Purchasing a Home – A Major Life-Altering Decision
When you are in the market to buy a home, one of the options to consider is whether you should buy new construction or an existing home. For many buyers the thought of a fresh new home makes their hearts beat faster. Others know they prefer a home in an established neighborhood. Then there are those that are on the fence and see advantages and disadvantages to both options and are undecided.
Buying a home is a big step, a substantial monetary investment, and an emotional one as well. Your choice of a home will have a significant influence on your sense of well being and peace of mind. When you purchase a home, there are lots of moving parts to consider, and at times it is confusing. Here are some things to consider when you buy new construction.
Advantages of Buying New Construction
- It won’t be necessary to live with other people’s choices. Selection of home-style, colors, kitchen cabinets, floor coverings, bath fixtures, lighting, and the loor plan is yours.
- You don’t have to stick with the standard builder options. You can customize and decide where you want to upgrade.
- Materials used in today’s homes must meet more rigid safety specifications. It is common in today’s new construction to find flame retardant building materials and radon mitigations systems.
- You can choose to build a green home if you are environmentally conscious
- New homes have the most up to date styles that today’s family prefers like open floor plans, home offices, master bedroom suites and island kitchens
- Your new home has the potential to be smarter. Control your heat, air-conditioning, and lights with your smartphone or tablet using a wireless app
- You should not expect to have issues left over from the previous owner such as unpleasant odors or mold
- New construction is more energy efficient than older homers making the cost of heating and cooling less expensive with a smaller carbon footprint.
- Minnesota mandates that builders provide warranties: one year on the entire newly built home, with two years on all systems and ten years on the structure itself.
- Because the home and all systems are new and under warranty, you will not have to worry about budgeting for unexpected repairs or appliance breakdowns.
- Many new housing developments include swimming pools, walking trails, playgrounds, sports fields, and
Disadvantages of Buying New Construction
- Newly built homes tend to be more expensive. When you look at April 2018 stats from the Minneapolis Area Association of Realtors, we find that new construction sold for $177 per square foot as compared to $142 for existing homes
- When you tour a model home, it has all the upgrades. The basic model will be bare bones and when you begin to add the amenities your budget can explode quickly.
- New homes are not as close to the hub of the metro. It may mean longer commutes for work or entertainment options.
- You will be living with the noise, dust, and mess that is consistent with a construction site while building continues
- You will not enjoy the lush landscaping, tree-lined streets, and charm of an established neighborhood.
- New homes generally have smaller yards than older homes
- New construction tends to be more generic. If you love the architectural detail and charm of yesteryear, you probably will not find that in a new home
Now that you know some of the pros and cons of buying new construction you should feel more positive about making an informed decision. Now get out there and buy a home that you and your family will be happy with for years to come. Happy hunting!