The city of Richardson offers a peaceful suburban environment to families and plenty of home options, including newly built residential properties.
New construction homes appeal to both seasoned homeowners and first-time buyers because they come with the benefit of owning property in pristine condition.
If you are considering living in this vibrant city, this article can help you decide whether choosing among new homes in Richardson, TX, or opting for older properties would be ideal for you.
Introduction to Richardson, TX
Nestled in the heart of the Dallas-Fort Worth Metroplex, Richardson, Texas, offers a unique blend of suburban charm and urban amenities. This city is known for its high-tech industry, excellent school system, and diverse population.
The Growing Appeal of Richardson
There are many reasons why people are attracted to live in Richardson, including its high quality of life, robust economy, and excellent education system.
Whether you’re single or have a family and are looking for a place to call your next home, you’ll find that this city has everything your lifestyle requires.
Residents enjoy living in a clean and safe environment that contributes to their overall well-being. Richardson has a variety of amenities, such as parks, recreational facilities, restaurants, entertainment, shopping options, reputable schools, and employment opportunities.
New Homes in Richardson, TX
You’ll find a good mix of older properties and new construction homes in Richardson, TX.
Advantages of Choosing New Construction
One of the biggest benefits of newly built homes in Richardson, TX, is that everything is in perfectly pristine condition.
Credit: Image by Naomi Hébert | Unsplash
New-construction homes can be customized. You can choose everything from appliances to paint colors and tailor the house to suit your needs and preferences.
Many new constructions use the latest energy-efficient materials, which translates to financial savings over time.
Some builders offer incentives to buyers to encourage them to purchase. Flexible financing options with a low-interest rate can make buying a new-construction home more affordable in the long run.
Location and Neighborhoods
Richardson, TX, has 33 neighborhoods, with Abrams Road being the most expensive neighborhood, with a median listing home price of $797,000. Cottonwood Heights is the most affordable neighborhood, with a median listing home price of $310,00.
Top Neighborhoods for New Homes
Some of the best neighborhoods in or around Richardson are Canyon Creek, Cottonwood Heights, and Highland Terrace.
The Reservation offers an ideal living environment for families with young children. It is known for its reputable elementary schools that provide rigorous academic programs and numerous extracurricular activities.
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What to Consider When Choosing a Location
There are a few important factors to consider when choosing a location to buy a new construction home in Richardson, TX. This includes amenities, lot location, neighborhood demand, and development.
Proximity to amenities like grocery stores, dry cleaners, restaurants, and other places people frequent is a convenience that will benefit you and your whole household. Aside from commercial areas, other valuable amenities include public transportation stations, parks, and schools.
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When you’re looking at your home options, ask your realtor if there are any new public, commercial, or residential developments being planned. This will give you an idea of how your property value may increase in the future.
Neighborhood demand greatly influences the price of the new construction that you are considering buying. It is important to ensure that you base your decision on the overall advantages offered by the location and not just the affordability of the property.
If the property is located close to a busy highway, it may not be as expensive as a house in a quiet neighborhood, but it can affect how comfortable you are in your new home. It can also affect the salability of your property as well.
Costs and Financing
According to the U.S. Census Bureau and Department of Housing and Urban Development, the median sale price of brand new homes for sale in Richardson, TX, as of November 2023 was $434,700, and the average sale price was $488,900.
The high market value of new construction homes is due to the use of new materials, builder scarcity, market growth, and home value increases. Keep in mind that this may also result in higher property taxes.
It’s important to ask what features are not included in the purchase price. You have the option to customize your new construction home, but this may drive up your expenses.
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Price Range of New Homes in Richardson
The cost to build a new construction home in Richardson, TX, ranges from $100 to $210 per square foot, depending on the grade of construction you choose. This does not include the cost of site work or land.
Below is a quick guide on home building costs based on the grade of construction:
| Grade of Construction | Home Building Cost |
|---|---|
| Standard Grade | $100 to $130 per square foot |
| Premium Grade | $130 to $170 per square foot |
| Luxury Grade | $170 to $210 per square foot |
Home construction costs in Richardson, TX, vary based on the type of work required, your lot configuration, and the grade of construction you select.
Some factors that may increase your home building costs include:
- You want to build a multiple-story house.
- A complex roof with many ridges and valleys
- The house is custom-designed
- You want to add a deck, pool, or patio
- The lot is difficult to build on, such as an odd-shaped or steep lot
- The property is in a high-cost location
- You choose high-end finishes and materials
Some factors that may lower your home building costs include:
- You want to build a one-story house
- The roof is a simple gable or hip roof
- The property is located in a lower-cost city
- You choose standard building materials
- You opt for the pre-designed plan and request minimal changes
- The lot is easy to build on, like a rectangular or flat lot
- Local building ordinances are less strict
- The builder is building multiple houses in the same neighborhood
Financing Your New Home: Tips and Tricks
One of the biggest advantages of construction loans in Texas is that they can be used to finance the purchase of a property as well as construction costs, providing a significant financial advantage to buyers.
If you are considering a new construction home, it is best to talk to an experienced construction lender about the possibility of taking out a construction loan.
Conclusion
If you’re currently planning to buy a house, I hope that this article has helped you decide whether purchasing a new construction home may be a great option or if buying a built house would be a better route.
It might also be a good idea to explore new homes for sale in Richardson, TX, and I can help you! Give me a call at 214-708-3241 or send me an email at Bill@BillClarksonRealEstate.com to schedule an appointment.
Frequently Asked Questions
What are the benefits of buying a new home versus an older home?
Some of the benefits of buying a new construction home are fresh paint, modern floor plans, and updated appliances.
What financing options are available for new homes?
Texas construction loans are available to finance the purchase of a property as well as the construction costs associated with it.
What is the average construction timeline for a new home in Richardson?
Building a new construction home in North Texas typically takes 10 to 12 months.
