When you are ready to buy a home, the choices ahead of you are truly incredible. You can choose your home’s location, size, and architectural style. You can also look for homes with a specific number of rooms, type of kitchen, or unique features. What’s more, you may choose between homes with garages, pools, gardens, or spectacular views. However, one important choice is whether you will buy a home that has been through the market a few times or a new construction home.
A new construction home is a house that was recently built and is for sale by the builder. These are often available in developing neighborhoods where many new homes are being built. You have the opportunity to be the first family in a home and, quite possibly, a community founding member.
Of course, every choice has pros and cons. Let’s take a closer look at what it means to buy a new construction home.
Pros of Buying a New Construction Home
We’ll start with the many benefits of buying a new construction home. New construction homes have many upsides, which is why they are rising in popularity as neighborhoods develop.
- First Residents
- When you buy a new construction home, your family is the first to live there. You will cook the first meal, be the first to sleep in the bedrooms, and be the first to personalize the gardens. This can mean a lot to some home buyers.
- Modern Amenities and Design
- A new construction home features the latest designs and amenities. Yours might come with a smart thermostat, for example, and there’s no need to worry about problems like outdated tile or cramped floorplans.
- Energy Efficient Construction
- Modern homes also feature superior construction methods that achieve greater energy efficiency. High-quality insulation, well-sealed walls, and energy-efficient appliances will result in a lower power bill and lower carbon footprint at the same time. Not to mention more efficient AC/heating comfort.
- Lower Maintenance Requirements
- New features require less maintenance within the first 5-10 years. This means a new home results in less worry or need for regular tune-ups for homeowners.
- Customization Options
- If you get in on a developing neighborhood, you may be able to ask for custom features from the developers as a new house is finished. This can include countertop materials, paint colors, and light fixtures, to name a few common customization options.
Cons to Consider When Buying
New homes are a great opportunity for homebuyers, but no opportunity is perfect. There are a few downsides to consider or watch out for when buying a new construction home.
- Higher Initial Cost (No Bargain-Down Points)
- New construction homes are often in a similar price range to existing homes, but they tend to be a little more expensive because there is no wear-and-tear to bargain down the price. New appliances and high-quality construction come at an understandable markup.
- Limited Character and History
- If you’re looking for a house with a lot of history, a new construction home will naturally lack this feature. These are often built in new neighborhoods with no history yet. You will be the first historic owners.
- Unforeseen Construction Delays
- If you are waiting for the completion of a new construction home, bad weather and supply chain setbacks can sometimes cause unforeseen delays for when your house is move-in ready.
- Potential Issues with Incomplete Neighborhoods
- Developing neighborhoods are not always complete in the convenient way that existing neighborhoods are. There may be unfinished roads, nearby construction, or shops and restaurants may be a little more distant, at first.