5 Pros and Cons of Buying a New Construction Home
Buying a new home is one of the biggest milestones and financial decisions a person can make. It is a huge decision, and the paperwork is no joke. Make sure you don’t have the short end of the stick before making a final decision.
If you are thinking of buying a new construction home before the end of 2021, now is the time to decide. Here are five pros and cons to consider before buying new construction.
What Is New Construction?
New construction has a broad legal definition. In this context, new construction homes are where the buyer is the first one to live. This is for whether it is semi-custom, full custom, or built on spec.
For example, you can buy a plot of land and then hire an architect, builders, and the like. Here, you are more hands-on with the new house construction. Otherwise, you can buy a complete home and property from a developer. Whatever you decide, you should really consider multi generational homes as they are big enough to accommodate a big family and last long for many years to come.
1. Pro: It’s a New Home!
One thing that makes new construction homes desirable is the mere fact that they are new. Nobody lived there before, so you can rest assured that the wear is minimal. There are fewer surprises to be wary of, even more so if you oversaw construction.
2. Con: They Can Be More Costly
Like most other purchases, new homes are more expensive. The extra cost of new construction homes is about 20% more than a resale home. While there are new construction home loans to help you out, this is a big consideration.
Before deciding on anything, weigh whether this is worth shelling out for a new home. Entertain other possibilities. Check out Wemertgrouprealty.com to explore your other options.
3. Pro: They Let You Save on Utility Bills
New homes are more energy efficient for being less “lived-in” and worn. This is also because they tend to have better insulation, windows, and doors. It will take less energy to tweak the temperature of the entire house because of this.
4. Con: The Timeline
The timeline for building a new home is unpredictable. It may take up to a whole year after construction before you can move in! The timeline difference is why many opt for resale homes.
5. Pro: You Are in Charge of the Landscaping
Construction is bad news for the vegetation in an area. This is why new construction landscapes will not be well-maintained like resale homes. You will have to invest in landscaping if you go for a new construction home.
This doesn’t have to be a bad thing! It also means that you will have more creative freedom with it. If you are one for projects like these, it may even be an incentive.
More Tips for Home Buyers
There will always be something to buying a new construction home. It can be rewarding, but it’s not the best financial decision for everyone. These five pros and cons should help your decision, but remember that it will depend on you and your situation.
Home buying is a huge undertaking. Do you need more help with this? Check out our other blog posts to discover more home buying tips.