I have a passion for new construction and renovation! This passion may come out of growing up with silver duct tape used to hold car doors from falling off their frames; or possibly my father laboring as a machinist; or I like to think it comes from my curious interest to see spaces take shape or transform based on the eye of the beholder. In 1984 I started my real estate career working for design-build firms who were transforming the landscape of the West Loop, Printer’s Row and Lincoln Park, with loft renovations, and new build homes, condos and townhomes. It was only natural I would seek out opportunities to create my own spaces. Overall I’ve worked on hundreds of new construction and renovation projects with design build firms, along with 20+ new construction, new homes, and renovation projects of my own.
If you are looking to buy a new home or looking to learn more about the new construction process in general, I can be an invaluable resource. In the dynamic and shifting Chicago real estate market, the development of new construction homes can be found throughout many of the city’s vibrant neighborhoods. How to know which builders are top of their game and what is a fair premium to pay for new homes sold with developer warranties in place? Is there a ‘used’ home’ that comes at a better value proposition? Five years down the road will today’s new home fare better than a 5 to 10 year old model?
A few important details to consider:
&Is the asking price per foot for a new home worth the premium over a lightly used model?
&Will the builder stand behind the contracted warranty?
&What happens if the new home does not sell out and prices get discounted after you have paid top dollar?
&Is there a pre-sale requirement and how does that impact me?
&Do I get to choose finishes? What finishes will trend positively over the next 5 years and which design choices will be out of style in a year or two?
In any purchase decision of this magnitude it is critical you have a fierce and knowledgeable advocate at your side to represent your best interests. This is where 34 years of experience in the Chicago real estate market will prove to be beneficial. Buying a new construction home is exciting. Make sure it’s also the wise choice.