Advantages of New Construction
- Jul. 29, 2014
- Chelsea Beebe
- Real Estate Tips
When it comes to buying a home, one of the first major decisions you must make is whether or not you're looking to purchase a previously owned home or new construction. There are many benefits to both, but today we're going to focus on the benefits when choosing a newly constructed property.
One of the biggest reasons why people chose to purchase new construction over resale homes is because of the freedom you have to literally build your dream home. From choosing the carpet and tile to the light fixtures and cabinets , this house is built to please you. With resale properties, personalizing your home to this extent is possible but it can get very expensive, time consuming, and often times can become a bigger headache than expected.
Not every new construction home is built in a new neighborhood, but a lot of times, builders choose to construct completely new developments. This can be an advantage as you may be able to choose the lot where your home will be constructed. For example, in resale homes, if your backyard happens to have an unattractive view or is on a steep hill, there isn't a whole lot you can do; in new construction homes, the options are much more readily available for you to choose a location that fits yours needs and taste.
Another advantage of moving to a completely new development is that you and your neighbors are in the same boat, looking to meet the new neighbors! New construction neighborhoods tend to throw a lot of parties and community events. This can be a great way to start to build new friendships if you are new to the area.
If you get in at the right time, you might be able to buy your home at a great price well below market value, especially if you buy at the very beginning of the project. At the beginning of new construction projects, builders want to advertise that they already have a certain number of people in the neighborhood and are willing to offer these lower prices on the first few homes purchased. A similar trend seems to happen at the end of the project except these discounts are usually offered in free upgrades. Once the price of these homes becomes public knowledge, it's difficult for the builder to negotiate the price too much, but you might be able to negotiate your way up from carpet to hard wood floors or higher-end appliances. These upgrades are considered standard in a new construction home, whereas in a resale property upgrades can get expensive very fast as stated above. For more information on how to finance a new construction home, click here.
Before purchasing new construction, be sure to weigh the pros and cons against purchasing a resale home. However, if personalization, location, sense of community, and potential price negotiation and upgrades are important to you, then new construction might be the right option for you.