the home is already built or in the process and the builder would love to get it under contract and sold. Builders are often willing to negotiate down when it comes to inventory homes.
New Construction Builds
On the flip side, purchasing a new build in a new construction community comes with its perks as well. Of course, a new build is also a brand spankin’ new home, it just has a little more individuality.
So, why is this different than a quick move in home? One in particular is selecting the lot! Many individuals building a new home want to pick the specific lot on which their home is going to be built and building new home from the ground up gives you that opportunity. But keep in mind, that lot usually comes with a price. When building a home from scratch you’ll have 100% control and opinion when it comes to the floor plan you’re selecting, the architectural upgrades or options, as well as the design options. This is a plus for many people who want to hand select each piece of their home to make it the perfect representation of their style and ideal dream home. A new construction build from the ground up has a longer move in time. See, that house hasn’t even been started yet, so it will take the Builder anywhere from 6 to 9 months on average to build the home. This can be a pro or a con, it really just depends on your personal timeline.
Help!
Before jumping in to either of these options, you’ll want to make sure you are using a realtor. And I’m not talking about the sales representative at the office. See, the sales representative is there to help you build your dream home, not to negotiate for you. A realtor is able to step in and negotiate either the price of an inventory home down or help negotiate better deals and incentives when it comes to design options and upgrades in a new build. The realtor represents YOU, whereas the sales representative represents the builder. An educated realtor will also be able to walk you through the process of new construction and be a resource to you when it comes to all of the other logistics involved in purchasing a home. And the best part, using a realtor to purchase a home is free anyways. I am a full-time realtor here in Sarasota, Florida, with great expertise on new construction. Let me know how I can be of service to you in your new construction search or purchase. Call/text Matt at 941-356-5377 or email Matt here.
My Home Purchase
As a realtor, I have personally purchased a home within a new construction community for my family. This particular home was a quick move in home. See, we were moving with the intentions of gaining an additional bedroom in our home for our growing family. But, with a home to sell and a move to make all before my wife and I had our new baby, we didn’t have too much time to wait around for a new build. I was able to negotiate a home to sell contingency on my current home with the Builder. I placed my current home on the market and sold it for 98% of the asking price within 2 days. After closing on my current home, my family and I were able to move into our quick move in home purchase only a month after the closing on our current home, all with a start to finish process of about 2 months between the listing of our old home and the move in to our new home.
And yes, we did get all moved in a settled before the baby came! Purchasing our inventory home also had its perks! I was able to negotiate the price down even though it had some great upgrades in it, like tray ceilings, a gourmet kitchen, and 8-foot doors! I was also able to negotiate in some other options like a flooring upgrade and a refrigerator. And for my wife, she was still able to pick out some design options of her choice, since we happened to sign the contract before all the interior selections had been placed. However, there were still a few items that had already been ordered for our home and we were unable to adjust.
All in all, both options are a great choice when purchasing new construction. It really just depends on your timing and preferences. I’d love to help walk you through this process and determine the right choice for you, personally. Or, even give you some insight into the best new construction communities in the Sarasota area and beyond! I’d love for you to reach out, it would be my honor to work with you.
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