New Construction in Commack: Perfect For You

Posted by Craig Axelrod on October 21, 2009

If you’ve ever thought about purchasing new construction on Long Island, then now is the time for you to be searching. With the real estate market where it is, it is more affordable than ever for you to buy new construction. On Long Island, your choices are limited. The amount of free real estate available in this once farmland area, is basically completely developed. Many neighborhoods have placed restrictions on construction, preserving the remaining farmland and open areas.

Still, new construction is still available and can be perfect for the new homeowner. If you’ve been searching for real estate, you should consider this:

1. Older homes, while “charming” on the outside, are, in fact, old housess. Over time they age. Many homes in the 50 to 75-year-old range have become “knock downs” purchased by builders to put up new construction. If you’re buying an older home, it can cost you more in the long run with maintenance and improvements.

2. New construction gives you more flexibility. Very few people ever find the “perfect home” of their dreams. Generally, they need to paint, wallpaper, remove carpeting, move walls, renovate bathrooms and kitchens and a list of other projects that become increasingly expensive. That older home that looked like a bargain becomes extremely pricey once you’ve completed the repairs and changes you need.

3. With new construction, you do not have to live through renovations. Kitchen renovations, expansions and modifications to your home can take months-even years. All the while, you are living in a construction zone. 4. You also have the additional expense of doing these improvements, which must be paid on top of the purchase price of the house. Many families have to save for many years to have the available cash renovations. Others can try to take second mortgages or home-equity loans, but this may prove unsuccessful-especially with more stringent lending requirements. You may look to borrow an additional $200,000, but your house is not worth an additional $200,000 today. Therefore, you lack the collateral to substantiate the home equity loan. In addition, new construction, even if slightly more expensive, has the full value in the house already, which is what mortgage companies want to see. 5. When selecting real estate, and evaluating existing houses, you have very little options. The real estate is “as is”-meaning the lawn is what it is, the plantings are what they are, and the yarn is what it is. Generally, with new construction, it is either newly landscaped or in raw form so that you can landscape as you want (generally, unlandscaped new construction is less expensive than landscaped). With new construction, you are getting gorgeous new property or freshly graded land that is ready for landscaping.

When you’re ready to consider new construction, be sure to keep all of these factors in mind. As you examine the cost of the home, consider the true costs beyond the purchase price. Many families discover far better values with the newly built house versus a less expensive existing home that needs work. Even if you are handy, renovations are not free. You also need to come up with the cash to pay for those improvements (whereas with new construction, those improvements are factored into the asking price and are covered by the mortgage).

Story by Craig Axelrod, represents Emmy Homes, which is one of Long Island’s most established home developers. Emmy’s Commack development features luxury homes in Commack. Visit EmmyHomes.com for details.