Should You Consider a Newly Built Home?

If you are searching for a home, considering new construction could open up more options. Right now, there is a larger selection of newly built homes than usual, offering buyers unique advantages. However, it is important to weigh both the benefits and potential challenges before making a decision.

Advantages of Buying a Newly Built Home

• Customization Options – Many builders allow buyers to choose layouts, finishes, and upgrades, providing the opportunity to personalize the home to fit individual preferences. If the home is still under construction, there may be even more flexibility to make design choices.

• Lower Maintenance and Repairs – With a new home, major components such as the roof, HVAC, and appliances are brand new, reducing the likelihood of costly repairs in the first few years. Additionally, many builders offer warranties on structural elements and major systems for added peace of mind.

• Energy Efficiency and Modern Features – Stricter building codes mean that new homes often include energy-efficient upgrades, such as smart thermostats and high-efficiency HVAC systems. These features can lower utility costs over time.

• Builder Incentives – Some builders offer financial incentives, such as rate buy-downs or closing cost assistance, to help offset affordability challenges. As Bankrate explains:

“Some builders offer financial incentives, including flexible financing options, to encourage buyers to purchase. These incentives — especially if they get the buyer a lower interest rate — could make a new-construction home more affordable in the long run.”

Considerations Before Buying New Construction

• Longer Timelines – If the home is still under construction, there may be a waiting period before move-in. However, some builders offer quick move-in homes that are already built or nearly complete. As Realtor.com states:

“For homebuyers who have a short time frame to move into a new home, buying new construction could be challenging if the house isn’t built yet. This is not always the case, since a community may have some quick move-in homes or spec homes that are already complete (or nearly so) and ready for a buyer to move in. But if not, a buyer may have to wait.”

• Potential Price Changes – Costs can increase if additional upgrades or customizations are added during the building process. Additionally, factors like supply chain disruptions and rising material costs can impact the final price. As HousingWire notes:

“Upgrades and add-ons, unforeseen delays due to weather, supply chain issues or labor shortages, and expenses like landscaping and fencing not included in the builder’s cost can significantly affect the final price.”

Making the Right Choice

A newly built home can be a great option, but it is important to fully understand the process before making a decision. If you are considering buying new construction, I can help guide you through the options and find the best fit for your needs. Call me, Teresa Hill, for expert real estate advice and assistance.

*Information sourced from Housing Wire,Bankrate, NAR, Realtor.com, & Keeping Current Matters