Have you noticed that a lot of retirees that relocate move into a new home community? They may be age-restricted, or they may just be planned communities with lots of amenities, but they are mostly new. Why don’t retirees want to move into an existing community? Because they don’t want to be the new kids on the block.
One client explained it to me –
“We moved a lot because of my husband’s career, and it was always difficult making friends in a mature neighborhood,” she said. “I don’t want to go through that again.”
With a new community, everyone is in the same boat. But, when is the best time to buy a home in a new community?
The Mayor
If you ask Bill, aka The Mayor, he’ll say the best time is when the community is brand new. Bill was the first to buy a home in a new community. He and his dog walked the neighborhood during the months and months of construction. As they sold more homes, Bill became known to all as “The Mayor,” and it was clear he enjoyed the position. His dog enjoyed all the walks and the attention from his new neighbors. But, not everyone wants to live in a construction zone for years.
The Hosts with the Mostest
Phyllis and Tony are the hosts with the moistest that make everyone feel welcome. Also, one of the first to purchase a home in their community, they became the welcoming committee. Phyllis made sure to get the newcomers’ email addresses and started the newsletter. She also became the neighborhood baker and led the entertainment committee. Tony fished and never revealed his fishing spot, but he always caught dinner for his neighbors. As the community grew, so did their circle of friends; they couldn’t imagine living anywhere else.
They bought the model
Carol and Lou were a few years out from retirement, but they already knew where they wanted to live. They were afraid that, If they waited, would their favorite community be sold out ? They could have a new home built and use it as a vacation getaway for now, but that felt like too a stretch. Then, we found a good solution. Both of the builders in this community were offering model homes for sale and leaseback. Available on a first-come, first-served basis, we secured the first appointment with both builders on release day.
At the first meeting, the Builder revealed the model/leaseback home details, and they were incredible. If they waited to hear what Builder #2 had to offer, they risked losing out on the first opportunity. Anxiety was high, but we quickly talked it over, and they decided to go ahead with the first Builder’s model. Loaded with upgrades by the Builder, it was a tremendous deal. Every time we have seen them since, Carol thanks us profusely!
A model/leaseback is not always a good value, but when it is, like this time, it can be a terrific solution. They had secured the home of their dreams in their favorite community and a healthy monthly income until they were ready to retire and move in.
The Last Lot
Do you hate living in a construction zone? I understand that the dirt and noise month after month can be annoying. For you, the best time to buy in a new community might be when they are down to the last lot or two. It may not be the most cost-effective if prices have gone up over the years, but it will be the least disruptive. Occasionally, the last few sales may even have incentives, especially if the Builder is anxious to be done and move on to the next new community.
Do you prefer being the first or the last buyers in a new home community? Share your thoughts in the comments, and please subscribe to this blog!