Wednesday, May 22, 2024
Builders of new homes in Utah offer incentives and upgradeable features to buyers.
Urban Living
Posted By Babs De Lay on May 22, 2024, 4:00 AM
The National Association of Home Builders have chimed in about what home buyers really seem to want these days. In their most recent national survey of builders involved in erecting homes, not condos, the data showed that smaller home construction is the norm (less square feet), which became obvious in 2023 and is continuing this year in an effort to make the buying process more palatable. We all know that as mortgage rates creep up, more buyers fall out of dreaming of purchasing a home.
I've recently sold new construction at Daybreak and at a townhome project for Garbett Homes and know firsthand how much buyers want to be able to choose how their homes look inside, including things from doorknob finishes to larger steam showers in the primary bedroom suite. Builders will usually have a base price with standard features, and anything different that varies from these designs will cost for each and every upgrade requested.
The design centers for our major builders in Utah are astounding and offer displays of flooring, counters, lighting, carpeting, LV flooring types, appliances, paint colors and fixtures. Once a buyer gets a new construction contract signed with a builder, they will then go to the design center to pick out all their options. Many are free (paint colors for example), and many more can be upgrades.
What have builders learned about buyers' needs these days and what they want in their new homes? Here's just a few that I wrote down on my last visit to one of these design centers: added storage shelving in garages, Energy Star appliances/HVAC, solar panels and battery storage, electric vehicle charging stations in the garages, programmable thermostats, video doorbells and energy management systems for the home that can all be controlled on the owners' cell phones, outdoor fireplaces and outdoor kitchens, built-in security cameras, two head steam showers and a laundry room near the primary bedroom.
Most new-construction homes don't offer a finished basement in the initial asking price, but there are great options offered at an additional price (of course) for a permanent movie theater with stadium seating and built-in screen and surround sound and/or a smaller electronic gaming room.
Buyers want to personalize their new home from the get-go, which isn't always possible on used inventory unless you run into an investor/owner who will work with you on updating an older home for sale. Know that when you do purchase brand-new construction and want upgrades over the standard features, you will have to have cash up front to pay for at least 25% of the cost of those new features. That's in addition to the required earnest money (each builder is different).
Now is a great time to look at building a new home, as developers are offering many financial incentives, such as paying for buyers' mortgage closing costs or throwing in extra features like partially finishing a basement.
About The Author
Babs De Lay
A full-time broker/owner of Urban Utah Homes and Estates, Babs De Lay serves on the Salt Lake City Historic Landmark Commission. A writer and golfer, you'll find them working as a staff guardian at the Temple at Burning Man each year.
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