[Comprehensive Guide] Pros & Cons of Purchasing New Construction Homes
New construction homes have many enticing benefits, which explains their increasing popularity. They allow buyers to choose nearly everything from the building construction materials to floor plan layout, making new construction homes a worthy contender in any home search.
But before delving into your pockets to splurge on one of these newly built homes, it’s paramount that you consider the advantages as well as the potential downsides to ensure you make an informed decision.
Upsides of Buying a New Construction Home
● Endless Customization & Personalization
One of this option’s top benefits over others in the home search space is its endless customization. It allows builders to push their imaginations and showcase their exemplary craftsmanship to create a tailor-made home that meets customers’ expectations.
Not just builders, customers can explore different designs and ideas to reflect your unique tastes, personalities, and preferences. This is an opportunity for builders and buyers; you rarely get with existing homes.
The best you can get out of existing homes is remodeling and changing out the old furnishings and fixtures. So, suppose customization and personalization are the priority. In that case, new construction homes should appeal to you and be the best way to go.
● Best Sanitary Home
Newly constructed homes offer the most sanitary habitat for you and your family. They come with the latest sealants and materials for a cleaner living space, which have never been used by anyone, making new construction homes a top contender in any home search.
However, there are some downsides to the new materials, which will be discussed in detail later in the cons section. All in all, moving into a newly built home is a great feeling and eliminates the hassle of dealing with the nasty surprises of older homes.
● No Update Required
Existing homes for resale require some fixes and updates to ensure they’re saleable and enticing to customers. Despite the already-made updates and renovation, buyers are more likely to update some features, from flooring patterns to color.
However, with newly built homes, every product, material, and design is contemporary and vogue. You build everything from scratch, one of the top benefits new construction homes have over existing older homes.
● Energy Efficiency
The rising utility cost has been a massive concern for most homeowners, especially in 2021. But, new homes are designed with energy efficiency in mind for relatively cheaper utility costs. This way, you don’t have to worry about monthly gas and electricity bills.
How’s this possible? New construction houses feature the latest door seals and trim, better wall insulation, vinyl windows and a lot more to cut down the energy needed to cool and heat your home. In the long run, it helps save money on utility bills which helps offset the high upfront cost of new construction homes.
● Low Maintenance
Unlike existing, older homes, new construction homes require less maintenance. You don’t have to worry about your AC unit breaking a few days into summer or the roof leaking.
Brand-new homes allow you to live with fewer headaches. Even better, the builder’s warranty protects you when things get faulty in your newly built home.
● Covered by Home Builder’s Generous Warranty Policies
Working with a builder comes with warranties you won’t get on new homes. Although you can purchase an aftermath home warranty, it won’t cover every item. Plus, insurance won’t go beyond significant events.
On the other hand, home builders offer warranties that cover every incident within their time frame, usually two years. Keep in mind that home builders are not the same. Therefore, you should expect different warranty policies and other perks to sweeten the deals. So, do your due diligence before settling for a particular home builder.
The Downsides of New Construction Homes
● On The Pricey Side
Averagely, the cost of owning a newly built home is 20% more expensive than an older one. However, this value hinges on the price range and area of the home. The higher price does not sway many buyers because of all the perks they want to enjoy.
Also, builders easily get first-time homebuyers to make the mistake of choosing from one of their models, which will be way more expensive than the traditional ones available in the community. If you are a rookie, it’s smart to seek the help of a real estate agent to ensure you make an informed decision.
● Limited Options
While you get to choose everything just how you want it, the range of options is limited to whatever the home builders present in the showroom. Hence, if you desire something that’s not present on their list, it’s likely you won’t be able to get it.
Home builders love to work with the premium materials and products they are familiar with. Meaning, they will likely compel you to drop your idea and stick with theirs – why? Working with their commonly-used materials and products gives them the confidence to promise a generous warranty period instead of installing unfamiliarized products.
On the flip, purchasing an older home allows you to add several desired custom items from your preferred third-party vendor. This is one restriction you’ve to bear working with home builders.
● More Expenses
When purchasing an existing home, it’s easy to budget since there is a set price and no likelihood of other expenses. The same cannot be said for new construction homes. Knowing how much is needed to build a new home from scratch is difficult.
There is no way to determine the other cost the builders might charge before closing on your custom-built house.
● Timeline
If you have a short timeline, purchasing an existing home is the way to go. But with a newly built house, it takes more than three months before it’s completed and ready to move in. Thus, it’s not an appealing option to people living in temporary housing looking to move out quickly.
Conclusion
Owning a home is never a small investment, and it’s essential to make an intelligent investment. There isn’t any one-size-fits-all option. It all hinges on your preference, style, timeline, and budget, among many others.
Nonetheless, new construction homes offer a lot of perks, including a chance to have a home that matches your style and preference. However, these appealing benefits come at a salty price and take longer to complete before you can move in.
All in all, take your time before making a decision. Consult with a real estate agent to ensure you get the most out of your decision.