The Pros and Cons of Buying a Newly Built Home
1 July 2015
According to Trulia’s latest survey, twice as many people prefer new homes to existing homes. “New” means brand-new, never lived in properties, or homes purchased in the preconstruction phase, and “existing” homes are preowned properties.
Shiny and new sounds nice, but what’s actually behind the allure of these properties? New construction might seem like the perfect choice, but there are many lifestyle factors to consider. After all, you’re not just buying a house, you’re buying a home and a neighborhood! Let’s look at the advantages and disadvantages:
Pros of a New Home:
- You can customize the home as it’s built.
- The work is done for you in new homes so you don’t have to lift a finger, a paintbrush, or a hammer.
- New homes have popular design elements for today’s lifestyle demands: open, eat-in kitchens, walk-in closets, and large master baths, to name a few.
- Brand-new appliances, plumbing, heating, and air, so you should be repair-free for at least a few years which means less maintenance work and a huge financial benefit.
- Potentially lower utility bills because newly built homes are made from new construction materials and are usually more energy efficient.
- Newer technology, such as alarm systems, speaker systems, Internet wiring, and cable which could save you lots of time, money, and holes in the walls.
- Moving into a house that is absolutely perfect and that “new house smell” is definitely a luxury!
Cons of a New Home:
- New homes come with a big price tag. They’re sometimes up to 20% more than a similar existing home.
- Upgraded features and amenities are marked up heavily for the construction company’s profit and can ultimately cost you far more than you intended.
- New developments are typically built far from destinations like schools, supermarkets, and shopping centers. And if you’re one of the first to move into the neighborhood, you’ll probably be living in a construction zone for years to come.
- If you’re looking for a pleasant, old-fashioned, tree-lined neighborhood with a well-established community of neighbors, you won’t get it for many years in a new development.
- New homes usually have less architectural detail and charm than many older homes.
- If you enjoy fixing up a home or tailoring it to you preferences, you might find that brand-new homes aren’t a good fit.
- New homes are built on smaller lots than most older homes, so if you’re looking for a big backyard with lots of space between your house and the next-door neighbor’s, you may not find it in a new build.