New Home Construction In Charleston, SC Is Booming!
New Home Construction in Charleston is Booming!
Charleston is one of the most sought-after cities in America to live, voted #1 consecutively in the U.S. since 2013. About 40 people a day move to the Area nearing half a million residents (if you include all surrounding areas). With that said, where are all these people going to live?! There is only so much resale in the area for people to choose from that could get costly if upgrades are needed, which is why Builders have taken the city by storm. Lucky for you, you have about 40 New Home Construction Builders and close to 170 communities to choose from.
That may seem like a lot, and how could you ever know which one to choose?
You will want to make sure you find a Charleston real estate agent (like me) familiar with the various locations throughout the Lowcountry and, more importantly, the build process itself.
Sure, you walk in a beautiful model home, pick out a style/ floorplan, choose what you want from the inside out, and don’t forget which lot you want your home to sit on; yes, each lot has a homesite premium! Sounds easy, right? Wrong. Each item you choose to upgrade has a price tag that adds up quickly, so make sure when looking at different communities, you tack on another $20k – $50k (to be on the safe side) to that “starting at" / base price. Of course, different builders have different standard features, aka. Already included great features, and you may not choose to upgrade anything!
How long could you expect home construction to take from start to finish?
Based on your needs, you may want a more custom builder vs. a track home builder. Depending on the builder, the home could be ready now or potentially take 15 months. I know that is a large gap, but with the number of new home permits being sent into the city for approval, lack of certain contractors in the area, the builder may need to clear more land for the next phase of homes, and course weather conditions. Hence, you want to make sure to set realistic expectations.
No matter what, the builder should consistently update you on your home construction progress and the next steps. With such a lengthy process, this is always where having a knowledgeable agent aside from the agent representing the builder comes in handy. A good agent should be keeping an eye on this process for you whether you are local and especially if you are out of town.
The benefits to new homes are endless, from the materials used and how long they last to your monthly energy bills. No matter which builder you choose, make sure you have a clear understanding of the warranties offered on the home.
With the influx of people storming our area, what you want will likely be what others want, meaning it will be gone in a second. That homesite you were dying for but couldn’t pull the trigger will have been chosen; the neighbor may have already chosen the elevation (exterior look) or even the color home you wanted. Keep in mind, not only are you battling the people moving to the area, but most builders in the area will start what they consider “inventory homes"; these are homes & features chosen by the agent on-site to keep construction moving along to ensure closing dates for new homeowners.
So, whether or not you build from scratch or choose a home already under construction, the most important thing is to be prepared by knowing your price point and monthly payment goal by getting pre-qualified by a lender. This will also help your agent know what communities to show you that best fit your needs, lifestyle, and availability/ timeframe. This way, you can pull the trigger and not miss out on your dream home & location!