new residential construction is a key indicator of the health of our housing market. During boom times, new construction can rise dramatically, but during economic downturns, new residential development may slow down or even decline.
Despite this, the number of new residential building permits continues to increase every year. This is largely due to low mortgage rates and the fact that demand for homes is still strong.
What’s more, a lot of new residential construction is multi-family units. The resulting apartment buildings can close the gap in affordable housing and allow for more people to live in neighborhoods that otherwise would be too expensive.
One example of this is in Nashville, where a mixed-use complex in the 12 South neighborhood consists of green and orange-detailed buildings with Chase Bank. The development is owned and operated by Urban Housing Solutions, which works to bring high-quality affordable housing to disadvantaged communities.
Another factor to consider is the association rules and governing documents. It’s always good to ask your buyer’s agent about these details.
In many cases, homeowners associations (HOAs) charge monthly or quarterly fees that can affect your budget. They can also regulate the exterior of your home and what you can do with it. Your buyer’s agent can help you understand these governing documents and make sure that your new home is the perfect fit for you.
If you’re looking to buy a home that will be under construction, it’s important to choose an experienced agent who can guide you through the process from beginning to end. This will include negotiating with the builder, answering questions about your home’s progress, and ensuring that you’re aware of all the necessary paperwork.
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