When you’re in the market for a home, one of the first decisions to make is whether to buy an existing home on the market or pay more for a new construction home. New construction has a lot of benefits that can make it worth the investment, but there are drawbacks that should also be considered.
Is a new construction home right for you?
Pros of Buying a New Construction Home
- Customization is possible – Depending on the developer, you may be able to customize your new home as it’s being built. If you have a specific vision in mind, this could be easier than searching for an existing home that matches your needs.
- Energy efficiency – New constructions are typically built using the latest energy-saving standards. All the built-in appliances, insulation, etc., will be brand-new and in top condition. This should lower your monthly power bills.
- Everything is new – The biggest benefit to new construction is that everything is new. It’s going to all be built to code, and in all likelihood, it will be years before the home needs major repairs or renovation.
- Warranty protection – Most new construction will carry warranties from the builders and/or material manufacturers. If there is a problem, repair should be inexpensive.
Cons of Buying a New Construction Home
- HOAs – It’s rare to find new-construction homes that aren’t part of a homeowner’s association, and new-construction HOAs tend to be the strictest. They could impose rules that feel prohibitive to your lifestyle.
- Lengthy construction time – New homes can take several months to build and many factors can delay construction. Expect to wait three months minimum. Six to 9 months isn’t uncommon. If you need to move quickly, buying a new construction home may not be possible.
- Limited landscaping – Your new lawn is likely to be underwhelming for months, if not years because the greenery needs time to mature. This could be offset with specialty landscaping, but that increases the price.
- Off-gassing – “New home smell” is a real thing. Building materials and chemical substances used in new-home construction can release airborne toxins. Families with allergies, breathing conditions, or sensitivity to VOCs (volatile organic compounds) may have issues with new construction.
There’s a lot to consider when exploring new home options. For help in the [CITY] area, contact [CLIENT].