With low inventory and multiple-offer situations, some buyers are struggling to find homes in the current market, leading them to look into new construction homes. Contrary to popular belief, building a new construction home isn’t as expensive as you might think, especially when builders are trying to win over buyers.
Many builders are offering buydowns and buyer incentives to help make new construction homes more affordable and more attractive to buyers. With new construction homes becoming more popular, we thought we’d review some pros and cons to help you decide if you’re considering going that route.
Pros Of New Construction Homes
Building a brand new home allows you to make it exactly what you want. Anything from the home’s design to the layout and all the finishes and fixtures, you can choose exactly what you want for your new home.
Energy-efficient homes are great for lower utility costs, meaning more money saved per month on electric and gas bills. New construction homes include many energy-efficient items, including vinyl windows, better insulation, advanced HVAC systems, and more.
Since everything in the home is brand new, you won’t have to worry as much about roof leaks or repairs on major mechanicals. In addition, buyers usually offer warranties on structural components and appliances for added peace of mind.
Cons Of New Construction Homes
One of the biggest cons of new construction homes is unexpected delays. Sometimes there are uncontrollable circumstances or supply chain issues that will cause your home’s completion date to be delayed, causing homebuyers to be inconvenienced and struggle to find temporary housing.
Limited Options & Locations
Certain builders tend to stick to the same products and build in specific locations, making your options somewhat limited. While you can ask homebuilders about a particular product, they might not be able to access the product, or they may ask you to stick to the products they normally use. In addition, you may be limited on what areas you can build in based on available lot options or what neighborhood your builder builds in.
With traditional residential homes, you can usually close on the house and move in within 30-45 days. Building a new home takes longer, and you have to wait anywhere from 3-12 months before you can move in. This can sometimes cause issues with people who are renting because it’s difficult to give notice on when you will be leaving.
If you’re considering building a new construction home and have any questions, reach out to us! We would love to answer any questions you may have!