Sanjit Bhattacharya is a land developer who has planned and completed building over 200 homes in the past year. Residential construction is at an all-time high, as yearly statistics record new starts in the residential sector continued to rise throughout 2022, despite rising interest rates for borrowing and a sluggish supply chain.
The benefits of building your own home outweigh these temporary economic developments, suggests Sanjit Bhattacharya. Often, the family or person has kept a mental image of their dream home for decades, with the goal of someday building the house on a select piece of land.
You can also avoid the cost of new home construction by buying into a newly constructed residential development project.
New Construction vs. Land Developer
There are many benefits to partnering with a land developer and builder specializing in the planning and building real estate developments. These are large-scale, single family or townhouse projects where many homes of similar design or square footage are built simultaneously in one area.
The home development will typically feature a variety of home styles, semi-detached or detached, built with a range of moderate to premium interior finishes suiting a wider range of homebuyer budgets.
But, more important than where you build and how much the new home will cost is who is the development’s builder. It should be a trusted and proven land developer with similar recently completed projects.
On the other hand, Sanjit Bhattacharya suggests that when you are taking the helm and overseeing your new residential construction, you consider the following:
- Run the numbers
- Consider all possible bottlenecks
- Discuss potential environmental problems
- Have a plan for project cost overruns
- Be open to material substitutions
Benefits of Residential Development
New developments have the convenience of being move-in ready, says Sanjit Bhattacharya. You will have state-of-the-art appliances and quality finishes throughout. Sometimes, the builder will leave open options for the prospective to choose some of the interior finishes like kitchen countertops and cabinets, flooring materials, and wall colors.
Also, expect highly-rated, energy-efficient home systems with the latest technological advancements. This type of home infrastructure can save the owner thousands of dollars per year in operating costs.
But, to truly get the sense of a new home that was built specifically for you and your family’s personality and needs, always consider if the floor plan is designed for the way you want to live. This may be a master bedroom and master bathroom on the first level of the home, and everyone doesn’t prefer an open floor plan and vaulted ceiling, which can make an area seem less cozy and more echo.
Of all the benefits, Sanjit Bhattacharya has seen one surpass all others. And that is the sense of neighborhood you get with land developments. You will be more likely to meet and make friendships in these communities than on a suburban, tree-lined street. Many home developments have built-in amenities for socializing, such as a play area for young children, a community swimming pool, a party room or clubhouses, walking trails, tennis and pickleball courts, and more.