Should You Buy a New Build?
You’re cruising through a neighborhood you love when you happen across a “For Sale” sign and a nearly-complete new build. Your jaw drops. Could this be a sign that your dream home in your dream neighborhood has just become available? So, should you buy a new build?
We can’t say for sure, but, as real estate professionals, we can say there are many factors that go into the home-buying decision, some of which are unique to new builds. Today, we’ll explore the pros and cons associated with newly constructed homes to help you determine if it’s right for you. Check it out below!
The Pros of Buying New
Let’s compare this major investment to buying a car. Sure, you can have a great car-buying and car-owning experience purchasing something with a few miles on it, but nothing beats that new car shine, new car smell, and luxurious new car experience.
In some ways, that’s exactly what you’re signing up for with a new home.
1. They’re Brand New
The crew and developers may test the fixtures and appliances before it goes to market to make sure everything works as it should, but you’re otherwise the very first one. You get to cook the first meal with the appliances, take the first shower in the en suite, park the first car in the garage— you! It’s all yours!
Not only is that a luxurious feeling, but it also means that things like the roof, HVAC, and other mechanical systems should be in great shape for the foreseeable future.
2. They’re Energy Efficient
With brand-new, state-of-the-art fixtures and weatherproofing applied, you’re likely going to have an energy efficient home. No lost heat from drafty windows, no energy spikes from a dated HVAC system struggling to meet the heating or cooling demands of the home— everything is in the best shape it’s ever been in and so you can look forward to lower energy bills as a result.
3. They May Be Customizable
When it comes to existing home sales, you get what you get. If the previous owner wanted to paint kitchen cabinets lime green and buy appliances that don’t match, that was their choice and you’ll inherit that from them.
That’s not always the case with new builds. Some new-construction homes allow you as the buyer to collaborate with the developer and crew, so you can choose what finishes and fixtures will ultimately go into your home.
It certainly beats moving in and having to take on the project (and expense) yourself!
The Cons of New Construction
Nothing in life is perfect. Even buying a brand-new home has its downsides.
1. They’re Expensive
Going back to our “new car” example, you get the most luxurious experience with something brand-spanking new, but you also have to pay a premium for that privilege. That’s why many car owners, and homeowners, choose to buy something that’s not brand-new but in good condition nonetheless.
New construction homes almost always cost more than purchasing an existing home and, in some areas, the gap could be significant. With so many great options on the market, it makes you wonder if buying new is really the best choice financially speaking?
2. It’s Harder to Negotiate
New homes get a lot of visibility and attract many buyers, so it’s not always imperative that the developer takes the first offer that walks through the door. This is especially true if the work has not yet concluded, as there’s no real rush to sell until the construction is completed.
So, you won’t be able to work those savvy negotiating skills quite as well as if you were working with a seller who wants to sell and move as soon as possible.
3. There’s No History
Buying from someone who has lived at the property for many years gives you unique insight to the house, its nuances, the neighborhood, the neighbors— the list goes on. You won’t have this benefit if you’re buying new, meaning you’ll find out firsthand what works properly and what is going to give you problems from the get go.
Should You Buy a New Build – Final Thoughts
Buying a new build or existing home both are excellent options, especially in our local market. To explore which may be right for you, contact us a today!
