Buying a home comes with many decisions. One thing you've likely considered is whether or not a new construction home best fits your idea of a dream home.
But is buying a new construction always better? Are you looking for that new house smell, or do you find mature landscaping and character more appealing? Let's explore together - keep reading as we break down the pros and cons of new construction.
A new construction home is a house that has never been lived-in. It's typically built on a piece of land that was purchased by a developer with the purpose of building a new home for prospective buyers.
New construction can also refer to a new home that you are building yourself on property you already own or have purchased.
New construction homes are increasingly popular among buyers. Here are some reasons you may want to consider a new construction for your next home.
Many new construction homes, especially if purchased early in the building process, come with the option to customize parts of your home before you move in. This can include finishes, colors, general style, flooring, lighting and cabinetry, and even changes in layouts.
Buying your home new from a builder may give you the flexibility beforehand to build the perfect home for you (from the start).
Home design has changed immensely over the decades. By buying a new home you're more likely to get the latest amenities and design. This can include anything from smart home features or layouts that are popular among new homes.
New homes are built with newer materials. New materials tend to be much more energy efficient than materials used to build homes in the past. This can help you save on heating and cooling costs, which can save you a ton in the long run.
Many new homes come with builder warranties and appliance warranties. This means you'll enjoy peace of mind for the first few years, that if something goes wrong, you won't be on the hook for the cost.
While that new house smell may be must-have for some homebuyers, a "dream home" is indeed a very personal and subjective perception and experience. Let us explore some of the reasons buyers often shy away from buying a new build.
New construction homes can cost more than comparable homes that are pre-owned. You might face more costs if you opt for upgrades or run into rising material costs.
Depending on where you're searching, there may not be as many new construction homes available, leaving you with fewer options when it comes to shopping specifically for new construction homes.
New construction homes can often be subject to delays. Unlike buying a pre-owned home where you have a set closing date when you put in an offer, new builds aren't usually available right away.
Depending on when you purchase the home, it can be months before you can close and move in. And if there are challenges with materials, your move-in date can get pushed back.
While new homes can be shiny and pretty when you move in, they can also come with their own unique set of challenges. Common issues include off-gassing, where paint and other new materials release a smell, and settling, where a new home takes a while to adjust to seasons and in the ground. This can cause minor cracks in the home within the first year.
While these issues are typically resolved over time, they can be frustrating for the buyer.
Like many questions in real estate, the answer is that it depends!
An experienced agent in your area can help you understand the differences between new constructions and pre-owned homes in your area. They can help you compare costs and are likely also familiar with local developers and can give you information based on their experience. Most importantly, they can help you determine what is important to you - what are the must-have features - what are the deal-breakers etc. Are you looking into a an established neighborhood with mature landscaping? Or are you head-over-heels in live with the latest trends in architecture and design?
Going through that exercise will help you make an informed decision and determine if a new construction is the right fit for you.
We hope this article was of value to you. For more great tips, bookmark our site and for all your mortgage needs, visit the A Team at TMFFMS.
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