Statistically, when most buyers are given the choice between brand-new or used, the majority will choose new. There’s something alluring about a brand new home that’s built just the way you like it. In today’s current market, new homes are more affordable than you might think. However, there are two sides to every coin. Here are some pros and cons to buying new construction.
- The builder will work with you to customize the home before it’s completed. The home will have your personal touches throughout the house the day you move in. You, not a previous owner, will select flooring,cabinets, counter tops, and more.
- New homes offer modern floor plans. Today’s buyer wants an open concept floor plan. This means large family rooms that open to the kitchen and eating areas. Older homes were often built with compartmentalized rooms and included both a formal dining room and a formal living room.
- Maintenance costs within the first several years will be low. Since all of the big-ticket items are brand new there shouldn’t be large unexpected expenses. Additionally, builders offer a 1-year warranty and some offer up to a 10-year warranty.
- Utility bills will be minimal. Today’s building materials are more energy efficient than ever before. Energy star appliances, more efficient HVAC systems, and energy efficient windows can save the owner(s) on those monthly utility bills.
- One of the main disadvantages of new construction is linked to location. Most undeveloped land is away from city centers. You may have to consider a longer commute in your decision making process.
- There could be no neighbors or unwanted neighbors. If you’re one of the first to move into a neighborhood you may be staring out at piles of dirt for quite a while. Or you may also have construction crews working around the clock.
- New construction typically costs more than re-sales, but the additional expense is often worthwhile. What you might not be able to negotiate down in price you may be able to get the builder to add into upgrades.
- Every upgrade and customization will likely have a price tag associated with it. The model home could blow you away and you want it replicated for your own house. A lot of small charges can add up to one carried-away purchase price.
- A new neighborhood may lack mature landscaping. Clearing of streets and lots will take awhile to grow back. Also, grass will require owner upkeep to coax into fullness.
- Property size and space between neighbors may be less than desirable. Newer neighborhoods are often strategically developed to maximize the quantity of homes within a given plat of land.
- The last and possibly the largest disadvantage of new construction is that it can take several months for a new home to be built. You can move into an older home, typically, within 45 days from contract. A custom built home can take, on average, five to six months. If you’re in a position to buy without selling your current home OR if you are renting, time is on your side and new construction is a great option.
While it may seem that buying new is the perfect choice, there are matters of personal preference to consider. It all comes down to weighing the good with the bad. Which route is best for you? Do you think that new construction is right for you? Check out Homes.com’s new homes!