Purchasing a home is an exciting milestone that many individuals strive for. When you’re ready to buy, you’ll have to decide whether to purchase an existing house or build a brand new construction. There are merits and drawbacks to either option, so careful consideration is crucial before buying. Below, you’ll find a few advantages and disadvantages of buying new construction.
Whether you’ve purchased several homes or this is your first foray into homeownership, you may be intrigued by the possibility of buying a property that’s a blank slate. If adding your own personal touch is important to you, you’ll enjoy the new construction process. During this time period, you can work with the builder to ensure that the finished home meets your specifications. New homes are also an excellent choice for buyers looking for cutting edge designs. In-demand features like open floor plans, walk-in closets, and plenty of natural lighting are common amenities in new construction. Additionally, many new properties are equipped with the latest technology, including energy efficient designs and helpful features like alarm systems. Older homes can be altered to become more energy efficient, but you’ll need to put in time and money to make renovations. In general, most prospective homebuyers would prefer to opt for a new property rather than an older home.
While you may be excited about the notion of being the first owner of a gorgeous, new property, be aware that new homes typically cost about 20 percent more than a pre-owned house with similar features. For many homeowners, close proximity to schools, grocery stores, and shopping centers are a must. If you’re shopping for a home in a high-demand area, you may find that new neighborhoods are located on the outskirts of the city. This can add a few minutes to your daily commute, which is a hassle if you have a busy lifestyle. Unlike older homes, new builds usually have smaller yards and less space between property lines. If you’ve been dreaming of a spacious backyard where your children or pets have plenty of room to play, you may find more interest in existing properties. It’s possible to buy a sizable lot and work with a custom builder, but it’s more difficult to secure a construction loan.
There are many factors to consider before choosing the ideal home for your needs. Determining whether you’d prefer new construction or a pre-owned homecan be a challenge, so think carefully about your wants and needs before proceeding. Regardless of what you choose, seek help from an experienced realty team. When you’re ready to begin the home buying process, please don’t hesitate to reach out to us.