The Pros and Cons of New Construction
There’s something charming about walking through a house that’s already a home - one that’s been lived in and played in and laughed in. On the other hand, a preowned home is also bound to show some wear and tear and needs some updates.
While personal preference and timing details rule this decision, there are plenty of other pros and cons to consider when choosing whether to build your next home.
Pros of New Construction
1. Latest Technology
New construction is low-maintenance, low-risk, and up-to-date - it generally doesn't take much fixing once built (and if it does, your warranty will likely cover it - but we’ll get to that later). Enjoy the newest floor plans and layout trends when you build, and throw away any worries of expensive in-home projects or updates.
This also means everything about your new home will already be up to code, saving you the hassle and cost of expensive endeavors in the near future and likely making the home easier to sell somewhere down the line.
2. Less Competitive
Here in Colorado, browsing for a home right now can be frustrating and leave buyers feeling defeated and deflated. The competition is fierce in today’s housing market, and everyone deserves to move into the home of their dreams.
New construction proves much less competitive, making it a great option for buyers with particularly specific requirements for their new home.
3. Advanced Planning
Have a bit of a runway until you’re ready to move? With new construction, homebuyers can plan ahead with solid knowledge of when the home will be ready.
If you’re selling your current home before buying a new home, this advantage is especially helpful since it gives you time to sell, regroup, and plan for your home purchase.
4. Warranty
In addition to the lower risk inherent to purchasing a newer home with up-to-date features, builder’s warranties provide even more assurance for buyers of new construction. Most warranties span anywhere from six months to two years, but some extend even longer.
Read the details of your home warranty carefully. Most of them should cover anything related to materials and workmanship, such as glass, doors, paint, floors, and plumbing.
Downsides of New Construction
1. Higher Cost
The most obvious and most impactful element keeping many buyers from opting for new construction is the cost. Everything is brand new in the first place, so is bound to be pricier. Plus, for those folks who are looking for very specific features, “upgrades” are often required.
Items eligible for upgrades run the gambit and usually relate to materials used, but some most common home upgrades include:
- Countertops
- Carpeting/flooring
- Lighting elements
- Handles and knobs
- Showers and tubs
Without upgrades, the home comes as-is and in builder-grade materials, which can be slightly lower quality. Reading into the specifics of your contract with the builder is an important step to determining the true cost of your ideal new home.
2. Timing
Our advanced planning pro is also some buyers’ con. Those who need to move quickly or who don’t have a particularly long timeline often have to rule out new construction solely because of the lengthy runway required to get it built and ready for move-in.
3. Neighborhood Unknowns
The look and feel of an established neighborhood tell buyers integral information about the homes they’re viewing. With a neighborhood of new construction, we can’t do this type of reading on an area.
Of course, the neighborhood layout and community feel is sometimes evident if we’re building at the tail end of a neighborhood’s development, but that’s not always the case. Opting for new construction can even mean risking a loss of the views you see when you buy the lot.
4. Landscaping & Window Coverings
Some builders include landscaping and window coverings or offer them as upgrades, but many do not. While the inside of your newly-built home is unlikely to need much work, the yard could be an entirely different story if you’re responsible for your own landscaping.
Blinds and curtains end up falling on buyers’ plates as well and can be a pain to piece together late in the game. Cost and time are large considerations if your builder doesn’t take care of these seemingly minor details.
Final Thoughts
As with any home search, the viability of purchasing new construction varies enormously from buyer to buyer. Your priorities around timing, pricing, and risk will all come into play in your decision. If I can help talk you through it, please Contact me.
