Tuesday, July 26, 2011

Warning - New Active Adult Communities

It's going on 3 months now that my home has been FOR SALE and frankly, it's been an exhausting process to keep it "show ready". I continually get positive feedback from prospective buyers, with the only complaint being 'no basement'.

The main lesson I've learned from buying in a new Active Adult Community is to make sure your contract doesn't include the clause "subject to builder's discretion, product line make-up of community can change".

In their lingo, 'product line' means the type of homes built in your community - like attached villas versus single family homes. That was my biggest mistake in buying in this community as the builder significantly deviated from the original plan for 4-plex homes with no basements by reducing the number from 200 down to 20! That makes my home without a basement seem like an oddity, when in fact it's a perfect home for a single Boomer or snowbird couple.

So, as many of my friends here in Colorado have thanked me for being able to learn from my mistake....you can too! I'd highly recommend buying a re-sale property in a completely sold out community. While buying in a built out subdivision, you might pay a little more than if you got in on the ground floor; at least you'll know what the completed project looks like and can better determine what homes in that area will resell the quickest.

1 comment:

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Attached Villas