Tysons Corner, VA

Welcome to New Homes, a monthly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

When you’re buying a home, you have to make lots of decisions — where you want to live, what type of house you want to look at, and most importantly, deciding between moving into an older home or building a brand new one.

There’s no getting around it: up-front costs of building a new home are more expensive than buying one that already exists. However, the average home sales price continues to climb in the Northern Virginia region. In July, the average home sales price was $619,082, up 1.58% from July 2018.

But just because the sticker price of an older home is significantly less doesn’t mean that there aren’t additional hidden costs associated with it. Older homes can potentially come with a barrage of problems, which requires extra cash to fix.

So, should you buy a new home — and can you actually afford to do it? Here’s a breakdown of everything you need to know about buying a new home versus an old one, plus the logistics of securing a loan.

Weighing The Pros And Cons

When trying to determine if you can afford a new home, it’s important to know all of the pros and cons before you buy. Here are some things to consider:

Additional Maintenance: An older home may be fine today, but eventually there will be maintenance that you’ll have to take on.

Warranty: An old home doesn’t always come with a warranty like a new home will. In many states, including Virginia and the District of Columbia, home builders are legally required to provide a home warranty for at least a year on workmanship and materials.

Age of Appliances: An older home may come with new appliances or may not. The average cost of replacing appliances can range between $350 and $8,000.

Renovation Costs: Not every room in an older home will be your taste, which could cost extra money for renovation. A new home can be designed exactly to your specifications.

The Logistics Of Buying A New Home

Buying a new home has a slightly different process than buying an existing home. Here’s what you need to know:

You’ll need to secure a construction loan — A construction loan is needed to pay for the work to be completed on your home. You can secure a stand-alone construction loan and then get a regular mortgage later, or a construction-to-permanent loan (which combines the two).

A construction loan requires a bigger down payment because it is considered “riskier” for the lender, and the interest rates are typically higher than a traditional home loan.

You may need a jumbo mortgage — Because new builds are more expensive, you may need a “jumbo mortgage,” or a home loan that is bigger than the conforming loan limits (a fancy term for the maximum amount Freddie Mac or Fannie Mae is allowed to loan). To qualify, you’ll need a credit score of at least 680 and a debt-to-income ratio of 43% or lower.

Here are some current options for buying new homes in the Tysons area:

Want to learn more about buying or building a brand-new house?  Three Stones Residential specializes in matching homeowners with the right builder and lot location. If you have any questions about new homes or builders, please email us at [email protected] today to get into your dream home. Let us help you love where you live.

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

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Welcome to New Homes, a monthly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Deconstruction vs Demolition

What is the difference between Deconstruction and Demolition?

When a home is demolished the waste is simply torn down and then hauled away to a dump. Deconstruction is when a certified company takes apart the home carefully and attempts to reuse or recycle every part of the home possible.

What are the main benefits of Deconstruction vs Demolition?

  • Reduce the environmental impact of the demolition process and reduce the carbon footprint of your new home
  • Significant tax benefits in the legal write offs allowed by the federal and state governments
  • Mentoring and on-site training by licensed general contractors for non-profit organizations for individuals seeking employment in the construction field who often don’t have access or intro level opportunities

How much of a tax benefit do I receive through the deconstruction process?

There are upfront costs associated with deconstruction that aren’t applicable in a simple demolition, however, the tax benefits can be upwards of $50,000 dollars for a 2000 sq. ft. home (based off of a 38-40% tax bracket).

While it may cost $25,000 to deconstruct, if you save $50,000 on your taxes your net is approximately $25,000 in savings overall. This doesn’t include the positive environmental and social benefits either!

If you have any questions about deconstruction and some local companies that work within this field please email us at [email protected].

Without further ado, here are some current options for buying new homes around the Tysons area:

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

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While life continues on at other parts of Commons of McLean, a residential complex between Tysons East and Pimmit Hills, a collection of buildings at the southernmost point of the property are being reclaimed by nature as they await reconstruction.

The property was separated from the other residences at the Commons of McLean when it was purchased by Toll Brothers.

Mark Simms, the vice president of land development at Toll Brothers, said the property is planned to be converted into 211 townhomes and condominiums. The new properties are planned to be offered for sale starting spring 2020.

Currently, the area is a Chernobyl-like clearing of empty homes and litter dropped by people using the homes as a cut through. Weeds have started growing up to knee or waist height in front of some of the buildings and birds are nested in the cutaways for appliances in the sides of former homes.

Ashley Hopko contributed to this story

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Welcome to New Homes, a monthly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Deciding to build your own custom home does not need to be scary, nor does it have to be stressful. However, it does mean you will have to make a ton of decisions from insulation type to lighting fixtures, door trim, and dozens of other areas.

That is why finding the 3 “R” are critical to success and happiness when building a new home: Right Builder, Right Time, Right Lot.

Here are five reasons to build, not buy, your next home:

  1. Get What You Want — When you build your own home, you are involved from the ground up, choosing the style, colors, size of your home, the number of bedrooms, etc. to create the home you have been dreaming of.
  2. Walk Into Equity — When you are able to find your own lot and hire a custom home builder with an average profit margin, you typically walk into immediate equity in the home once it’s completed.
  3. New Home Smell And Warranties — Nothing beats the feeling of driving a car nobody else but you have owned, with that new car smell. The same applies for a house: building a new home typically means less repairs and maintenance which can save both time and money.
  4. Green Features — Homes that are more than 10-15 years old did not always have features that took the environment into mind. When you build your own home, green features could be added easily, and with some builders come standard.
  5. Location, Location, Location — The most important term in real estate! When looking to build your own home, it is generally easier to find the location or neighborhood you want to live in, and build the home you want.

Without further ado, here are some current options for buying new homes around the Tysons area:

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

Three Stones Residential specializes in matching homeowners with the right builder and lot location. If you have any questions about new homes or builders that you’d like us to highlight please email us at [email protected].

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Ten acres of vacant St. Paul’s Lutheran Church property at the intersection of Leesburg Pike and Idylwood Road could soon be redeveloped into a residential neighborhood.

A zoning application to the Fairfax County Board from developer Toll Mid-Atlantic LP Company requests permission to build 67 residential units — a mix of 39 single-family and 28 multi-family units.

St. Paul’s facilities at the site were built between 1954 and 1967, but have been vacant since Lutheran Social Services moved to the primary St. Paul’s building.

The church property sits at one corner of a busy intersection, requiring transportation improvements in the project application. Approval of the homes would require frontage improvements to Idylwood Road, a dedicated right-of-way along Leesburg Pike for a future right turn lane and a few other local road connections.

“Collectively, these road improvements will mitigate the impact of the vehicle trips generated by St. Paul’s and the Proposed Development, and will provide greater benefit than the previous commitments,” the developer said in the application. “The applicant proposes an eight-foot asphalt trail along Leesburg Pike, an eight-foot concrete sidewalk along Idylwood Road, and a bus shelter at the corner of Idylwood Road and Leesburg Pike.

The deal would allow St. Paul’s to finance a long-planned family life center. The facility would increase the overall size of the church from 17,196 square feet to 27,928 square feet.

According to the application:

The purpose of the approved expansion is to create a new family life center for use by the congregation and the community. Since the approval of the family life center… in 2005, however, St. Paul’s has been unable to construct the building due to financial constraints and the significant cost of the project. As a result, St. Paul’s has entered into an agreement with the Applicant to sell a portion of the property… which will provide the funding necessary for St. Paul’s to achieve its long-term goal of developing the family life center.

The project is tentatively planned for a Planning Commission hearing on Sept. 25, with a Board of Supervisors hearing to be determined.

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Welcome to New Homes, a monthly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

First, we need to understand who the top builders and influencers are that are reshaping our communities…

Deciding to build your own custom home does not need to be scary, nor does it have to be stressful. However, it does mean you will have to make a ton of decisions from insulation type to lighting fixtures, door trim, and dozens of other areas. That is why finding the 3 “R” are critical to success and happiness when building a new home.

Right Builder, Right Time, Right Lot. Let’s continue to meet some of the top builders in NOVA with experience building quality homes for clients every year.

Meet The Builder: Matt Rzepkowski of MR Project Management.

What differentiates you from other builders? 

When you build a home with MR, you build a home with me personally. I live in the area and I visit every room of every house every day. We’ve built over one hundred homes in the Arlington, McLean and Falls Church areas, the vast majority of which were built using the same subcontractors with whom we’ve partnered with for over a decade.

Consistency, attention to detail, and personal customer service are the hallmarks of MR.

How many homes have you completed in the last 12 months? 

We built 27 spec and custom homes last year. The business has grown steadily since its inception and we attribute that to providing a great home for our clients and also providing over the top customer service. We have done limited marketing over time and almost all of our custom clients and sales come from existing customer referrals.

How long have you been building homes and how many people work on your team? 

I am a third generation home builder and both my dad and grandfather were custom homebuilders, so at some level I have been building and working in the industry my whole life. After college I worked for a national homebuilder and went through their training program for a couple years before moving over to the custom home side.

Today, the MR team consists of eight people and almost everyone on the team I have known or they have been working with me in some capacity since I started building custom homes fifteen years ago.

What counties have you built in?  

Arlington and Fairfax County, but within Fairfax we really just build in McLean and the Falls Church area. We try to keep all of our projects to about a five mile radius so that we can visit each project multiple times a day and spend most of our time onsite and with clients as opposed to in the truck driving between projects.

What is the most popular model you build?

Everything we build is custom for each individual client and site and we do not have standardized models. However, there are certain design and build concepts that carry through to all of our homes including detailed craftsman trim work, a great kitchen design, spectacular master bedrooms and spa like baths, large rec rooms in the basement and a flex room on the main floor that doubles as a home office, playroom or additional bedroom.

Here are some current homes that MR Project Management has on the market:

Three Stones Residential specializes in matching home owners with the right builder and lot location. If you have any questions about new homes or builders that you’d like us to highlight please email us at [email protected].

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