If you’re looking to move into a new home, should you try the resale route or buy new construction? Today I want to discuss the advantages and disadvantages of electing to do new construction.
Here are the advantages:
- You get what you want. If you’re a meticulous person and you’re always finding something wrong with resales, new construction is definitely in your best interest.
- Everything is brand new. This means, of course, that you don’t have to worry about again appliances or decrepit roofs. Everything is going to be covered under a builder warranty.
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If you have a tight time frame, new construction isn't the best option.
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Here are the disadvantages:
- Lack of aesthetic value. If you’re a person who appreciates the artistic character an older neighborhood typically offers, new construction neighborhoods will probably turn you off. Not only will you be around a lot of building equipment all the time, but the neighborhood itself will lack panache.
- Builders will typically put all closing costs on the buyer’s side of the transaction. Everything the seller would normally be paying for on a resale is considered a buyer’s cost. The builder will also likely require you to use their title company and lender, thereby limiting your choices in that regard.
- The time frame in which to build is flimsy. Builders do their best in trying to predict when they can get you into your new house, but like anything else, construction schedules can get disrupted. If you have a tight time frame, new construction may not be the best option.
If you have any questions or a future topic in mind you’d like us to discuss, please feel free to give us a call or shoot us an email.
