According to a survey conducted by real estate website Trulia, if given a choice, homebuyers would choose new construction over resale 2 to 1.
What is behind the allure of new construction? And what are the potential disadvantages to consider?
One big advantage of new construction is that you can customize the home as it is built. The work is done by the builder and or hammer.
New homes have many of the design elements that today’s lifestyle demands: open, eat-in kitchens, walk-in closets, large master baths, and cool new features such as sliding fold away patio doors that open seamlessly to outdoor California rooms. And you won’t have any maintenance work to break the budget in the near future.
Price tags
The disadvantages of new construction come with a big price tag. Almost all of the new detached single family projects are luxury homes in the $1 million-plus price point. And those fabulous amenities you see in the model home can really add up.
You will also need to buy window coverings for your new home, and put in landscaping, sprinkler systems, patios and any other outdoor amenities you desire. Buyers for new construction should have a healthy bank account left over after the down payment to pay for all necessary Since most of our vacant land was built out in the 1980s and 1990s, the remaining parcels being developed may not be in locations convenient to preferred destinations like schools, transportation and shopping centers.
Buying community
If you are looking for a lovely, quaint, tree lined older neighborhood that has a well-established community of neighbors, you won’t get it for many years in a new development. There is a degree of risk in not knowing how your new neighborhood will look in the future.
Will your new neighbors invest as much in curb appeal as you do? New homes are also usually built on smaller lots, so if you want that big back yard and lots of space between your house and the next door When making an investment in any property there are many lifestyle factors to consider. After all, you are not just buying a house: You are buying into a neighborhood and a community.
