The Pros and Cons of Buying New Construction
As much as buying new construction sounds magical and glorious from afar, that’s only one way of looking at it. Of course, you have to be crazy not to appreciate being so privileged and lucky to be in a position that allows you to invest in a property. However, this doesn’t make us blind to the fact that there are some downsides to this process as well. Nonetheless, the decision should be yours and yours alone at the end of the day. The best way to approach the issue at hand is to look at all the data and then make an informed decision. Here are some basic pros and cons of purchasing a new property that’ll help you make up your mind.
Make a priority list
No matter what the exact advantages and disadvantages to purchasing new construction are, you need to have your preferences and priorities straight even before learning anything of sustenance. Try to keep an open and clear mind while you think about what is a must and what are your dealbreakers. If you need a construction that’ll be easy to sell later, you’ll have to have a fairly different approach than if your priority was to settle down with your family.
Plan your move in advance
Make sure to take the time and plan your relocation as soon as possible. Buyers of new construction get surprised to find out just how quickly new homes are move-in ready. Hire a good company to help you with the process. Pairing up with homegrownmoving.com will make this period simple and smooth.
Buying new construction in 2021
Before looking at the pros and cons of buying new construction, consider the bigger picture. Buying a house right now isn’t the same as it was before. This means that you should take all the facts with a grain of salt since the pandemic is still very much in effect.
If you wish to purchase
new construction, make sure to know what you’re walking into.
A mask that signifies the pandemic and how it affects purchasing new constructions.
The pros of buying a new construction
There are plenty of good sides to purchasing new construction. Let’s go through some.
No need for renovation
One of the first things that come to mind when thinking of why to buy a new home vs an existing one is the fact that it’s, well, new. You won’t need to spend time on any bigger renovations. All the installments will be brand new, as well as the paint job, tiles, bathrooms, and all the home features that usually seem dreadfully. You can pretty much pack and head on over to your new home as soon as you buy it.
Better financial prospects
There’s also the question of what you know vs what you don’t. When you’re moving into a new home, you don’t have to worry about anyone’s leftovers. You’ll have a completely clean slate on your hands. Moving into an already existing house could be scary since you never really have the guarantee that everything will continue working properly.
If you decide to buy new construction, you’ll face much better financial prospects than if you were to purchase an already existing home.
A plant that has coins instead of soil.
Getting incentives
Since there isn’t as much competition when it comes to new construction buyers, sellers tend to offer some benefits. This is a great way to save up a bit and then use the money you’ve saved for any further renovation or furnishing.
You have a blank canvas that you can work on
Moving into new construction is a dream come true for many. You have a perfectly adjusted clank canvas in front of you that you can decorate however you like. Especially if you’re planning a relocation to a substantially bigger space, your options are endless. Make sure to really think this through and do it right.
Lower bills and fewer maintenance costs
Newer builds are usually constructed in a much more practical way. This means that you won’t have to spend as much as you would in an existing house. Besides the fact that your bills won’t be high, you’ll also naturally have much lower maintenance costs. The energy efficiency of new construction is really great more often than not so you’ll be eco-friendly too.
The cons of getting new construction
It’s only fair to go through some downsides of getting new construction as well.
The quality of construction is off
It’s kind of a well-known fact that new isn’t always better. Buyers for new construction are a growing demographic and there’s been a shift in the last couple of decades. This means that building new houses and buildings has become more of a mass production. As a result, the materials and techniques that are used aren’t really what they used to be.
Bad experience with construction workers
Instead of choosing their own construction workers, buyers of new construction often continue working with the ones that have been tied to the project. Sometimes this is mandatory and sometimes people do it out of sheer convenience. Whatever the reason, it can often result in dissatisfaction.
Hiring construction workers that turn out to be bad can be a nightmare.
Construction workers that you can hire to help with the new construction you’ve bought.
The timeline of a new build is subject to change
If you’re buying new construction and aren’t really familiar with the background, there could be some problems later on. Timelines of homes usually change over time anyway. However, changes in new constructions are harder to predict. Make a decision. Will the hidden costs of buying a property that’s new be worth it in the end.
Priciness of upgrades
All the upgrades that you have in mind are much pricier to accomplish on new construction than an older one. Whatever you decide to do, you’ll need to use materials and techniques that are more modern. More often than not, they’ll be more expensive as well.
You cannot negotiate as much
Sellers of new construction are much more likely to have a set price that they won’t want to budge on too much. This is only natural which means that you should be prepared for it. Once you see the initial price, think about whether you could afford the place as is. This way, if you do succeed to lower the price even a bit, you’ll be happy.
Limited options
Although you’ll have a clear canvas after having bought new construction, your options aren’t that great. Sure, you’ll be able to furnish your place however you see fit. However, there’s a chance that you won’t be able to mess with the outer construction as much. Nonetheless, if you’re indecisive and inexperienced, this can count as a good side of buying new construction.
