Similar to buying a brand-new vehicle, buying the new home is a great way to enjoy the benefits of having a property that is in perfect state. However, Whole Property Management Team warns there are disadvantages for new construction as well and it’s crucial to take into account these as well. These are the benefits and disadvantages of purchasing new construction.
A New Construction can include single-family homes, multi-family houses, condominiums or townhome properties, according a new homes builder in New South Homes Australia. It also includes “planned new construction,” where the buyer may be a part of the design and making decisions.
New construction is appealing to both seasoned homeowners as well as new buyers alike. It is an excellent option in an extremely competitive selling market such as that we are experiencing today. New construction is more flexible in timing, and low maintenance and is the only one that has ever lived in it.
The Pros of New Construction
Pro: Brand new
One of the greatest advantages of homes that have been built fresh can be that the house is brand-new. You’ll be the first to be living there as well as the first one to utilize the appliances, turn the switch to turn on the lights, everything. Everything inside the house will be in perfect condition, and it’s likely that you won’t need to make expensive repairs anytime soon.
Pro: Power efficient
The majority of new construction homes utilize modern building materials that are energy efficient This means that you can reduce your energy bills over time.
In some homes that are newly constructed, it is possible to pick everything from paint colors to appliances and customize the house to meet your preferences and needs. You can even decide the type of wall you want to be installed in your new house. You just need to ensure to find formwork suppliers to install it properly. A majority homeowners in our Utah buyers have found that older homes of their budget need significant renovations and updates to meet their needs. Additionally, in a highly competitive market such as we are experiencing these days, it’s difficult to find a property that is suitable for all your needs. A new house can give you exactly what you’re looking for and not wait for it become available or, even worse, selling it off to a better price.
Pro: Low Maintenance
New construction may give you peace of mind because there aren’t any immediate tasks to be completed. The construction is complete, which means no repairs are required.
The Cons of New Construction
Con: Longer Timeline
If you’re in a tight time frame to move into a new house either by building or purchasing new construction may not be the right choice for you. One of the main disadvantages is the time it takes to complete, especially in the case of designing the structure your self. It can take between three and nine months for you to live in your an entirely new house.
Con: Fatigue from making decisions
If you’re not an experienced designer, it’s easy to be overwhelmed by the myriad of choices available, from tiles and flooring to colors for paint and lighting fixtures. Being overwhelmed by the choices can make it difficult to move forward. Furthermore, even though you might be able to select colours, finishes, and styles however, your “included” options are typically limited.There are limitations on the options for customization which can be made without costing more.
Con: More Expensive
There are many of costs to bear in mind when buying an unbuilt home. First of all, the median sale cost of a brand new house in 2022 is an astronomical $423,300 according to the U.S. Census Bureau and Department of Housing and Urban Development. The average price of sales is higher, at $496,900. This is because of the use of new building materials, builder shortage, market growth and home value growth.
Newly built homes tend to be more costly not just in terms of list cost but also in cost per square foot, too. Additionally most builders will include the option to increase the cost of purchasing in the event that their costs for materials rise. It’s not uncommon for builders to exceed budget. Overruns in cost occur frequently because of unexpected costs or modifications in construction.
It is also important to be aware of any extras that are not included in the price of purchase. Hidden or future costs could cost hundreds of dollars more for things such as a fence and sod or the finishing of the basement. Many of these home elements are available with existing houses, but not in new construction.
Con: Limited Negotiating Power
Do not expect to bargain or negotiate with the builder when you’re looking to build a new home. “The builder or the developer is typically the person selling new construction and is likely to need to make sure the construction is financially viable. Rarely , they will reduce the price of their list each improvement will cost you especially in the market conditions the ones we’re in currently. Buyers of new construction must have their own representation by a real estate agent.
Sometimes, it is referred in the form of ” new house smell,” newly constructed homes generally have a distinct smell like that of an automobile that is brand new. This is because of the numerous construction materials used that emit chemical compounds known as VOCs, also known as volatile organic compounds. VOCs can release gasses from new flooring and carpeting, wooden cabinetry as well as fresh paint.
The CDC has linked them to various health problems and has also set guidelines for VOC levels of exposure however, fortunately the potential for harmful emissions diminish in time, and then disappear.