More and more homebuyers are considering new construction homes over existing homes.
Whether that means buying a complete and fully finished new home or working with a builder from the planning stage through construction, the idea of being the first family to live in a brand-new home is exciting.
But before you jump right in, here are some pros and cons of buying a new construction home to consider.
Advantages of New Construction Homes
The upsides of buying a new construction home include:
– The home is new and clean, and you’ll be the first family to ever live there
– You can work with the builder and/or designer to customize the home to your liking (if it’s early enough in the process)
– Maintenance and repair costs are low in the first few years compared to existing houses because everything is new
– New home plans suit modern tastes (i.e., open concept, kitchen island, etc.)
– New home plans are more energy efficient, which can save you on utilities
– The builder pays the real estate agent’s commission
– Builder warranty is typically included
Some new construction homes are one-off houses built on a single lot. But many are part of a large-scale development which may include amenities for the community that your family can enjoy such as a clubhouse, swimming pool, walking trails, boat launch, and playground. This is another big advantage of buying into a new construction neighborhood.
Disadvantages of New Construction Homes
The downsides of buying a new construction home to consider include:
– If yours is one of the first homes in a development, you could face months or years of construction happening around you
– New home developments tend towards smaller lots (i.e., smaller yards) with homes close to each other, which may not suit your family’s needs
– It’s generally more expensive than buying an existing home
– Upgrades to get the appliances, fixtures, and finishes you want can be pricey and add up fast
– Price is generally not as negotiable as with existing homes
– The move-in date isn’t guaranteed, and delays can happen, which can make planning difficult
– You won’t know exactly what you’re buying until it’s completed
If your home is part of a development or community with shared amenities, you’ll also have to pay an HOA fee which is not negotiable.
Make Sure Someone Represents You in the New Home Buying Process
Did you know that a real estate agent can help you in the new home buying process? While you can buy a new construction home straight from the builder, remember that their agents represent the builder, not you. A real estate agent can help you negotiate the final price, get the upgrades you want, help with contracts and warranties, and more, all at no cost to you (since the builder pays the commission!).
If you’re considering buying a new construction home in the greater Charleston, SC area, call me. My name is Kenton Selvey and I’m a real estate agent with William Means Real Estate. I help people buy and sell homes in Charleston, Daniel Island, Mount Pleasant, James Island, West Ashley, and beyond. Before you buy a new construction home, call me at 843-806-7222 or email me here. I look forward to hearing from you.