It’s big, it’s bright, it’s beautiful… a dream come true? Buying a new construction home has a ton of pros and a few cons. Get the full picture here.
PROS
- IT’S BRAND NEW: It comes clean and neverbeen-lived in. There is less
of a chance that things will break down. - FINANCING OPTIONS: You may be able to include extra costs and
upgrades in your mortgage. - CUSTOMIZATION: Make it your own with custom finishes such as crown
molding, trims, countertops & flooring. - NEGOTIATE PRICE: You may be able to negotiate a lower price with more favorable terms with the help of your Realtor who will have comps along with information on other incentive programs for new construction home buyers.
CONS
- LIMITED WARRANTIES: Some contractors only offer proprietary home
warranty plans. - CUSTOMIZATION: Make it your own with custom finishes such as crown
molding, trims, countertops & flooring.
WANT TO PICTURE THIS FOR YOURSELF?
Here are some scenarios of people who may get the most value from buying a new construction home.
First Time Homebuyers
If this is your introduction into the world of home ownership, a new home may be just the ticket.
You’ll avoid several of the pitfalls that come with owning an older home. As a fresh homeowner, you may not have the experience to do repairs yourself. With a new build, your place will come outfitted with brand-new appliances that are still under warranty.
In addition to avoiding maintenance hassle, you’ll also save big money on fixing or replacing items that fall into disrepair. If you’re not able to handle a giant bill for a new roof or HVAC, a new home may be the right choice for you.
Empty Nesters
Once all the kiddos are gone, you don’t have to worry about biannual rug replacement or routine maintenance from wear and tear. This may be the time to make an investment in your forever home. As you get older, you’ll want the peace of mind that a home is well-constructed and doesn’t have any foundation or structural surprises.
A new build is a great way to know that you are getting into a beautiful home that won’t need work a couple of years down the road. You can outfit it with all of the finishes you always wanted and choose the rec room model for when the grandkids come to visit.
Young Families
Want a home that’s smart, integrated and controlled at the touch of a screen? A new build is the best way to ensure that your home can be outfitted with all of the latest tech.
If you are into the idea of smart cameras, smart appliances and voice-controlling your blinds, new construction is the way to go. Also, depending on where you live, older homes may have some potential hazards, including outdated materials or plumbing.
If you have the option, you can get all of the features PLUS all of the safety by purchasing something new.
Looking for an Upgrade
Once you’ve racked up some equity (or gotten that promotion), you may be looking to upgrade. Busy professionals who are upwardly mobile can get something prestigious and pristine with a newly built home.
New construction has all of the perks of being in a great location and most
likely filled with other go-getters. You can find new builds popping up within
a great commute distance from most major cities. These are also being
updated to have green integrations, solar power and other innovative
solutions. When you want the home of your future, a new build may be the
right path.