Why might you want to consider buying new construction in Charleston?

If you’re thinking about buying in 2024, new construction could be a great option for you- here’s my top 5 reasons why:

1. Lack of inventory- There is a lack of inventory in resale real estate everywhere right now and interest rates are definitely a big factor. Those who bought their homes back in 2021-2022 want to hold on to their 2-3% rates so no one is selling. New construction offers plenty of new inventory that you don’t need to compete for.
2. Potential for appreciation- A lot of new construction communities and surrounding areas around Charleston are still in process of developing- some don’t even have model or spec homes to show potential buyers yet. This gives you the opportunity to buy into the communities now, while prices are lower, and almost immediately walk into equity while it rapidly grows and develops over the next few years. (Think about the price of a new home now without being able to see a spec, amenities, or potential of what the neighborhood will bring- Now think about what that same home could be worth once the neighborhood is beautiful and active with operating amenities and development around the area)
3. INCENTIVES- A lot of builders offer amazing incentives such as lower interest rates, (I’m talking by full percentages), covered closing costs, $$ towards design upgrades, etc. From an investment standpoint, these lower acquisition costs are super valuable. 
   
4. Demand for single family rentals- Following the investment viewpoint above- Single family homes are great investments in this market- especially in Charleston. Unfortunately, there are a lot of people and families who are simply priced out of affording a home with the current rates, opting to rent homes in family-friendly communities. There is a strong market in/around Charleston for single family rentals. 
   
5. Warranties- new construction often offers buyers warranties that cover the structure and major systems (HVAC, electrical, roof) providing buyers peace of mind in the early years of their homeownership. This is really valuable especially for first time homebuyers.

I currently have clients building in:

Six Oaks in Summerville - Mungo Homes 
North Creek in Nexton - True Homes

Both processes have been seamless so far!

A few other neighborhoods I recommend:
-Sanctuary Cove in Cane Bay / Centex Homes
-Summers Bend on the Ashley / Ashton Woods (townhomes)
-Homecoming / True Homes
-Nexton (Summerville master-planned community)
-Watson Hill / Ashton Woods

If you'd like a list of new construction communities around the Charleston area, or to tour any of them, let me know! If there is a specific neighborhood you want to see a list of available inventory in- I can send you that as well.