If you’re considering taking the leap into home ownership, you’re going to be faced with a number of options. Not only will you have to determine your budget and location, but also whether you’re opting for new construction or a resale home.
Let’s face it, buying new construction isn’t for everyone. While there are benefits in purchasing new construction, there are also undeniable setbacks. It’s important to acquaint yourself with the facts before making your decision.
If you’ve been debating the pros and cons of buying new construction, you’re going to want to read this. We’re outlining the good, the bad and the in-between when it comes to purchasing a home that is brand new.
First things first, when you purchase a new construction home you can rest assured that it is move-in ready.
When you walk through that front door on closing day, there’s not a single renovation or upgrade that needs to be targeted. Instead, furniture and belongings can be moved-in immediately and the home is ready to be enjoyed.
This is especially helpful to those families that either have or are expecting a baby on the way. This allows the family to move-in without the worry or the requirement to make the home livable.
Brand New Home
With a new construction home, each and every aspect of the home is new. This includes aesthetic elements such as flooring, cabinetry and appliances. It also includes more complicated elements such as the roof, HVAC system and the foundation.
When you purchase a new construction home, you are avoiding having to replace or repair expensive elements such as the roof. Let’s consider that a typical asphalt roof has a lifespan of twenty years. When moving into a resale home, it’s possible that you will have to repair or replace the roof shortly after move-in.
With brand new appliances and systems, many new construction homes will feature green appliances. Not only will this minimize your environmental footprint, but it’s also wallet-friendly and will help to lower your bills.
Fewer Maintenance Costs
During the first few years in a new construction home, the residents can look forward to minimal maintenance costs.
Because the systems and appliances are brand new, it’s unlikely that these elements will require immediate repair. Instead, the homeowner can have peace of mind that the need for any repair is unlikely to take place any time soon.
Many appliances and systems in a new construction home will also come with a warranty. Because the resident is the first person to live in the home, this warranty is sure to last for a very long time.
Ability to Customize
One of the most enticing elements of purchasing new construction is the ability to customize.
While most layouts and designs are based on a standard floorplan, the buyer is able to make changes. This means the buyer has the ability to pick paint colors, flooring, kitchen design and even determine certain aspects of the layout.
Sure, many new construction homes may appear to be cookie-cutter at first. But, the ability to customize the home allows each home to be unique to the residents. This helps to ensure that your home feels personal and suits your exact style and aesthetic.
Not All Builders Are Trustworthy
Unfortunately, it’s a concrete fact that not all builders are created equally.
While some builders have a fantastic reputation for quality and timeliness, this isn’t true for all builders. Some builders are notorious for constructing poor quality homes or even abandoning projects.
If you’re considering new construction, it is essential that you research your builders and read reviews! Be sure to read into their past projects and even visit their existing projects.
Upgrades Are Not Cheap
When you first step into the model home of your potential builder, it’s important to remember that home is full of upgrades. Remember, they have created this home without a budget and with the job of attracting buyers.
While the hardwood floor throughout is enticing, remind yourself that this is most certainly an upgrade. Just as this home may have a solid brick exterior, remember that this is also an upgrade.
Ensure that your sales representative is being upfront with you about what the standard home entails. While there are countless options for upgrades, these upgrades can be costly and place you well over-budget.
Minimal Room For Negotiating
In purchasing resale homes, there’s an element of negotiating that is possible between the parties.
Although the home may be listed at one price, it is sometimes possible to negotiate a lower price. This is especially the case in a buyer’s market and if there is minimal competition.
However, with new construction homes, the price is often concrete. In most cases, there is little room for negotiation and what you see is what you get. Remember, builders resist negotiating their pricing as it lowers the pricing of the comparable homes they are trying to sell.
Buying New Construction: Is It Worth It in the End?
In 2017 alone, there were nearly 614,000 new construction homes sold in America.
For many, the choice to settle on a new construction home was based upon convenient pricing as well as the ability to customize and simply move-in. However, it’s safe to say that it’s not always a walk in the park when it comes to new construction homes. In terms of negotiating, most pricing is relatively fixed and the initial pricing usually fails to include any upgrades.
If you’ve been considering buying new construction, it’s best to acquaint yourself with all of the facts beforehand. While it’s a fabulous decision for many, buying new construction isn’t for everyone.
If you’re looking to create more space within your existing home or add an element of customization, don’t hesitate to view our services page!