Things To Know About New Construction Homes

After watching one too many HGTV shows, many homebuyers today wonder if they have what it takes to buy a fixer-upper or if they should invest in a new construction home. By definition, a new construction home is simply a finished home that has not previously been occupied. Like most things in life, there is no one-size-fits-all answer to this question. To ease our borrower's minds, we’ve compiled a list of things you need to know about buying a new construction home. 

Benefits

Peace of mind 

A major perk to buying a new construction home is that you won’t have to go through the nail-biting process of wondering if there are any foundation issues, evidence of leaky basements, rotting foundations, or other hidden issues that can exist in a home build in previous decades or centuries. With new construction homes, you can be more confident that the home's “bones” are in really good shape and will be for decades to come. 

Low maintenance costs

New construction homes usually feature new, energy-efficient appliances, windows, etc. Aside from saving money on your energy bills, you won’t have to worry about replacing a costly roof or furnace for many years.

Modern floor plans that are move-in ready

New construction homes are built with current trends and family needs in mind. In addition to the modern, crisp feeling that a new construction home can give, the convenience of a move-in ready home can’t be beaten. For buyers with children, not having to worry about renovations alone can make new construction homes worth the price. 

Disadvantages

Can lack the charm and personalized feel of a “lived-in” home. 

New construction homes can lack the charm of homes built in the early 1900s. Also, your new construction home might have the same floor plan as your neighbors if the home is located in a new development. This can be a large turn-off for a buyer who values having a unique feeling home.

Cost

One of the largest deterrents for buyers can come from the price tag associated with new construction homes. Inflation, the rising cost of building materials, and the cost of modern fixtures can add up quickly. New construction home price tags can feel intimidating to some buyers. 

If the home is in a new development…

New developments won’t feature the same mature trees as a more established neighborhood would. You might also be dealing with construction noise for a few months as builders continue finishing your future neighbor’s homes. New developments are also more likely to have HOAs associated with additional yearly fees and strict regulations about day-to-day life in that neighborhood. 

When it comes to choosing which type of home is best, it depends on your family's needs, your personal taste, your style, and your budget! There’s no black-and-white answer to this question. We recommend discussing your wants for your next home with your realtor and working closely with them to find a home that checks off all (or most) of your boxes! 

Happy house hunting!