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Northwood Haven has broken ground, and the main groundwork is moving along fast. This new subdivision is located in Danville on 10th St across from Temple Estates and will have a little less than 400 homes. These homes will begin selling in the Summer of this year (2022). The community will have several common areas, but does not appear to have a planned community pool.
Generally new subdivisions start out lower on pricing to get activity going, and buying early can be the better deal. However, if you are looking for new construction in Danville there are many new subdivisions to choose from. Each subdivision has different builder quality, different design standards, lot spacing, and overall lot quality. When deciding where to build, you want to buy a solid investment for your future. Choosing the right subdivision, builder, and a desirable lot are important things that play into you future resale values.
Interested in homes in Northwood Haven, or other areas? For the latest on construction timelines, pricing, lot availability, and construction updates please contact me.
Are you interested in a new construction home at Heritage Lake? When looking at Heritage Lake builders you have a choice of several different active builders in the area, plus several other smaller custom home builders that work in that area. Each builder typically has existing floor plans to choose from and usually has the flexibility to make changes if you desire. Alternatively, you can bring your own floor plan and have multiple builders bid on your home. When I work with new clients looking to build at the lake, we typically have an initial meeting to go over what you are looking for. From there we will setup some meetings with builders, and stop by some of their under construction properties. Once you decide which builder you would like to work with construction typically takes about 4 months (longer for more customized homes). Contact me today to go over all your builder options at Heritage Lake!
Do I need to buy my own lot to build? - This is a common question I often get asked, and the answer is no. Most of the builders keep lots in inventory so they have choices for home buyers without the upfront expense. Additionally, I also keep vacant lots in stock, that way my clients always have lots available to pick from if they are not ready to commit to a particular builder. You are welcome to buy your own lot separately, and in many cases home buyers do this option so they can pick a nicer lot, or have lake access in the years before they intend to build. Contact me today if you would like to know about both listed, and off market vacant lot options at Heritage Lake.
Do I need a construction loan? - The answer to this depends. Some builders will work without the construction loan if you are buying the typical home they sell. Then once the home is complete they sell it to you for the contracted price. However, in many cases builders only do so many of these because it puts more risk and expense on their shoulders. With a construction loan, your lender will make payments to the builder during the construction process, and once the home is complete you have the final closing. Contact me today if you would like some lender options to build anew home at the lake!
Can I do a USDA 0% down loan? - YES! Heritage Lake is located in the USDA 0% down loan area. This means you can build a new construction home, pick out your finishes, pick your lot, and have very little money out of pocket! Contact me today about building your brand new home with a USDA loan!
In recent months the iBuyers have started to move more aggressively into Central Indiana giving homebuyers more options for selling. We already have Opendoor and Offerpad, but Zillow Offers is also expected to start moving into our market at some point as well. If you are not familiar with the term iBuyers, they are basically home buying companies that give you a quick cash sale offer on your home. They also give you the flexibility of closing on your chosen timeline, rentback options, no repairs out of pocket needed, and no showings. These terms can be quite attractive to sellers because it gives them flexibility to find their next home while their current home is secured with a cash buyer.
iBuyer make offers on your home based on condition, location, market appreciation and many other internal factors they use. These companies are a business and need to buy your home at a price where they are going to turn around and resell it for a profit. However, these companies have gotten pretty aggressive with offers in some areas as they all fight for market share. In some cases they are making very good offers, but the offers do come with fees and "repairs expenses."
IBuyer Fees and Repair Expenses
Offerpad and Opendoor both charge a transaction fee. This fee can vary by company because they are trying to remain completive with with iBuyer competition in the local markets, so the fee structures have changed over time. At the time of this blog post the fee was 5% for each company.
Repair expenses are also deducted once they have an inspection. This is much more of a grey area for the iBuyers because their definition of repairs needed are based really on what they want fixed and updated, rather than what is actually broken. For example, if they don't like your paint color, flooring condition, or 1990s kitchen cabinets they deduct those off your offer as "repairs." When you sell with a real estate agent, inspection items are almost always limited to defective or in need of repair items found during the inspection.
For a real life example I requested an offer of my own home from Opendoor and Offerpad. Here were the results.
My home is worth about $300,000-$315,000 at the time of this blog post. Selling it with a Realtor would then have agent expenses that are typically 5%-6%.
Offerpad Offer: $275,775, 5% fee, minus repairs.
Opendoor Offer: $297,800, 5% fee, minus repairs.
In order to figure out the repair deduction I would have had to have both companies come out for a full inspection. However, since I did not intend to proceed with the sale and I was only using it for information purposes it would not have been fair to take up their time. My research online, and with other agents who have worked with these companies is that repair expenses amount anywhere from 1%-8% of the offer amount. It really depends on the overall condition of the home.
If you are thinking about selling your home, and depending on your situation, you should definitely seek out an offer from these companies if you need something more flexible. Getting extra offers on your home is a good thing. To be honest, I have seen scenarios where these companies are actually paying over market value, making them the best deal.
Make sure you also talk to a local Realtor because in most cases your best offer will still be selling the traditional way. Many homes are selling fast, over list price, with cash offers, and flexible buyers who are eager to purchase your home. Additionally, in many cases we can get you a comparable cash offer from a local investor that will net you more money than the iBuyers, and also offer you closing flexibility.
What are the Pro's and Con's of moving to Brownsburg, Indiana? Here area few things to consider if you're not from the area.
Are you considering moving to Brownsburg, Indiana and want to know more pro's and con's of the town? Lets connect! Send me a quick message!
Part of the responsibility of owning a home or rental property is maintenance repairs. Unfortunately items like sewer lines can be really really expensive. This particular property was a 1950's rental property that had cast and galvanized pipes. Those pipes rust and erode away overtime. Older homes like this tend to have small crawlspaces as well. On top of that, the sewer line inside the crawl had been leaking causing a bad smell inside the home, which prompted the tenant to call. Just to get started the sewage in the crawl had to be sucked out by a remediation company. After that the plumbers got rid of all the cast iron and galvanized piping. It's best to fix it all when you get into piping like that because you don't want to have more issues down the road. This was an expensive project, but be sure you shop around a lot when it comes to these types of repairs. We had quotes from $4000-$10,000 just for the plumbing due to the complexity and small crawlspace of the home. In the end the remediation company and plumbing company did a great job and the issue is taken care of! Make sure you always have emergency funds whether you are a home owner, or rental property owner!
What are the Pro's and Con's of moving to Avon, Indiana? Here area few things to consider if you're not from the area.
Are you considering moving to Avon, Indiana and want to know more pro's and con's of the town? Lets connect! Send me a quick message!
What are the Pro's and Con's of moving to Heritage Lake, Indiana? Here area few things to consider if you are not from the area.
If you would like to see all of the current Heritage Lake listings please check out the Heritage Lake Area page. If you have any questions about moving to this area and need a Heritage Lake Realtor, please send me a quick message!
Are you looking to sell your home fast? Are you looking to get your home pending on your terms so you can purchase your next home? It's no secret, in this market if your home is not already pending it is hard to make strong offers for your next home. In this blog post we will compare a couple options for you. As of this post Zillow Offers is NOT available in the Central Indiana or Hendricks County market. However, I do anticipate them starting their Zillow Offers program in our market in 2021, or 2022 at the latest which is why I am including them. Plus it's great to learn about future selling options. On a side note there are several other company that offer similar programs to Zillow that will also buy your home, but the purchase terms are close to the same.
Here we compare 3 different selling methods...
A few notes about what I am looking for if I were to buy your home. I am mostly looking for properties under $250,000. My preferred properties are 3 bedroom 1 to 2 bath homes because they make great rentals. Please reach out and let me know what you have!
Also, I will always give you pricing/comps, and net sheets based on all the selling methods above. That way you can make the best decision that gets you the price/terms for your situation. If you are not sure which one is best we can do a hybrid of the methods to give you the best offer. For example, I can give you a cash offer to purchase up front, then we can list the property on the MLS. At that point you can pick from all your offers.