Whether you’re looking for a home in Algonquin, Lake in the Hills, Huntley or Crystal Lake, there are plenty of options available.
Most buyers today prefer NEW- hardwood floors, white cabinets, quartz countertops, stainless appliances, grey paint & white trim. They also want newer big ticket items, such as roof, windows and HVAC… These can be found in both rehabbed homes or new construction homes… But which is a better option?
I’ve worked for builders selling new construction homes for 9 years, and I’ve been involved in rehabbing and flipping houses myself. Whether you’re considering rehabbed homes or new construction homes in Algonquin, Lake in the Hills, Huntley, or the surrounding areas, you’ll want to weight out the pros and cons of each.
I’ve talked a lot about new construction homes in previous blogs, and there are many benefits to buying a new home.
Everything in the home is brand new, and no one has ever lived there. You have new mechanicals, plumbing, HVAC, windows, insulation and roof, which can lead to higher energy efficiency. City inspections are done during the building process to ensure that it’s all done to today’s building code.
With today’s new homes, the layouts are usually more suitable. Also, the finishes are more in touch with to today’s buyers. And many builders include a warranty when you purchase with them.
It ain’t cheap. Buying a new home is almost always more expensive than your typical resale home, because everything is brand new. And builder’s charge a premium for that. Let’s face it, they have to make money too!
Also if it’s a new construction community, you’ll have tons of construction going on around you, dust and dirt, which people aren’t always thrilled about. You’ll might also have less neighbors around you for the short term.
Rehabbed homes are homes that are purchased at a discount, then gutted, and fixed up to sell for a profit. These can be great opportunities for buyers in today’s market. It allows buyers to enjoy many of the “new” features. This could be anything from new cosmetics (flooring, kitchen, baths) or new bones of the house (roof, siding, windows, HVAC etc).
More often than not, these rehabbed homes are in established neighborhoods. So you can get many of the benefits of a new house while living in an established neighborhood with mature trees, neighbors nearby, and much more.
Inexperienced or short-cutting flippers. Buyer beware – make sure the work is done correctly and to code!
Many “fix and flippers” in today’s market will hire cheap labor or cut corners to keep profit margins higher. Or they’ll skip permits, and just update the cosmetics of the home because that is what sells.
You have to look past the stainless appliances and nice countertops, and make sure the rehab was done right. Ask questions about the electrical, HVAC, plumbing, age of the roof and windows. Have your realtor or attorney help you confirm that permits were pulled, it’s done to code, and get a home inspection.
Whether you’re buying a rehabbed home or new construction home, both are suitable options. It’s all about what works best for you within your budget. Do your due diligence, lean on your realtor and ask questions, and evaluate your risks before making a decision!
For more questions on new construction or rehabbed homes available in Lake in the Hills, Algonquin, Huntley or Crystal Lake, contact me firstname.lastname@example.org or 312.217.4398. Happy house hunting! -Pat Kalamatas