Just like getting a new car, buying a newly built home means owning something brand new. However, new construction has its downsides too, so it’s important to think about both the pros and cons. Here are some benefits and drawbacks of buying new construction.
“New construction” can refer to single-family homes, multi-family homes, condos, or townhomes. It also includes “planned new construction,” where the buyer can be involved in the design and decision-making process.
Pros of New Construction
Brand new
One of the greatest advantages of newly built homes is that everything is completely new. You’ll be the first to live there, use the appliances, and turn on the lights. Everything will be in perfect condition, and you likely won’t need to make any expensive repairs for a while.
Customizable
With some new-construction homes, you can select everything from appliances to paint colors, customizing the home to meet your needs and preferences. Many buyers find that established homes in their price range often require significant updates and renovations. New-construction homes are appealing because they offer the opportunity for personalization right from the start.
Plus, considering the country’s current housing shortage, it can be hard to find an existing home that suits all your needs. Building a new one can help you get just what you want without waiting for it to come on the market — or worse, losing it to a higher bidder.
Energy efficient
Many new-construction homes use the latest energy-efficient building materials, which means you could save money on energy costs over time.
Buyer incentives
Some builders offer financial incentives, including flexible financing options, to encourage buyers to purchase. These incentives — especially if they get the buyer a lower interest rate — could make a new-construction home more affordable in the long run.
Cons of New Construction
Longer timeline
If you need to move into a new home quickly, buying new construction or a home that’s still being built might not be the best option. One of the biggest disadvantages is the time it takes to complete, especially if you’re involved in the design process. It could take three to nine months to move into a newly built home.
Higher cost
If you need to move into a new home quickly, buying new construction or a home that’s still being built might not be ideal. One major drawback is the time required for completion, especially if you’re involved in the design process. It can take three to nine months to move into a newly built home.
Limited negotiating power
If you need to move into a new home quickly, buying new construction or a home that’s still being built might not be the best choice. A significant drawback is the time it takes to complete, especially if you’re involved in the design process. It can take three to nine months to move into a newly built home.
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