In our last post we explored some of the pros of buying new construction. In this post we’ll look at the downside of buying new construction, and the pros of buying existing construction.
Buying new construction usually limits you in terms of location. New construction typically takes the form of sprawling suburban neighborhoods or urban high-rises. Suburban neighborhoods may be spacious, but they’re also typically farther from a town center, adding to a daily commute. High-rises are in the middle of the action, but offer little outdoor space.
Existing construction often has better landscaping surrounding the home, including large trees that provide shade in the summer, block the winter wind, and also muffle the sounds of traffic. It’s possible to transplant trees onto a new lot, but it takes years for the landscaping to mature.
New constructions often have cookie-cutter exteriors in order to appeal to the largest number of people possible. Expect to pay extra to customize a new construction to stand out on the block.
This isn’t an issue if you are purchasing a pre-existing new construction, but if you’re building a new home, the wait time is significant. On average, building a new home takes five or six months.
One of the decisions you will need to make in choosing a new home is whether you want to look at pre-owned homes or new construction, either custom-built or pre-existing new construction.
It’s a matter of personal taste. Some people prefer a shiny new home that hasn’t been lived in before, while others prefer a home touched by the patina of time. There are pros and cons to purchasing a newly constructed home. Let’s explore some of the pros. For a list of the con's click here.
Modern Floor Plan
If you opt for custom construction, you can build your dream home with the floor plan tailored to your wants and needs. Even if you buy a pre-made new construction, you will benefit from a modern floor plan. Most new constructions feature kitchens that open up to a living room so you can cook and still be part of the action happening elsewhere in the house. In addition, new constructions typically have larger rooms and more sunlight than older houses.
Even if the house isn’t custom built, there can still be an opportunity to add custom finishes. You will just need to be in communication with the builder prior to the completion of the house. This will add on to the cost of the house, but can also be a good compromise between the expense of a custom built home and the cookie cutter quality of a non-custom build.
Newer homes feature appliances, insulation, and windows that are more energy efficient. Lower heating and cooling expenses mean a lower utility bill for owners.
New homes include “smart” technology that can allow you to automate different systems and features of the home, including alarm systems, speakers, cable, and internet.
Healthier Indoor Air
New constructions are typically made from materials that are low or zero VOC (volatile organic compound), meaning they output fewer toxic chemicals into the air.
A new home costs less to maintain, and makes monthly payments more predictable because repairs will likely be unnecessary. Warranties can provide protection for your new home for years, eliminating any up front repair costs.
Whether a new construction is an urban condo or a sprawling suburban mansion, many new constructions come with attractive amenities. Urban amenities can include parking, a pool, and security staff, while suburban locations may come with parks, pools, and other community spaces.
Buying new construction can give you more time to work on the move. For a single family home, new construction typically takes about 5 months, while condos take about 6 months. This means you don’t have to rush into buying your new home.
Reach out to me if you would like examples of new construction communities in the area, building lots, and/or builders I recommend.