CWD Construction – Homebuyers Do Their Homework to Find the Best Deals
Charlotte, North Carolina – May 7, 2012 – According to CWD Construction founder Chuck Dohm, the Charlotte, N.C. area home market has changed significantly since 2008. Residential homes have always been considered a no-risk investment, reports the founder of CWD Construction, but that has changed since the housing bubble burst. Prior to the current recession, Charlotte homebuyers could easily move up to larger houses and increase their equity at the same time simply by selling their current home and reinvesting the profit into equity in a newer or larger home. Some homeowners that were willing to move frequently were actually able to pay off their mortgages using the profits from the appreciation of their homes, notes Dohm of CWD Construction.
This all changed around 2008, states the founder of CWD Construction, as the subprime mortgage melt down caused house prices to plummet and left many homeowners upside down with their mortgages. Houses are no longer considered to be a no-brainer long term investment. As a result, potential homebuyers are very careful as they consider the purchase of a new or existing home. Many homebuyers report spending as long as one year or more looking for the best possible deal on their home purchase. The search generally begins with foreclosed or short sell properties. These homes almost always require repairs, according to the founder of CWD Construction, who says that this is often due to neglect and vandalism from the disgruntled previous owners. As time has progressed, the best home deals requiring the least work have been snapped up.
Educated buyers, states Dohm of CWD Construction, are now carefully comparing the total cost of an existing “great deal” including the cost of repairs and upgrades to the cost of a new construction custom home. With low land and labor costs, it is often less expensive to have CWD Construction build a custom home to the homebuyer’s exact specifications than it is to upgrade a foreclosed home. It is important for potential homebuyers to use a qualified professional to help with this evaluation. Many homebuyers have been shocked by the total cost to repair and upgrade their “great deal” home purchase. Sadly, even after upgrades, these homes often fall short of the buyer’s ultimate goal of their “dream home”.
CWD Construction is currently working with several potential homebuyers to perform this evaluation. The professionals at CWD Construction can evaluate the structural integrity of potential homes considered as well as calculating the cost of needed upgrades such as new kitchens and master bathrooms. This total cost can then be compared to the cost of a new custom home with all of the desired features included in the initial design. Sometimes CWD Construction ’s evaluation will confirm that an existing home is a great buy even with the necessary upgrades, but often the custom home option will make better financial sense to those willing to wait for their new home to be constructed.
CWD Construction is a full service homebuilder and remodeler that can perform this evaluation and implement the project whether it is a partial or full remodel of an existing home, or the design and construction of a new custom dream home. For more information about the services offered by CWD Construction, visit them online at www.cwdconstruction.com