Here are the pros and cons of buying new construction over resale.
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If you’ve ever pondered buying new construction, there are some valuable things to know that may impact your decision.
For example, you normally can’t negotiate the price of your new construction home, but you certainly can negotiate the terms and available upgrades. It’s probably not realistic to think you’ll nab a new construction for 20% below market, but don’t forget you have wiggle room with the features and upgrades.
A huge pro of new construction is the fact that you’ll be the first one to live in that home.
Another thing to remember is that, while you’re able to easily upgrade your new construction home, it does come at a cost. Perhaps instead of settling for the standard stove, you opt for that ‘whizbang’ stove that does everything under the sun—you can have it, but be sure you’re minding your budget.
A huge pro of new construction is the fact that you’ll be the first one to live in that home. That being said, be prepared to cope with a fairly messy neighborhood, especially if yours is one of the very first homes built.
The flip side of that messiness? In the beginning, your home’s appreciation will increase faster than any other type of home on the market (though it will level off at some point). If you can tolerate a neighborhood that’s a tad disarrayed at the start, new construction may be the best way to gain value.
We have some wonderful, detailed information we’d be happy to pass along that compares buying new construction to buying a resale home. If you have any questions or ideas for future video blog topics, reach out to us via phone or email anytime. We’d love to hear your ideas.
