Purchasing new construction homes can be a great option for home buyers, especially in a seller’s market. For many homebuyers, modern floor plans and design appeal to them. They’re designed for how we live today and offer features that can be difficult or expensive to add to older homes.
Convenience
While buying a new construction home may involve jumping through a few extra hoops and waiting a bit longer to move in, it can also offer the advantage of moving into a property that’s in pristine condition. This can include everything from fresh paint and flooring to up-to-date heating and cooling systems and appliances. Often, new homes are built by the latest building codes and safety regulations, which can mean fewer out-of-pocket repairs for buyers after they move in.
Another advantage to purchasing new construction homes is that they’re usually under warranty, providing peace of mind for buyers who don’t want to deal with the stress of unexpected repair costs after a move-in. Additionally, most new construction communities have homeowner’s associations responsible for keeping the neighborhood clean and maintained.
Depending on the builder and the neighborhood, some new homes may be completed in as little as six months, which can be advantageous for buyers with time constraints or who prefer to be able to move in right away. However, this may only sometimes be the case, especially if supply chain delays cause delayed delivery of materials to builders. It’s also important to remember that when buying a new construction home, the first price tag you see will likely include only the structure and basic finishes; any upgrades or additions will add to the cost.
Flexibility
Purchasing new construction homes allows homebuyers to choose what they want in their home, from floorplans and options to paint colors, lighting, and more. This will enable buyers to make their own space without worrying about whether an existing house has the right charm or aesthetic. New construction homes in Rutherford County, TN, also tend to use the latest energy-efficient materials, which can help reduce monthly utility bills.
Additionally, these homes are built by modern safety codes, meaning homeowners will likely have fewer out-of-pocket expenses after moving in. In addition to the ability to choose a design that suits their taste, buyers of new construction properties can often benefit from discounts due to bulk-buy discounts from material suppliers. This can save buyers thousands of dollars on their new home, particularly if they opt for premium upgrades.
If you are buying new construction, working with a buyer’s agent with experience working on these properties is important. These agents will be able to negotiate on your behalf and ensure that you are not signing off on terms that could leave you out in the cold when it comes time for any necessary repairs or replacements.
A good buyer’s agent will also know the ins and outs of new construction mortgage financing. While many new construction projects have a mortgage lender already lined up, shopping for the best loan terms is a good idea.
Ease of Maintenance
Many new homes feature the latest energy-efficient construction materials and appliances, which can help cut utility costs from the start. This could be a huge financial savings over time.
Another plus is that most builders will conduct multiple inspections during construction to ensure everything meets certain standards and is safe. New construction usually includes home warranties for short-term or longer-term coverage of things like a leaking roof or faulty air conditioner. With pre-owned homes, it’s the buyer’s responsibility to pay for such repairs.
Purchasing new construction can be a great way to get your dream house without spending money on immediate repair bills and upgrades. However, you should consider all the pros and cons of new construction and decide if it fits your lifestyle. Regardless of your home type, securing mortgage preapproval with a lender before beginning the search is important.
Affordability
When it comes to buying a new home, you have some options. Most builders offer several floorplans for each property; buyers can choose what works best. These new homes are often part of a larger community and may be called tract homes. They are similar to the “cookie cutter” homes in suburban neighborhoods and are less expensive because builders get bulk-buy discounts on their materials.
New-construction homes require fewer repairs and maintenance because they are constructed according to the latest safety and building codes. In addition, they often feature modern technology like smart home features and energy-efficient windows that can reduce monthly utility bills, says Bergmann.
However, just like buying a new car with all the bells and whistles, spending more than your budget on upgrades in a new construction home is easy. Those quartzite countertops and marble backsplashes will add up. Also, builders sometimes include a cost overrun clause for unforeseen expenses and changes made during construction.
Buying the right new home will ultimately appreciate and hold value over time. Especially if you don’t over-customize the house or go above and beyond standard finishes if the neighborhood is growing and if you can avoid paying for builder upgrades.
