Alexandria VA New Homes Buyer Guide -
The Lot Says A Lot
When you're buying a new construction home in Alexandria VA, you'll have to decide where your home will be built, or make a lot selection. In a hot sellers market where homes are selling quickly and prices are steadily increasing, builders may charge a LOT PREMIUM. A lot premium is a flat fee, or premium price, the builder charges when you make your lot selection. You may see lot premiums on home sites such as:
- Cul-de-sac lots
- Lots that have a wooded view or back to trees
- Lots that can accommodate a walkout basement
- Corner lots (desirable for side-load garages)
- Lots with water views
- Lots backing to a golf course
- Lots that are larger in size in comparison to the others that are available
- End unit townhomes
- Top floor/Penthouse level condos
- Condos with a balcony or patio vs a unit with no outdoor space
The cost for the lot premium will be added to the base price of your new home. Having to pay a lot premium is often a tough pill for many buyers to swallow because they view the BASE PRICE as the initial cost of the home and assume this is inclusive of any lot. But when you drive though the different neighborhoods and see the dramatic exteriors, it's easy to see why some buyers would pay a premium to live on a certain street, or for a specific view. Think about it, would you rather back to trees, or to other homes? Would you rather have a view of water, or of some electrical towers?
With detached homes, certain elevations may require a certain lot size. For example, the models that offer the largest square footage can only be built on certain lots. Also, if you have your heart set on a side-load garage, you may be limited to a corner lot. You'll also discern the difference between a home with a walkout vs a walk-up basement. Some buyers prefer the walkout basement because you may be able to get full length windows on the basement level, in addition to a reduced likelihood of flooding.
If you're looking at new construction townhomes in Alexandria VA, you'll find that end units have more windows, may have a 2-car vs a 1-car garage, and you'll also find more yard space. And with brand new condos, premium pricing will take effect as you ascend to the penthouse level.
So yes, the lot says a lot. When you're ready to buy a new home in Alexandria VA, put my experience to work for you.
More in the Alexandria VA New Home Buyer Guide Series: