DENVER (KDVR) — Denver’s booming real estate market is creating tough competition for buyers.
If participating in a bidding war or paying thousands above asking price isn’t for you, building your own home could be the answer.
Doug Loos says it didn’t take long for he and his wife to realize they wanted a way out of haggling for their dream home.
“We realized we were getting ourselves into a mess, people were overbuying for the market,” he said.
The couple decided to build a new home, where they could choose the amenities they desired.
“The one thing my wife wanted in this home was a master suite tub, she got it,” Loos said.
Frank Walker is the Colorado Division President of Lennar homes.
He said building a home is a good investment when it comes to resale value. The homes are properly inspected and buyers can get a good deal on standard features.
“We do what’s called ‘everything included’ so we survey our buyers to find out what’s most important to them (like) granite counter tops, energy efficiency,” he said.
Walker adds that his company’s new homes include support for wifi devices commonly used by the whole family.
Loos said that feature is important to those with home offices and updated appliances.
“Lights that will be able to be turned on and off at a command, the garage door, everything that you can think about will be automated,” he said.
Solar panels are also on the list of popular amenities. Walker said it takes about five months on average to build a mid-size home.
He advises buyers to consider how expenses will be covered, including rent, while waiting to move into the finished home.
Design options should be carefully considered. Many builders won’t allow you to make changes after a certain date.
The cost of construction materials has increased during the housing boom and buyers should ask about guarantees on quoted home prices.
“It’s a difficult time right now for both labor and materials and so we try to give buyers assurances, when they contract on a home that’s going to be the price of their home,” Walker said.
Monica Perez of Your Castle Real Estate said new homes in suburban areas are a wise investment.
“In the long run it will continue growing out further and further from the central part of Denver so purchasing further out is also a good opportunity,” shared Perez.