Living in a new house can be an extremely exciting prospect because of a variety of reasons. Not only will you be starting on a new journey, but you’ll also have a base to call your own. But in comes the home buying process, and that’s one thing most people get very weary of.
While it can be exciting at the start, if you don’t know what you want, or you don’t find what you want from all the houses you see, disappointment can become a common feeling. At such times many people also consider buying land and constructing a house from scratch.
But it’s not as easy as it all sounds, and we’re sure you know that. The decision between going for a new sleek build or an older existing home is a tough one. We’re here to help you with that and give you a list of the pros and cons of buying new construction!
Pros Of Buying New Construction
Living in a new build comes with a lot of advantages, some of which are far superior to the option of living in an existing home. While it all depends on what you’re looking for, we’ve given you some of the main pros of buying a new build.
1. New Constructions Have High Availability
Surprised? It’s common knowledge that older houses sell faster than new builds for a very simple reason – older homes are already established and stand in neighborhoods that usually have good amenities. New builds on the other hand are also almost similar when it comes to design features and are built on a large scale when developers buy huge plots of land.
So, if you’re wanting to buy a house quickly, a new build might be the right choice for you. Not only will you have more options that way, but you’ll also not have to engage in months or even years of bidding wars that happen for older homes.
2. New Homes Are Up To Date
One of the best things about buying or constructing a new house is that you’ll have everything that’s upgraded and up-to-date. From amenities and appliances to keeping in line with HOA codes, you can’t go wrong when you want to build a new home.
You mightn’t have thought of this but when you buy an older house, there’s a lot that doesn’t match with current building codes and has to be taken down or upgraded, forcing you to spend a lot of money. For example, something that a lot of homeowners realize after buying an older build is finding asbestos under tiling which has to be taken out. Homes that were largely built between the 1920s to the 1980s were built by using asbestos as a material which is a household toxin. If you’re not aware, asbestos if inhaled can cause anything from wheezing and coughing to problems with breathing and lung cancer in the long run!
When it comes to amenities and appliances, when you buy a new build you can see to it that you have everything installed that falls in line with the latest technology and requirements. This includes everything from a dishwasher to smart home systems to regulate your house temperature!
3. New Builds Are Energy Efficient
As we mentioned before, building a home from scratch or buying a new build gives you the chance to have amenities and appliances that are new and upgraded. This also means that these systems will help reduce your utility bills because they are largely energy efficient. Not only will you save a large amount of money monthly, but you will also hardly run into problems with any of these systems; after all, they’re brand new!
Let’s take a look at a few energy-efficient devices that are now being installed in new homes. Some of these include LED lighting, programmable smart thermostats, solar panels, smart fridges, high-efficiency appliances like laundry machines and dishwashers, and energy-efficient plumbing.
4. You Can Personalize A New Construction
If we had to choose a term to describe a new construction, it would definitely be a blank canvas. Just like a blank canvas that you can paint anything on, a new build gives you the opportunity to go as crazy as possible. You start from scratch, with everything from the flooring, design, and cabinetry to the color palettes and countertops that you want.
If you’re someone who loves taking charge of a home’s interior or you have a very unique taste, buying a new build or constructing one will give you the creative liberty to work your magic with it. You can also use the opportunity to have a floorplan of your choosing which is a major problem with older houses since they’re more closed off as compared to the open-concept houses you get to see today
See Also: Choosing A Color Scheme For Your Home
5. No Need For Maintenance
Older houses are work, and that’s something we all know and have seen happen. Not only are the appliances outdated, but there’ll be a lot more that will require work and maintenance because it’s been installed years if not decades before you bought the house. This doesn’t happen when you buy a new build because as we mentioned before, everything that’s installed is brand new, so that’s one worry you can knock off your list.
What most homebuyers have to set aside when they buy an older home is a significant amount of money to carry out maintenance and replace items or systems that have grown old and have experienced wear and tear due to age. Such maintenance ends up costing more money than you anticipate and it can be anything from having to repair a leaky roof to even having to spend thousands of dollars replacing moldy windows or maintaining a septic tank! Now, none of this will be of any concern to you if you just get a house constructed or buy a new build.
Also See: Find a Handyman Near You?
6. You Can Avail Of Builder Warranty And Finance Incentives
If you’re building a home, there’s one thing you can look forward to and that’s home builder warranties. These usually cover anything that happens within two years of your date of purchase. This also means that if you run across any problem in the middle of this time span, you have people who will solve it for you. Builders also offer financial incentives that are much better than a third-party mortgage because the amount is higher and they’re already making money from your home’s purchase.
Cons Of Buying New Construction
You can’t have everything that’s perfect in every area and the same applies to new builds. While they have some very significant pros, they also have some pitfalls. Let’s take a look at some of the cons of buying a new build.
1. They Don’t Have The Character And Charm Of Older Homes
Maybe you’re someone who has an eye for older and vintage items, architecture, and design. Or maybe you’re someone who has always wanted to convert older homes into something else altogether and giving it your very own twist. Whatever the case, buying a new build will not feed your renovation or designer dreams.
The reason is simple, most new builds are built based on a generic design and layout that’s more prevalent or trending during that decade.While you might want Art Deco tiles or an old fireplace, that’s not something you’re going to have the option of seeing in a new build. New builds are also lacking in architectural details that older homes come with like high ceilings, large entryways, bigger windows, and wooden accessories wherever possible.
2. New Constructions Are Expensive To Buy
Even though new builds are more readily available on the market as compared to existing older homes, they are much more expensive to purchase. A report by Forbes found that new constructions end up costing 20% more than older homes that were similar. But this isn’t all – you’ll also have to factor in all the money that’ll go into closing the house, down payments, and also getting updates if you want to buy a new build.
On the other hand, if you want to want to construct a house, remember that the costs always go higher than what you plan for or what you see model houses costing. There’ll be things you’ll have to pay for during the process that you never accounted for, which is why you’re always advised to keep more money at hand.
3. They Don’t Come With Mature Trees
What you might not have thought of when thinking of whether or not to buy a new build is landscaping. It’s okay if there’s not enough land around the front and back of the house, but if there is, landscaping can cost a lot of money. When you construct a new house or buy a new build, you won’t have mature trees which is something you’ll have to make peace with.
This will become a problem if you live in states where the summers are scorching hot and your kids want to run around in the backyard all day. If you do want to hire professionals to get landscaping done after buying a new build, you will have to keep money aside for this purpose, which can go between $3000 to $15,000.
4. Your Building Timeline Could Get Derailed
If you’re planning to construct a house from scratch, even though you have a timeline in place, you have to be ready for things to not go according to that plan. Construction delays are a very real thing, especially in states where natural disasters like heavy rain or snow are frequent. This can prove to be quite a problem for many of you if you’re counting on the house to get completed within a time frame so that you can move into it. That’s the biggest problem with a new build that’s not ready – you’ll have to wait till it’s completely finished to move in.
5. Off-Gassing Can Become A Problem
We’re not sure if you know this already, but new constructions usually have chemicals that are used to build them that can cause allergies or health issues in many people. While this might sound absurd, it’s absolutely true. Chemicals that are a part of construction materials usually take ten years to fully vent, and when you start living in a new build, you’re living among these irritants. If you’re someone who is sensitive to chemicals, then living in a new build can turn into a nightmare for you!
6. New Builds Are Rarely In Established Localities
Older existing homes are usually in neighborhoods that are already established and have every amenity that residents might need, from schools and parks to banks and other facilities. Such areas also have water systems, garbage disposal, street lights, pavements, mature trees on the sidewalks, and other systems in place from the start because the communities here are already established.
But, when you buy or construct a new build, it’ll mostly be in areas that aren’t as developed. Developers usually buy acres of land and then build houses, but this land is farther away from city centers or amenities that you might need from time to time. There’s another thing to consider when you buy a new build or construct a house from scratch – your house might be the first build in the area. When you move in, you’ll also be one of the first families to move in, which isn’t as enticing as it sounds. At the same time, you’ll be living in a construction zone as new houses, roads and other amenities start coming up.
Read Also: How To Find Out The History Of Your House?
Are New Builds Worth Buying?
Depending on what you’re looking for, a new build can be just the right thing for you. But if you’re asking based on appreciation, then yes, new builds have a high appreciating value sometimes. But you have to remember that just like any other property that’s newly purchased, this depends on many factors, and sometimes the appreciation value can plummet as soon as you buy it.
Are New Builds Hard To Sell?
Yes, new builds are harder to sell than older homes for a variety of reasons. Apart from some that we’ve stated above, new builds are also always in competition with other new builds that keep appearing on the market. So, if your new build has nothing unique to offer, it can be a challenge to sell it.
What Upgrades Are Worth It In A New Home?
When you buy a new home, there’s a lot you can do which will increase the value of the house while also lasting for a long time. Some of these upgrades that you should consider include:
- Installing flooring that’s high quality
- A bathroom remodel where you use good quality tiling
- Installing high quality cabinetry
When you buy a house, no matter if it’s anew build or an existing one, it’s a big investment and one that you might make only once in your life. So, it goes without saying that the decision is a big one and it’s okay if you take your time through the process. Look at what you want first instead of diving into the process head-on and then getting overwhelmed. We hope that our list of pros and cons will help you make a decision on whether a new build is the best possible option for you.