The Pros And Cons Of Buying A New Construction Home
When it comes time to buy a home, there are many factors to consider, such as location, price range, must-haves versus nice-to-haves, and whether to buy a new build or to buy a resale home. While a new construction home can be a dream for some, for others it can be a nightmare. It depends completely on your specific situation, needs, and preferences. By reading through this list of pros and cons you can get a better idea of whether buying a new construction home is a viable choice for your new home purchase or not!
Pros
Buying a new construction home is exciting! Much like buying a new car and having that “new car smell” a brand new home has that fresh and shiny never-been-owned-before feel to it. And there are plenty of reasons to get excited about a new construction home. Depending on your own goals and desires, a new construction home might be the right fit.
Here are some of the pros of buying a new build.
More Energy Efficient
New homes have higher standards of energy efficiency that they’re built to. With the newest plumbing, HVAC, and electrical technologies used, as well as better insulation, windows, thermostats, and lighting, you’ll be spending less money heating and cooling your home. On top of that, you’ll have a significantly reduced carbon footprint. The costs of upgrading a previously owned home to all of the newest standards of energy efficiency would be quite pricey.
Lower Maintenance Costs
When you’re buying a new home you won’t have to worry about having plenty of maintenance costs right away. Everything is new, which means it’ll be years before things start to break down and need repairs or replacing. When you buy a resale home, you need to consider factors like when the roof will need replacing, how much longer the furnace is going to last, and if the appliances are on their last legs or not. If you just want a turn-key home that won’t require any handyman skills or repairs for the foreseeable future, then a new construction home can be the right choice for you.
Customizable
Have you ever looked through a home that you’re wanting to buy thinking to yourself “if only there was a wall there and a door there?” or “I wish that the fridge was on that side of the kitchen instead”? Well, when you’re buying a new construction build there are opportunities for you to make those kinds of changes to the floor plan. You can also customize things such as lighting fixtures, taps, hardware, backsplash, flooring choices, etc.
When you choose a new construction home, you can make it the home of your dreams. Your home can be created to fit perfectly with your family’s lifestyle.
It’s New
This one is obvious, but it’s still worth mentioning. A newly built home is brand new. It’s yours. No one has ever owned it or lived in it before. You’ll be the first one to cook, clean, sleep, and live in it. It’s like a blank canvas, just waiting for you to paint your memories and experiences on. You don’t have to worry about “bad vibes” in the air or someone else’s filth baked into the carpets. No one else’s hair will be clogging the drains, and no one has misused your appliances for a decade before you.
It’s Modern
Trends come and go and styles change. What was once considered all the rage now makes a house look dated. It can cost a pretty penny to upgrade fixtures and hardware, paint, re-tile, and make renovations necessary to bring resale homes up to modern design standards. With a new construction home, you won’t have to worry about how “in-style” your house is. If style and design are near and dear to your heart, then a new construction home could be a real investment into being on the cutting edge of modern.
Along with the style, modern home also means modern technology. Things like USB plugs in your outlets and SMART technology thermostats are commonplace in new build homes. Builders are even incorporating charging stations and hubs throughout the home where families have designated spaces for their tablets, laptops, and phones to be tidily kept. Even things like cord management are taken into consideration in the design of new construction homes.
Amenities And Neighbourhood
A lot of newer neighbourhoods are being designed intentionally. Things like creating communities with high walkability scores and plenty of amenities are built into newer neighbourhood designs. Also, sidewalks and roads are new (which means fewer potholes and cracks to contend with). Not to mention that pedestrian and bike safety, as well as traffic flow, is more aptly considered in newer neighbourhoods.
Cons
Of course, a new construction home comes with its own set of cons. A new build isn’t for everyone and there are things to consider before getting too excited at the prospect of a brand-new shiny home. Some of these cons can immediately cross a new build off home buyers’ lists of considerations as they can be dealbreakers for many.
Check out the cons of buying a new construction home.
Timing
Here’s the thing about new construction homes—it takes longer than you think to get your home. Things like weather, permits, material shortages, pandemics, and other factors can lead to unexpected delays in construction. On average, buyers will be waiting anywhere from 6-10 months for their new home. Although some have to wait even longer than that.
If you’re trying to time things like selling your current home, ending a lease agreement, or moving from out of town, it can be tricky to time it all properly. Rather than getting to choose your own move-in date, you’re at the mercy of the builder’s timelines, which can change with unexpected events. It can be frustrating to have things all set for a move-in date only to find out that you need to scramble to find storage for your belongings and need to live out of a hotel for a week or two because the doors for your home were back-ordered.
Cost
Buying new always costs more than buying used and a home is no different. Just like buying a new car vs a used one, you’re paying a premium for something that has never been owned before.
Upgrades Can Add Up
So while we listed customization as a pro in this list, it’s also kind of a con as well. Because while you certainly can customize the house completely to your own desires, it’s going to cost you. Every change that you make, and every upgrade that you choose is going to add to that base price. Many people are shocked by the final amount of their new construction home from not keeping a proper tally of everything that they’re adding on. You’ll need to be extra careful if you’re skirting the line of what you can afford.
Construction In The Area
If you’re someone who wants to move into a beautiful neighbourhood with mature trees and an already established neighbourhood, then a new construction home might not be the best choice. You’re going to have to contend with the construction of new homes, roads that are not quite finished yet, construction cones, dirt piles, and the sound of construction crews throughout the day. Even some amenities will come later on in the construction timeline, so you might have to wait for some of the shops and businesses in the area.
Of course, if you’re someone who can deal with construction in the area and partially finished neighbourhoods, then you can actually have a bit of a discount for buying in during the first phase of building for new home constructions. This means years ahead of construction to contend with, but if that kind of thing won’t bother you, it’s better to buy in early than later.
Some Builders Are Difficult To Deal With
While the majority of builders have great teams and create beautiful, well-built homes, there are a few that cut corners and can be brutal to deal with. Always make sure to research the builders and developers before deciding to invest in a home. Read reviews and don’t be afraid to interview builders before deciding who to build with.
You Won’t Be Experiencing The Base Price
Model homes are made with all the bells and whistles. They have all of the upgrades already built into the home. So when you’re touring the house and falling in love with the design you’ll have to keep in mind that if you want the base price for the home, what you see is not what you get. Of course, the idea of that is for you to fall in love with the upgrades as you walk through the home as it can be difficult to picture the home with the base design, but if you’re able to visualize that in your head, you’ll be to better off when choosing to build.
It’s Not For The Indecisive
There are a LOT of decisions to make when you’re building a home. While it feels exciting at the beginning, many get decision fatigue near the end. You’re going to need to make decisions on the builder’s timeline, so if you’re someone who struggles with indecisiveness, then building a new home might not be the best option for you.
