*This is the first in a series of posts for buyers considering purchasing a new construction home. Check out the other posts for more information in regards to this topic!*
A new construction home, ahhh, it’s a beautiful thing! We here at RMG Real Estate Network have been working with clients for years who have chosen to go the new construction route versus buying something already built. We’re thrilled to offer a blog series specifically dedicated to the in’s and out’s of the new construction home buying process. To kick this off, we thought we’d start with some pros and cons to the process, as there could be some deciding factors that could help you make your decision on what is right for your purchase at this time.
First off, let’s look at a few of the pros of the process:
- Everything is brand new! This is kind of an obvious one, but not to be overlooked. No one, besides the contractors building the home, has touched anything in the home. The house will be built up to the newest construction codes and with modern materials, appliances, and fixtures. Most new homes will need no to minimal maintenance for at least 10 years and most builders also offer a warranty for a year or so after moving in for them to fix anything that is due to incorrect workmanship. A new home also usually means higher energy efficiency from everything to appliances to heating and cooling.
- Everything is up to the latest and safest construction codes. When purchasing an older home, usually there are several underlying issues that break current construction codes and these can be costly to repair after the home inspection, up to tens of thousands of dollars. With a new construction home, this is one thing that should not come up at all as an issue!
- Personalizing a new construction home can be fun and really makes the space your own! With most builders, your personal taste can really be developed at design meetings for the home. Many builders offer a standard base price for a package and you can choose to add on extras that fit your preference perfectly as long as they still fit your budget and are within the builders’ scope of work as well. It definitely helps to eliminate the renovation budget of an older home, since you’re starting from the ground up and can do it exactly how you want to begin with!
These are just a few of the pros of a new construction home to consider. On the flip side of course, there are cons to new construction as well.
- You have to choose the correct building company that you want to work with on such a large scale project. Doing extra interviews and reference checks of builders’ past clients before you get into a contract is one of the most important things you can do for yourself in the new construction process. If you don’t, big headaches could come down the pipe for you in regards to code violations, building issues, timing problems and more. Do yourself a favor and spend extra time vetting builders to make sure you make your best choice.
- Personalized building expenses can add up quickly if you choose too many extras. From the initial walk through of a model home, your mind can go a little wild with ideas to make your house absolutely perfect. As with everything, be smart about the budget, ask all the questions of your builders about extra costs up front, and don’t assume anything is going to be included in the base price if you’re asking to add it to the bottom line. Being reasonable and able to compromise in the end is going to be your biggest value in the project, while still being ecstatic about your personalization choices.
- Timing is not guaranteed and delays in the construction process could push back your move-in date. This is almost to be expected with new construction, as so many factors come into play such as material shortages, bad weather, or subcontractors issues. Again, we recommend being reasonable and we will also work with you in communicating with the builders on the timeline for the home to be finished.
These are just a few of the things to consider when choosing whether to buy an established, built home or building your own new construction home. We’d love to chat more about what will suit you best, so give any of our RMG Real Estate agents a call and we can set up that initial meeting for the home buying process! In our next couple of posts about new construction, we’ll cover the overall process of getting into contract and closing on new construction homes.