New construction is an appealing housing option. From living in an entirely custom space to overcoming the challenges of limited inventory, designing a new home can give you the space, features and location you want. If you’re considering buying new construction, the experience can differ from buying an existing home. Read on for insight into buying a new construction home.
Benefits of new construction
Buying a new construction home means you’re the first person to occupy the home. There are two types of new construction homes: a custom build and a production build. If you choose a custom home, the custom home builder will work with you to create a one-of-a-kind home and will ensure all your functional and aesthetic requirements are considered. A custom home allows you to design a layout that will align with your individual needs, as well as the opportunity to create space to incorporate your must-have amenities, such as an indoor pool, home gym, or yoga studio.
A production home builder builds entire communities. If you work with a production home builder, you’ll still be able to live in a brand-new home, but you’ll be restricted to using the existing home plans, which means less customization.
A new construction home can be designed to be more energy-efficient, which will result in long-term cost savings. Also, since everything is up-to-date in a new construction home, from the appliances to the home systems, you won’t face repairs resulting from everyday wear and tear.
Be clear on the builder’s timeline
When you kick off the construction process, sit down with your builder to carefully review the timeline. Ensure the builder provides a detailed timeline and schedule regular check-ins to hold them accountable. While supply chain issues, material delays and labor shortages can be out of their control, they must provide regular updates.
Partner with a designer
Often, builders budget for builder-grade options. If you decide to upgrade materials and finishes, you may drastically exceed your budget. Before finalizing the budget with your builder, hire a designer to consult on the budget to ensure that the line items are accurate. For example, if the builder budgeted all builder-grade lighting, but you have your sights set on statement designer-lighting, this will significantly impact the budget. It’s better to know these costs going into the project instead of being surprised as the project progresses.
Don’t be afraid to negotiate
Whether it’s on the timeline, budget, or project changes, there’s always room to negotiate. You may be pleasantly surprised by the answer, and the worst that can happen is the builder denies your request. For example, if the project is facing major delays, you may be able to negotiate down some of the payments.
Factor in landscaping
Landscaping is essential to new construction but isn’t always factored into the project budget and timeline. Therefore, include these numbers as part of the overall project budget to prevent unexpected costs.
