There are pros and cons to buying a newly constructed home.
When it comes time to buy a home, as the old adage goes, there are different strokes for different folks. My personal preference in home buying is to buy something older, with a bit of history, but with new renovations, or even a completely gutted interior. I like the idea of owning something historical with interesting architectural details, which is something you often lose with new constructions.
There are however, plenty of good reasons to buy a recently constructed home, the most obvious being that when you buy a new construction, you aren’t inheriting any of the problems of any previous buyers or contractors. So if you are debating between a historical home, or a new construction, here are five reasons you should consider going new.
New homes are often built with the most up-to-date and advanced construction methods, especially in terms of energy efficiency and carbon footprint. Older homes can come with a slew of problems, from old wiring or pipes, to leaky windows with no insulation. Replacing or updating all of these features can be very costly, so in this instance it’s better to buy new.
Brand new homes don’t come with previous sellers, so you don’t have to deal with things like sellers backing out of deals, or problems with negotiation. You may even get a better deal, especially if a developer has a lot of homes to unload and you get in early.
As the selling process of a tract of homes nears the end of the process, you may be able to negotiate upgrades with a developer. For instance, if a group of 10 new constructions is almost all-sold, rather than reducing the price, a developer may be willing to throw in countertop or flooring upgrades to close the deal.
Home-builders and developers often have programs to help potential buyers through the process, from signing contracts to closing the deal. This takes some of the responsibility off the buyer and sometimes makes for a much smoother experience.
Title and escrow fees are often lower with newly constructed homes because builders do so much business with one title company that it reduces the number of potential issues that could pop up.[ img via ]