In February 2021, the real estate market experienced a 6.6% drop compared to January. According to the NAR, this isn’t due to a lack of buyers but rather historically low inventory.
So if you’re one of those frustrated buyers wondering, “should I get a new construction home instead” keep reading.
These are the things to think about when considering the benefits of a new construction home vs existing property.
Pros of a New Construction Home vs Existing Homes
One of the major benefits of a new construction home is working with a team of designers and builders. These professionals help you figure out how to plan a new construction home that suits your exact needs.
When you buy a house that isn’t built yet, you can customize some of its characteristics and finishes to suit your preferences.
Most new construction homes feature modern, streamlined floorplans. They’ll have the latest appliances, smart technology, and energy-efficient extras too.
A new construction home’s less likely to incur any maintenance costs for many years. It also comes with warranties that protect you from unexpected costs.
Many new construction homes occur in purpose-built communities. They’re often close to schools and other conveniences.
According to Fieldstone Homes, most housing communities also boast great shared facilities. These could include a pool, gym, and a clubhouse
Once you’ve given your construction team the go-ahead, you’ll only need to wait around six months before you can move into your new home. This eliminates the haggling and rushed approach to competing with other buyers for a home you like.
The one drawback is that the cost of a new construction home often far exceeds that of equivalent existing property in the same area.
Reasons to Buy an Existing Property
Money matters aside, existing homes do have some benefits you won’t find with a new construction home.
New construction homes spring up in places where land is plentiful. So, while you’ll find plenty of amenities nearby, you might face a long commute to work.
These community developments generally have smaller lots than existing homes and stringent rules regarding pets.
Established neighborhoods have the benefit of mature trees that shelter you from sun and wind and also dampen traffic noises. New community landscaping usually has years to go before it settles.
Despite the option for customization, most new construction homes offer limited exterior design styles. So, there are few opportunities for you to add your own stamp to the property.
Moving into a pre-built home’s always quicker than waiting for new construction companies to complete your build. So if you’re looking for a change of scenery right away, you should opt for an existing home.
Make the Best Property Choices
There are many other factors involved in choosing a new construction home vs existing property. Most of these depend on your circumstances.
You can also buy existing homes in the communities mentioned above if you want to save time. In this case, you’ll lose the customization benefits associated with this type of house.
For more advice on how to make good decisions for your home and business, explore some more of our articles.