Building a new home can be an exciting and monumental undertaking, and many find it more deeply satisfying and desirable than buying an existing home. According to author Kenyon Blunt, if you are considering building a new home on or near Smith Mountain Lake this year, you are in good company.
There are three reasons why you may want to consider building a new home at the lake versus buying an existing one;
-
- there are usually more amenities with new construction such as a golf course, tennis courts, and horseback riding
- a new home generally has a better chance of appreciation
- new developments are also new neighborhoods and usually offer better security in remote locations ( like at the lake).
The same caveats apply to new homes at the lake as they do in the city. Make sure you know what you’re getting! All too often, prospective buyers tour model homes and then wonder why theirs doesn’t look the same upon completion. You’ll need to do two things to prevent this from happening. First, don’t assume all the options you saw in the model will come with your home; have the builder specify what is optional or “upgrades.” Get all of the changes in writing. Second, keep tabs on the builder during the construction process to make sure that what you thought you were getting is what’s being built. This is hard to do when you are several hundred miles away but it’s worth the extra effort.
Remember, just because it is new construction, it doesn’t mean that your home is free of problems. There is ample opportunity for construction defects. Lax inspection practices are all too common at the lake. Take the time and spend the money to have your new home privately and professionally inspected just as you would an existing home.
The above recommendations are aimed at ensuring quality during and after the building process. However, one of the most important things you can do is verify your development’s long-term potential before the building begins. No matter how upscale your development might be, something could happen to change its character. Mobile homes could spring up across the street or a new business/strip mall might bring unwanted traffic to your house. You can do two things to prevent this from happening;
-
- Check the developer’s plans. Ask how many and what kind of future additions will be going in
- Examine the restrictions. In particular, look for zoning laws, environmental regulations, and deed restrictions and how they will impact future development.
With a little checking on your part, you can ensure that your new lake home will provide many years of enjoyment. And, who knows, maybe it will appreciate nicely along the way.
About the Author:
Kenyon Blunt is the publisher of “Lake Home Tips.” lakehometips.com.
