I've heard a lot of advice against buying new construction builder homes, but in the hyper competitive state of the Austin real estate market I was wondering if this conventional advice still stands? It seems like a "If you build it, they will come" type of environment around here.
I've been looking at the Agave neighborhood in far east Austin by the 183 and Walter Long Metropolitan Park and love the idea of a newly built, modern home that is a lot more affordable (base price, I don't know how much they charge for certain finishes) than most older houses closer to the city that would need renovations and are smaller.
It seems like a risky investment because the neighborhood is new and who knows if that area will appreciate. But the more I think about it the more I feel like I said the same thing about Mueller a while back and now that's exploded in value! Especially with the Tesla gigafactory and other planned developments east can you really go wrong investing anywhere in Austin?
@Katie Young The Agave neighborhood is not new and has been in east Austin for nearly a decade. The demand for new construction is just as strong as the resale market, so I would check with the builders to see what homes are available for purchase if any. Most buyers are having to select a home before it is built and then waiting 8-9 months for it to be constructed. Some neighborhoods have a waitlist. New construction is fine if it meets your goals. Also one side note: If your intention is to immediately use it as a rental property, a good majority of builders are limiting or blocking purchases by investors as they prefer to sell to primary homeowners when demand is high.
You could always look in San Antonio :D