Buying a home is not a straightforward process. It requires forethought, research, and planning alike, and you will repeatedly need to make specific decisions about what you do and do not want for yourself. One such decision is whether or not you will purchase a new home rather than an existing one.
There is no simple answer to this decision. Both newly built homes and pre-owned homes will offer benefits and drawbacks to their new inhabitants. With that in mind, it’s up to you to evaluate those benefits and drawbacks, and to decide which ones will fit your life and needs best!
Let’s start with the good aspects of newly built homes. Sometimes referred to as new construction homes, these have the benefit of being brand new and having no previous occupants. This means that the space you’re coming into is essentially a blank canvas, untouched by previous owners and the messes associated with things such as pets or old carpets. Instead, the home is ready for you and your personal touches of paint, furnishings, and so on.
Even better, you’ll have plenty of time to focus on your decorating preferences, because your new home will require minimal maintenance after moving in. After all, you’re the first person to live there, so everything from your roof to your plumbing to your appliances will be brand new. Additionally, many builders include a range of warranties when a new home is purchased, which can remove a lot of stress related to home maintenance and malfunctioning appliances.
Those new materials offer another benefit, too: they may result in lower utility bills. That’s because newer homes are built with the latest construction materials and planning options, and are often more energy efficient as a result!
Even newly built homes are not perfect. One of the biggest drawbacks to being the first inhabitant of a home is that it will probably cost you more to purchase it. When you buy a previously owned home, you have the advantage of being able to negotiate your price with the previous homeowners. This step helps you find a house you can afford. But you aren’t likely to negotiate down the price of a new home, which comes with a set base price courtesy of the builders. And the larger the home, the higher you can expect that price tag to be.
Another thing new homes lack is a financial history. Specifically, older homes give you a chance to see, on paper, just how much the property has appreciated over the years. This record lets you estimate what may happen after you move in. But new homes have no such history, making their purchase more of a “gamble.” Fortunately, your real estate agent can help you figure out if your new property values are likely to grow, stay the same, or even depreciate.
Additionally, new homes may be located far from previously established landmarks, as the original builders often need to travel to find enough space to build. As a result, it’s possible your new home could be a good distance from schools, shopping centers, and other community gathering spaces – and this distance means more commute time for you.
In some cases, if the timing works out poorly, you may even move into a neighborhood that isn’t 100% ready for you! Should this happen, you may find yourself sharing your space with construction workers and materials.
Making Your Decision
At the end of the day, it’s up to you to decide what drawbacks can be shrugged off and which benefits will seal the deal on your new home. New construction homes and pre-owned homes each have lots to offer. But if the latest and greatest designs and amenities call to you, you may find a newly built home is just what you’re looking for!
This decision is only one of many you’ll make when buying a new home. Whether you need help finding new homes for sale, or you need someone to support you as you make an offer on a home, we can help you during the home buying process! Contact a Howard Hanna real estate agent today and let us bring you home this season.