If you’re looking to buy a new home, you might have come across the term “new construction.” Here’s a look at what that might mean for your potential house.
What is new construction?
New home construction essentially means that the house was built recently and doesn’t have a previous owner. This might mean you’re looking at a house that is being built on speculation in a new subdivision (pre-planned development by a builder or combination of builders), having a semi-custom home built as part of a development, or even considering designing your own home.
What are the pros of new construction?
The biggest difference with new construction is that there is no previous owner. This can be an advantage because you won’t have to deal with a previous homeowner in the negotiating process. This can take a lot of stress out of the buying process.
Another pro to new construction is that you typically get to have some say in the final product. Semi-custom homes in new subdivisions often allow the buyer to customize most all finishes and upgrades. If you are designing a fully custom home, the sky (and your budget) is the limit.
What are the cons of new construction?
There are many things to consider before jumping into new home construction. One, many newer subdivisions are far outside of the city and often have lots built right on top of each other. They also can be pretty cookie cutter in appearance. You have to decide if these things matter to you.
A newly constructed home also means you may have a brand new lawn that needs extra care. It also means you’ll be waiting 20 years for those saplings to become the beautiful trees found in older neighborhoods.
If you are considering buying a home in a new subdivision, work with a real estate agent who knows the area well and can help you determine if new construction is the best route for you.