Buying a new construction home is pleasant as you get to purchase a freshly built property in pristine condition, but it also has its downsides. It’s important to consider the advantages and disadvantages of purchasing a new construction home before finalizing the decision.
New construction homes come in all shapes and sizes, there are multi-family and single-family homes, as well as condominium or townhome properties.
In this blog, we will try to help you make a decision that fits your needs by discussing the pros and cons of new construction homes.
The Pros of New Construction Homes
Buying a brand new home is exciting as the property is in pristine condition and you can moderate it easily. Moreover, some buyers participate in developing new home construction projects. Here are the pros of new construction homes:
Brand New
A new construction home is entirely brand new, every wall, flooring, and ceiling is new. You don’t have to worry about redoing every scrap of the design. Moreover, you will be the first person to live on the property and use its appliances. As the property is entirely new, it’s unlikely that you will have to plan expensive renovations shortly. Therefore, newer homes also promise lower maintenance costs.
Customizable
A brand new construction home has no old wallpaper and paint you will have to get rid of to personalize it. Everyone wants to live in a custom home that is personal to them. A new construction home is easy to customize and make your own, change the structure, and decide what purpose each space should serve.
In the current housing market real estate supply is limited, therefore, it may be extra difficult to purchase a home that fits all of your needs and is designed exactly as you’d like. Easy customization is one of the biggest advantages of new construction homes.
Energy efficient
Modern homes are built to be more eco-conscious and therefore – energy efficient. Energy efficiency in a home allows you to save a lot of money on bills for the duration of residency on the property.
The Cons of New Construction Homes
Although new construction homes offer many advantages, they also have their disadvantages that may make it inconvenient for buyers to purchase.
Longer timeline
Moving into a new construction home takes longer time than moving into an older house. It takes time to set up each appliance and make sure everything is running smoothly. It takes especially long if the buyer is involved from the beginning, it takes months to plan and construct a design for a new home.
Higher cost
Perhaps the most unpleasant of all disadvantages of new construction homes is the higher cost. Brand-new homes are valued higher and it costs much more to upkeep a new property and get every appliance up and running. Designing the home, putting up wallpaper, and laying down flooring takes a long time and is quite expensive adding to the value of the property.
When you are buying an older home, you may not like the design but at least you can always save up money and start upgrading it later on. But when you move into a new construction home you must lay everything out from the beginning.
Moreover, new construction homes don’t include hidden costs in the initial price. For example, a new construction home may lack a fence, a finished basement, and other features, whereas older properties include all of the necessities set up by the previous owner.
Decision fatigue
Designing a new home may be exciting and fun, everyone likes creating a space for themselves, however, when buying a new construction home and renovating it, choosing the right design may be overwhelming, unless you are a professional interior designer. You may want to go in several different directions and end up with a mess.
Limited negotiating power
The builder has already set the accurate housing price in their minds, you should not have hopes for negotiating a lower price. New construction homes are mostly sold at the initial price, it’s rare for homebuyers to get the builders to lower the property value.
Conclusion
As a potential homebuyer, it’s important to weigh your options and go for the decision that fits your needs the best. It may be wise to consult a professional real estate agent to help you with making the right choice. Purchasing a new construction home is tempting as it comes with lots of advantages, but for some people, it may be too expensive of a bargain. Make sure to plan future costs upfront and have a clear strategy set in place before closing the deal. It is important to evaluate the housing market and consider the possibilities. In the end, whether you decide to buy a new construction home or an older property, you will be able to turn it into your own and live a happy life as a homeowner.
