Buying a newly built home or one that’s been previously lived in have their advantages and both have people who love them.
A newly constructed home is the most expensive item most families will ever purchase, easily more expensive than buying a previously owned home. However, the trade-offs are worth considering.
Benefits of Buying a New-Built Homes
- A new construction home is built with superior building materials and modern features of the current time, making it more energy efficient, easier to maintain for years to come, with lower monthly utility bills.
- A new construction home is behind-the-walls connected with built-in features that meet future technology demands.
- A builder-seller often has a lender partner who helps determine the best loan options, and offers warranties for materials and workmanship not typically found in re-sales.
- A variety of house plans, and professional interior designers help personalize and customize the house to meet your lifestyle preferences before you move in.
The Downsides of Buying New Construction
As a good friend likes to say, with anything in life, there is always a however –.
- A new construction home is more expensive than buying a previously owned home, easily as much as 20% to 50% higher.
- They are typically built without any landscaping included. Or if included, at a minimal amount usually in the front of the house. So, the new homeowner has to complete the remaining landscaping and wait the many years it will take for it all to mature.
- A new construction home is not typically built in an established neighborhood.
- Will lose out having traditional features (e.g., original wood floors, woodwork, ornate details, or other “historical” preferences).
As the housing market continues to recover, new homes will be a growing share of overall sales. Does buying one make sense for you?
Next post: Why an agent is very important in a new-built home.