Lakewood Ranch New Construction Home Buying Guide

Lakewood Ranch

by David Barr, Licensed FL Real Estate Broker Associate

HOW TO BUY

PLUS:

New Construction:

Community

A GUIDE

OVERVIEWS

HOW TO BUY

New Construction: A GUIDE

INTRODUCTION Lakewood Ranch is a 31,000 square acre master planned community and the 2nd best selling in the nation. 30% of the total acreage will be set aside for green spaces. 13 "villages" have new construction homes, villas, and town homes, with more on the way in 2019. Top rated schools and health care, homes to fit all budgets and lifestyles, and an increasing number of retail venues and amenities all combine to make Lakewood Ranch a community that must be on your wish list.

ABOUT

the author: DAVID BARR

I've been a licensed real estate Broker Associate in Florida since 2002. I'm a dog lover and passionate about real estate.

I made new construction sales one of the main focuses of my real estate business over the past few years. The experience I've gained will help you have a satisfying and stress-free buying process in Lakewood Ranch, with me as your Realtor.

Thanks for reading, and I look forward to working with you!

TABLE OF CONTENTS page

5 You need your own Realtor 6 How long does it take?

7 Building practices and codes 8 Common contingencies 9 Do you need your own home inspection?

10 Making an offer 11 The builder's contract and warranties 12 Using the builder's title and mortgage 13 Closing and sale 14 Lakewood Ranch map 15 Lakewood Ranch new home communities -4-

YOU NEED

your own REALTOR There's many reaons why you should be working with your own Realtor when buying a new construction home.

First off, you'll save time. In Lakewood Ranch, there are 13 neighborhoods with new homes, and more on the way.

There are more buyers than there homes for sale, and those new home sales associates get very busy, especially in season. I can show you any of their model homes without waiting, as well as any re-sale homes in the same neighborhood, which the new home sales associates can not.

The new home sales associates know their product very well, but usually can't compare and contrast their community with another down the road.

You may run into a situation where you just know that a certain home site is going to be perfect. Maybe it's got a big water view, or maybe it's a bit larger and nestled by a preserve. A lot of other buyers may want that same site. A buyer who is working with their own Realtor is seen by the new home sales associates as a serious buyer.

Last but not least, the builder's published prices are the same if you are working with your own Realtor. They depend on us to help them market their homes and bring buyers through their doors.

Smart Realtors develop working relationships with the best of the new home sales associates.

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HOW LONG

does it TAKE? Building a new home from the slab up can take a while, but buyers also have to account for another issue: available home sites.

The actual build time for a new construction home in Lakewood Ranch is generally 6 to 7 months.

Finding a home site is another matter.

Builders have different strategies for preparing and releasing home sites for sale. Some release many, some release them a few at a time. The strategies tie into their sales and pricing philosophies.

We may run into a situation where you have to get on a waiting list to get the home site you want, when it's released. That can be a very frustrating process while you've got your current home for sale.

One of my roles as your new construction sales specialist is to keep you at the head of the list with the new home sales associates as a serious buyer, when your preferred home site becomes available.

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BUILDING

practices AND CODES Most if not all new construction homes in Lakewood Ranch are concrete block with stucco. Roofing systems are wood frame trusses built to the latest standards for wind resistance.

Manatee County inspects each home an average of 51 times while under construction.

We are starting to see more 2-story homes, and more town homes being built. in the past, builders would use wood framing on the second story in both homes and condos. Many are now adopting an "all concrete block" practice that many buyers like and should be demanding.

You'll definitely want the added security of concrete block walls for the second story of your home. You may even see some savings in home insurance costs versus a home with a 2nd story built of wood framing.

Different builders provide different ways of building roofs and insulating the hot attic from the living space in the home. They also provide aluminum hurricane shutters as a standard feature. Where possible, I recommend asking about high impact windows and how they will impact the total cost of your new home. You may not be able to fully count on a handyman or relative to put up your heavy aluminum shutters before a storm arrives.

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NEGOTIATING

common CONTINGENCIES The biggest worry most buyers I work with have is the sale of their current home.

Can the timing of the sale of your current home coincide with the completion of your new home in Lakewood Ranch?

That's something your Realtor up north or in a different part of the state will have to consult with you about. If you'd like me to sell your current home in Sarasota or Manatee County to move to Lakewood Ranch, I'll give you an estimated time frame to sell your current home, tied into a pricing and marketing strategy.

What if your current home doesn't sell within 6 months?

Sometimes, the builder can slow down the work on your new home to extend the build time. Sometimes, they are willing to give you a short extension after your new home is completed. Or, you may be able to put a contract on another home in that community with a longer completion date.

The sale of home contingency is spelled out clearly in the builder's contract.

What if your home sells before your new home in Lakewood Ranch is completed? You might have to put your personal items in storage and look for short term rental housing, which I can help you with.

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DO YOU NEED

an independent INSPECTION? As a Sarasota and Manatee County new homes sales specialist, many buyers ask me about having their own home inspection prior to closing.

Whether it's a re-sale or new construction home or condo, you have every right to have your own home inspection.

As mentioned previously, a new home is inspected

by Manatee County an average of 51 times until completion. The county inspectors are checking for building code compliance.

The county inspectors are not checking to make sure drains work, that electrical outlets are wired properly, and are in the right place.

This is where your own inspection comes in. The best home inspectors work with the builder's construction supervisor assigned to your home, to make sure outlets, electrical boxes, and light receptacles aren't covered mistakenly with drywall.

While you're protected for these types of issues during your builder warrantee period, it may make sense to have an inspector make sure everything is perfect from day one of your occupancy.

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MAKING

an OFFER We've found your new home community, home site, and floor plan. On to the written offer!

Making an offer on a new construction home is a bit different than a re-sale home.

Even if a builder is offering incentives, it doesn't mean you can't make an offer less than the asking price.

Every situation is different. In the mid-range price level ($300,000 to $500,000), I've seen clients offer $10,000 off list and end up around $5,000 off list. In short: Do offer a lower price, but expect just a bit of a reduction when the builder makes their counter-offer.

If you've made a lower offer, expect a response from the builder's management while we're in the sales associate's office.

When ready to sign, it does help to have a mortage qualification letter with you, even if you plan on using the builder's in-house lender.

You should also be prepared to write a check for the escrow deposit, or be able to wire transfer funds from your account(s) by the next business day. While every builder is different, you may only have to put $10,000 down for a quick move-in home as your escrow deposit.

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THE BUILDER'S

contract AND WARRANTIES Every builder has their own purchase and sale contract.

While most of their contract's language matches what we use in Florida for a re-sale home transaction, how the builders handle deposits, contingencies, and inspections can be completely different.

It's a fact that the builder's contract favors the builder. Look at it this way: they have made a significant investment in building your new home, and want to protect their interests.

You can ask for your attorney to review their contract, but keep in mind that the language in the builder's contract cannot be changed. The builder's legal team has approved it, and they will accept no revisions.

If there's something about the builder's contract you don't like, you have two options: 1) Walk away, and shop other builders; 2) Accept their terms with a full understanding of how they will affect you.

Most builders provide warranties for their product. Expect a 1 or 2 year full home warranty, a 5 year structural warranty, and a 10 year roof warranty. These should be spelled out clearly in the builder's contract.

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USING THE BUILDER'S

title and mortgage COMPANIES The larger national home builders, such as Lennar, DR Horton, and Toll Brothers, have in-house mortgage and title companies.

A frequent question I get from buyers is "Can I use my own lender if their rate is better?". The short answer is yes.

You should give the builder's in-house mortgage an opportunity to match rates and terms. In many cases, the builder will provide incentives on closing costs if you use both their title company and lender.

When it comes to title, you're better off using the builder's title company. It makes for an easier transaction. If you use your own title company, they'll likely have to deal with the builder's corporate office, which can slow down the process.

Builder incentives for mortgage and title come and go. I've seen cash buyers get as much as $10,000 toward closing costs. Many builders offer incentives up to $5000 toward closing costs, with other incentives if you are paying cash.

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CLOSING

and SALE Congratulations! Your current home sold and you're ready to close on your new home in Lakewood Ranch.

I have had clients who were given an estimated closing date, only to be surprised that the home was completed earlier than expected. Their concern was that they couldn't be here for the closing from out of state with short notice.

You don't have to be here to close. The documents can be sent to you to sign and have notarized by your attorney or financial institution.

Prior to closing, the builder's title company will give you a preliminary settlement statement that will tell you the balance you need to close (the total down payment on your new home, minus the escrow deposit and closing fees).

Most builders have construction supervisors, with whom you'll be in contact during the construction process. If you plan on being here to close, they will schedule a pre-closing tour of your new home with demonstrations of how everything works.

If you can't be here, I'm your eyes and ears for the final walkthrough inspection. I'll even create a full HD video tour of your new home as a thank you gift.

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A MAP

of LAKEWOOD RANCH

Mallory Park

Summerfield

Country Club

The Isles

- 14 -

LAKEWOOD RANCH NEW HOME COMMUNITIES page

15a Arbor Grande 15b Country Club East 15c Del Webb 15d Esplanade 15e Harmony 15f Indigo 15g Lakewood National 15h Mallory Park 15i

Polo Run

15j

Savanna

15k The Isles at Lakewood Ranch 15l

The Lake Club

15m Waterside at Lakewood Ranch - 15 -

Arbor Grande is a gated, new construction neighborhood located east of I-75 and just south of SR 64. Arbor Grande has both single family homes and villas to choose from. In particular I find the villas to be thoughtfully designed, with lots of curb appeal. # Homes: 305 Price Range: low $300,000's to mid $400,000's HOA Fees: $279 monthly, $1377 quarterly CDD Fee: $1130-$1710 annually Flood Zone: X, low risk Amenities: Club house with Olympic-size pool, natural gas available, spa, pickleblall, dog park, fitness center, activities director Pets Allowed: 2 pets any size - 15a -

Country Club East is a large neighborhood in Lakewood Ranch centered around Royal Lakes Golf Club, a par 72, 7339 yard course. Golf course membership is not required to own a home in Country Club East. # Homes: 1533 Price Range: $400's to $1.5 million HOA Fees: $296-$520 monthly CDD Fee: $2008-$3857 annually Flood Zone: X, low risk Amenities: Golf, community pool, gated Rental Policy: Varies; 8-12 month minimum lease Pets Allowed: Yes, 3 any size Association Management: Self managed Golf Club Membership Required: No - 15b -

Del Webb in Lakewood Ranch is arguably the ultimate expression of 55 and over active adult living.

Drive through the gates of Del Webb and you're greeted with lush landscaping and a winding drive to the impressive 28,000 square foot community club house. # Homes: 700+ to be built Price Range: mid $300,000's to mid $500,000's HOA Fees: $862-$892 quarterly CDD Fee: $1124-$1700 annually Flood Zone: X, low risk Amenities: Club house, tennis, pickle ball, restaurant, pool, gated, bike trails, activities director Pets Allowed: Yes, maximum 2 per household - 15c -

Esplanade is a luxury golf course community in Lakewood Ranch, north of SR 70 at Malachite Drive. As you enter through the gates, you will be impressed by the gorgeous landscaping that surrounds the homes and shared spaces. Esplanade is pet friendly. # Homes: 1000 plus, estimated Price Range: low $200,000's to $1 million HOA Fees: $425-$674 monthly includes golf CDD Fee: $1146-$2691 annually Flood Zone: X, low risk Amenities: Golf, tennis, pickleball, 2 community pools, culinary center coming soon Pets Allowed: Yes, up to 4 any size Rental policy: 3 times per year for town homes, 4x per year for single family, 1 mo. minimum - 15d -

Harmony's designs show attention to detail and give the neighborhood more of an upscale feel. There are also attached ground level villas at each end of the town home buildings, something you don't see in many new home construction designs. # Homes and Condos: 472 Price Range: High $200,000's to high $300,000's HOA/Condo Fees: $180-$247 monthly CDD Fee: $1404 to $1948 annually Flood Zone: X, low risk Amenities: Pool and club house, walking/biking trails, fitness center, events lawn Pets Allowed: Yes, 2 up to 100 lbs.

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The first thing to know about Indigo is that there are no CDD fees.

Indigo is situated in the middle of Lakewood Ranch, near area schools and shopping. It's an active adult community with full time activities director, but it is not a 55 and over community. # Homes: 640 when completed Price Range: $300,000's to upper $400,000's HOA Fees: $187-$250 monthly CDD Fee: None Flood Zone: X, low risk Amenities: Pool, clubhouse, fitness, tennis, pickleball Pets Allowed: Yes, 2 any size - 15f -

Lakewood National is a new golf course community in Lakewood Ranch, east of I-75 off SR70. Homes here are a mix of estate homes, veranda, condominium and town homes. All are maintenance free.

Lakewood National golf will have 36 holes of golf when a new course is connected to existing 18-hole Arnold Palmer-designed course. # Homes: 900 (estimated) Price Range: low $300,000's to mid $400,000's HOA Fees: $430-$517 monthly CDD Fee: $1602-$2636 annually Flood Zone: X, low risk Amenities: Club house, pool, fitness center, basketball court, tennis Pets Allowed: Yes, 1 up to 75 lbs for townhomes/condos, 2 up to 125 lbs for single family detached - 15g -

Mallory Park is a new community of single family homes and town homes that opened in 2016.

One of the first things you'll notice about Mallory Park when you enter the gates is the pleasing coastalinfluenced design. Instead of boring browns and beiges, Mallory Park homes have a soothing pastel palette. # Homes: 220 Price Range: high $200,000's to over $700,000 HOA Fees: $794-$867 quarterly CDD Fee: single family $1709 annually, town home $1,149 annually Flood Zone: X Amenities: Zero entry resort style pool, fire pit, kids play area, basketball court, pickleball, catering kitchen, fitness center Pets Allowed: Yes, 2 up to 60 lbs - 15h -

Polo Run distinguishes itself among Lakewood Ranch new homes for sale by offering solar power and panels as a home buyer option.

Solar panels may be owned or leased. Purchase price is $12,000 to $15,000 depending on the size of the home.

They can be leased for $24 per month, with no up front costs to the home owner. # Homes: 499 when complete Price Range: low $300,000's to mid $400,000's HOA Fees: $822 quarterly (average) CDD Fee: $2250 annually (estimated) Flood Zone: X, low risk Amenities: Club house, pool, fitness center, basketball court, tennis Pets Allowed: Yes, maximum 2 per household - 15i -

Savanna is a new, gated community of single family homes in the northern portion of Lakewood Ranch, between Lakewood Ranch Parkway and Lorraine Road off SR 64.

There are two builders in Savanna, offering larger 3, 4, and 5 bedroom homes on oversized lots, with up to 5100 square feet of living area. # Homes: 500 (estimated) Price Range: low $300,000's to upper $700,000's HOA Fees: $558-$622 quarterly CDD Fee: $1652-$1709 annually Flood Zone: X, low risk Amenities: Community pool and clubhouse, walking trails, gated Pets Allowed: Yes, 2 allowed, breed restrictions - 15j-

the isles at lakewood ranch

The Isles at Lakewood Ranch is a brand new luxury home community coming soon. The location is east of The Lake Club, north of University Parkway.

The Isles at Lakewood Ranch will consist of 470 home sites. The current plan does detail a community pool, club house, and tennis, so expect HOA fees to be very competitive with other similar Lakewood Ranch new home neighborhoods. # Homes: 470 (as now planned) Price Range: Starting in the $500's HOA Fees: To be announced CDD Fee: To be announced Flood Zone: X, low risk Amenities: The current site plan includes a community pool or clubhouse Pets Allowed: To be announced - 15k-

The minute you pass through the gates of The Lake Club, you will feel transported to the Mediterranean. The lush landscaping and architectural design of the majestic club house and surrounding luxury homes are just one reason The Lake Club stands above all other Lakewood Ranch communities. # Homes: 378 Price Range: $700,000's to $1.8 million HOA Fees: $1,595-$4,256 annually CDD Fee: $1,964-$2,823 annually Flood Zone: X, low risk Amenities: Luxury club, pool, trails, fitness center, sauna, billiards, concierge, bar Pets Allowed: Yes. Total of 5 pets, 3 can be dogs - 15l-

Waterside is going to be absolutely amazing. Comprised of 7 large lakes with 20 miles of shoreline, Waterside will have a compelling array of waterside attractions and amenities. A town center called Waterside Place will have shops and restaurants, water taxis, resort-level clubhouse, and a full list of community activities all year long. # Homes: 5,144 Price Range: $400's to over $ 1 million HOA Fees: Varies, up to $3247 quarterly CDD Fee: $2231 annually Flood Zone: X, low risk Amenities: Waterfront, water taxis, club house and pool, restaurants and theater Pets Allowed: No more than 3 domestic pets per home - 15m-

HOW TO

connect WITH ME Office: Berkshire Hathaway HomeServices, 8319 Market Street, Lakewood Ranch, FL 34202 Mobile direct: 941.993.6853 @davidbarrsarasota youtube.com/c/Davidbarrhomes david_barr_broker @davidbarrsarasota

newhomes.davidbarrhomes.com