Before you go all in on your decision to buy a brand new home you should know some of the PROS and CONS of buying a New Construction Home versus a Previously Owned Home. Be confident that you are purchasing a home that is the right option for you.
Starting off with the benefits of a New Construction Home:
Pro #1: New and Clean
Everything is brand new, the walls have no marks, the floors have no dents, the gout is white, the appliances are shiny, the toilets are sparkling, and has the house equivalent of a new car smell. New homes do have a bit of dust settling but you never have to worry about finding cat hair from the previous owner every time you sweep around the baseboards.
Pro #2: Updated Features
More than likely a new home will have all the latest and greatest when it comes to features and overall design. If you purchase a home that is not fully completed, you can even work with the builder to pick out the finishes. And you don’t have to worry about costly updates for many years.
Pro #3: New Home Warranty
Depending on the builder, a new home will have a new warranty for about 7 years. Many of the problems that come up will be covered under the warranty. If you do decide to move or upgrade your house, the new home warranty can be transferred to the new owners at the time of sale.
And now, here are the Cons of buying a New Construction Home as compared to a Previously Owned Home:
Con #1: Price
A lot of new homes are more expensive right now, especially since there was such an increase in the cost of raw materials in the past couple of years. You may be able to get more for your money if you consider buying something that is previously owned.
Con #2: Landscaping
Some new construction may include grass and pavement but if you want a backyard with trees and garden you might want to look at a previously owned home. There is also a higher chance of finding a previously owned home that already will have fences, sheds, garages, decks, patios, even pools and hottubs.
Con #3: Location Options
Most newer homes are in developing subdivisions, and this may not be your ideal location. As well, you will have to be prepared to live in a bit of a construction zone for a few years if there are other homes around you that are being built. To sum it all up, you will have a very hard time finding a new construction home in a more mature neighborhood.
I hope these Pros and Cons helped you to narrow down your options of New Construction Home versus a Previously Owned Home, so that you feel confident in your home purchasing decisions.
If you are also trying to choose between a single family home versus a home with a basement apartment, you should check out my blog on the Pros and Cons of Buying a Home with a Rental Unit.