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Purchasing a new house can be a very thrilling experience. It is also the single most significant investment that most people ever make. Whether to buy a brand-new house or renovate an older one is an essential decision for anyone in the market for a new residence. Here are the pros and cons of buying a new construction home, whether moving locally or long distance.
Pros
Warranty
Knowing you're the first person to occupy a home sometimes brings a sense of peace. Repairs can be costly, but new homes tend to have warranties on all the major systems.
Customization
You can generally customize a new construction. You can hire a builder to construct a home from a floor plan you like, or you may be able to choose from one of several they are already building. If you've always dreamed of bookcases in the family room, you can have them. If you prefer blue walls to beige ones, you can also have these.
Modern Features
Brand-new homes have modern layouts and features, such as smart home technology. They also have modern appliances, and many also are energy efficient.
Clean
In terms of cleanliness, nothing beats a brand-new house. Having the peace of mind that no one else has ever lived there is priceless to some. All the latest materials and sealants are standard in brand-new construction, making it impossible to find a cleaner alternative.
Financing Incentives
Home builders often offer financing incentives. For example, they might offer to pay all or a portion of your closing costs. In many cases, you can get a better financing deal than you could through a third party; however, shopping around is still critical.
Cons
Longer Timeline
Building a home requires several months, so buying a new construction home isn’t a good idea if you need to occupy it immediately. Sometimes, builders run into issues, such as bad weather or the inability to obtain materials quickly. You may face delays in moving into your new home that could pose problems if you leave your old home by a specific date.
Costs
A new home often costs more than an older one of similar size and in a similar neighborhood. Builders may also include a clause in your purchase contract that allows them to raise the price if they have to pay more for materials than expected.
Also, builders must ensure the project is profitable. They may not allow for much negotiation in the price. Contracting with a buyer's real estate agent can help manage cost expectations and may also help in negotiating for a lower price.
Decision Fatigue
Some people find making decisions about their homes exciting, while others may find them overwhelming or taxing. As decisions become difficult, the building process slows down.
New Neighborhood
Often, new construction homes are in new neighborhoods, which lack mature trees and other landscaping features. Infrastructure and services may be less fully developed, so you may have to travel farther to the grocery store. Some new neighborhoods also have higher taxes to cover the addition of infrastructure.
New neighborhoods may also have homeowners' associations, which will charge dues. These HOAs also often have strict rules about what changes you can make to the outside of your home or whether you can rent your home to another person. Asking a real estate agent for a copy of the HOA bylaws and covenants can help you avoid an HOA that's too strict.
Moving Assistance
Whether buying a new construction or an existing home, you'll need a mover to help you move smoothly. Regardless of your destination, our experienced team of dedicated coordinators, movers, and drivers will ensure a stress-free relocation. Contact us for a quote today.
