Throughout most of the country buyers are experiencing frustration with the lack of inventory of homes for sale. As a result, new construction homes become a logical alternative for many. While there is no better feeling than moving into a new construction home, there are various pros and cons to keep in mind. We discuss a few of these below.
Pros of new construction homes
- Brand new. Everything in a new construction home is brand new, from the appliances to the roof. This means no repairs or renovations are needed right away, and you can enjoy peace of mind knowing that your home is in top condition.
- Customizable. Many new construction homes offer a variety of customization options, so you can choose the features and finishes that are right for you. This is a great way to get the home of your dreams without having to compromise on anything.
- Modern features and technology: These homes often come equipped with the latest technological advancements and energy-efficient features. Some examples include: smart home features, energy-efficient appliances, solar panels, and whole-home insulation.
- Energy efficient. New construction homes are typically built with energy-efficient materials and appliances, which can save you money on your energy bills in the long run.
- Low maintenance. New construction homes require less maintenance than older homes, which can save you time and money.
- Lower insurance costs: Oftentimes, insurance providers offer lower premiums for new construction homes due to their modern safety features and overall reduced risk of structural problems.
- Hold their value well. New construction homes typically hold their value well, so you can be confident that you’re making a sound investment.
Cons of new construction homes
- Higher cost. New construction homes typically cost more than older homes, especially in areas with high demand.
- Longer timeline. It can take several months or even years to build a new home, so you’ll need to be patient if you choose this option.
- Decision fatigue. With so many customization options available, it can be easy to get overwhelmed and make decisions that you’ll regret later.
- Limited negotiating power. When you’re buying a new construction home, you have less negotiating power than when you’re buying an existing home. This is because the builder has already invested a lot of money into the project and is less likely to make concessions.
- Off-gassing. New construction homes can sometimes emit fumes from the building materials, which can be harmful to your health. These are known as “VOC’s (Volatile Organic Compounds)”. It’s important to let the home air out for several weeks before moving in to reduce the risk of off-gassing.
- Unknown surroundings: Oftentimes, a new development is starting in an area without much infrastructure around it. Therefore, the future surroundings may be unknown for some time.
Summary
As with any housing decision, there are pros and cons to any option you decide on. When it comes to new construction, it is important that you have a sufficient budget and plenty of time. In addition to inflationary impacts on material costs, we are still seeing supply chain challenges and labor shortages throughout the country. Needless to say, having a new home constructed will likely test your patience. As always, it is important to analyze your personal financial situation when deciding on building a new construction home. Of course, it is also advisable to consult your local and knowledgeable real estate agent.
Are you thinking about buying a new construction home in South Florida? We can help! At Live South Florida Realty, Inc. we have worked with many local builders and can guide you in finding the perfect new construction home. Contact Natasha today! Also, be sure to download our free Florida Home Search app for your smartphone or tablet.
