Many people prefer to buy new houses rather than ones that have previously been owned. A newly constructed house will not have undergone wear and tear, and owners won’t have to worry about discovering problems that might require expensive repairs. If you’re thinking about buying a newly constructed house, there are several advantages and disadvantages to consider.
Reasons to Buy a Newly Constructed Home
If you get in touch with a builder before construction has been completed, you may be able to have a house customized for your family. You might be able to request specific paint colors, appliances and even a particular floorplan. That means you could move in without needing to worry about making any modifications.
New-construction homes shouldn’t need much maintenance, at least in the beginning. You shouldn’t encounter any problems with the appliances, HVAC system or plumbing, and if you do, they may be covered by a warranty.
Brand-new houses are often constructed with top-tier building materials and techniques that are designed to maximize energy efficiency. That means you should be able to enjoy low utility bills each month. Those long-term savings could give a new house a distinct advantage over one that was built decades ago.
In many newly built homes, technology is included. You may be able to purchase a house that’s already equipped with internet, cable, an alarm system and stereo speakers. Not having to get those amenities installed can save you time, money and hassle.
Downsides of Buying a New House
A brand-new house has a lot to offer, but you should be prepared to pay extra for it. A new house may cost as much as 20 percent more than a similar, previously owned home. Ask yourself if the convenience and newness are worth the higher price tag.
In areas with many new houses, the lots tend to be small. If you want a backyard for your kids to play, privacy, and peace and quiet, you might be better off looking at existing houses.
If the entire neighborhood is new, it may not be close to schools, stores, restaurants, parks and other popular destinations. If the development is still under construction, you might have to deal with trucks and noise for months or years.
A new neighborhood also won’t be as established as one that has existed for decades. Some houses may be unoccupied, or neighbors may not have had a chance to get to know each other and form strong bonds.
Weigh the Pros and Cons
A brand-new house may have all the features and amenities you want, but you should expect to pay significantly more than you would for an existing house. The neighborhood also might not have everything that you consider important. Discuss the advantages and disadvantages of buying a brand-new home with your real estate agent.