Buying a new home is exciting. However, there are many factors to think about before signing on the dotted line of your purchase agreement. As you weigh your options for financing and location, it’s essential to consider the advantages and disadvantages of a new construction home.
Advantages Of A New Construction Home
New construction homes get constructed with the latest technologies and materials. Today’s home buyers are looking for energy-efficient, environmentally friendly houses that will lower their monthly utility bills. Here are several notable “pros” of buying a new construction home:
Customization – Many builders will allow you to customize the interior of your new home. Customization options may include floor plans, choosing paint colors, carpets, features, and more.
Increased Value – New homes are desirable to buyers because they rarely lose value over time. A new home can increase in value as it ages. If the neighborhood gets well established, families that move out only put the property back on the market for a higher price than what they paid.
Energy-Efficient – New homes get built with energy efficiency in mind. New construction homes can be up to 30 percent more efficient than older homes due to features including high R-value insulation to upgraded plumbing.
Less Maintenance – New homes come with a warranty protecting homeowners from faulty electrical, water, and other appliances. Since the builder handles repairs, you can spend more time relaxing in your new home instead of constantly worrying about what might break next.
Disadvantages Of A New Construction Home
As is the case with any significant purchase, potential homebuyers must also consider the possible disadvantages of new construction homes. It’s always best to be able to make an informed decision before making such an impactful decision. Here are some of the potential “cons” of buying a new construction home.
Initial Cost – New homes are often more expensive than resale homes. However, you may be able to secure a lower interest rate working with the builder or financial institutions they work with for loans.
Timeframe – It can take several months for new construction homes to get constructed. If you’re in a hurry to move, this could bottleneck your plans. However, if time isn’t a significant concern, you’ll have plenty of time to research financing options and choose between models, floor plans, and features available to you.
Homeowner Association Or Management Fees – Many new construction communities are part of homeowner associations (HOAs), which can help maintain the parks, pools, roads, and other common areas you’ll enjoy. However, HOAs often charge monthly, quarterly, or semi-annual fees for upkeep and maintenance. HOA fees can differ from community to community. For homebuyers, this fee adds expense to the total cost of homeownership.
Armed with this helpful information, you can make a better-informed decision about the type of home you’d like to purchase. As long as you understand the potential advantages and disadvantages, you’ll be able to choose between resale and new construction homes that best suit your needs and lifestyle. And, if you’re searching for a new place to call home in Colorado Springs, please check out the latest listings and available properties in the area.
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