6 PROS & CONS of Buying a NEW CONSTRUCTION Home // Real Estate Questions

6 PROS & CONS of Buying a NEW CONSTRUCTION Home // Real Estate Questions
Buying Real Estate

Just like buying a new car, purchasing a newly built home comes with the benefit of owning property in pristine condition. But there are drawbacks to new construction too, and it’s important to consider them as well. Here are the advantages — and disadvantages — of buying new construction.

The term “new construction” can include single-family, multi-family, condominium or townhome properties, according to Jen Horner, a real estate agent with RE/MAX Masters in Salt Lake City, Utah. It also encompasses “planned new construction,” in which a buyer might be part of the design and decision-making process.

“New construction appeals to seasoned homeowners and first-time buyers alike, and is a particularly good option during a heavy seller’s market like we have today,” Horner says. “New development has more flexible timing, is low maintenance, and no one else has lived in it.”

One of the biggest benefits of freshly built homes is that everything is brand-spanking-new. You will be the first person to live there, the first person to use the appliances, flip the light switches, all of it. Everything in the home will be in perfectly pristine condition — and it’s unlikely you’ll have to make costly repairs anytime soon.

With some new-construction homes, you can choose everything from appliances to paint colors, tailoring the home to suit your needs and preferences. “Many of our Utah buyers find that established homes in their price range require significant updates and renovations to get them aligned with their expectations,” Horner says. “New-construction homes are desirable because you can customize as you see fit.”

Plus, in competitive markets like we have today, it can be hard to find a home that suits all your needs. Building a new home can help you get just what you want without waiting for it to come on the market — or worse, losing it to a higher bidder.

New construction can lend you peace of mind, since there are no immediate projects that need doing. “Everything is turnkey, so no fixing up needed,” says Chuck Meier, senior vice president and mortgage sales director at Sunrise Banks in Minneapolis.

If you have a short window to move into a new home, building or buying new construction might not be for you. “One of the biggest disadvantages is time to completion,” Meier says — especially if you’re designing it yourself. It could take three to nine months to get into a newly built home, he says.

Written by Jennifer Bradley Franklin of Bankrate (https://www.bankrate.com/mortgages/new-construction-pros-and-cons/)

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