We all like new things. That’s a given. In fact, based on statistics when buyers are given the opportunity to purchase brand new or used assets (i.e. cars, homes, etc.), the majority will select new. There’s always something alluring with a brand new car, whether it’s the “brand new smell” or its modern features. Same applies for new construction homes. Walking into a new home without a single scratch, scuff, or past pet aroma can be enticing. Of course, there are 2 sides to every coin, so what are the advantages, and disadvantages of newly constructed home? Take a moment to consider the following, and if your interest peaks then go to, “Show Me The New!” afterward:
- Unused & Spotless: Let’s begin with the obvious. A new development home is brand spanking new! Completely untouched, spotless, and no repairs needed. This means no additional repair expenditures post-purchase. Which your wallet will love.
- Latest & Greatest: All the latest and greatest amenities, and design elements your lifestyle demands are present. This would include some of the latest smart home technologies, security and energy-saving appliances & windows, and solar panels. All of this can translate to saving you money annually on utility costs. Not to mention large master bedrooms/bathrooms, and eat-in kitchens.
- Easy Purchase: Home builders typically have their own financing departments to help the financing process be more accessible and less painful. Now whether it’s the best finance deal for you is up to you, the buyer, to decide. Keep this in mind though, the builder has a vested interest in you purchasing their new home.
- Brand New Neighborhood: Consider for a moment how you could have the opportunity to cultivate, and nurture your neighborhood’s personality? Sounds nice, doesn’t it? Also, when it comes to selecting the new development home of your choice, you have an opportunity to pick the block’s favorable location.
- Variety: Most home builders provide a variety of different sizes and floor plans for you to select from. This is a significant advantage over existing homes. With existing homes, your taste and style have to conform to what’s available.
- Community Amenities: New construction home communities are built with a modern lavish master-planned, resort-style community centers, pools, gyms, and clubhouses. New home communities also feature nearby hiking trails and sometimes protected open lands for you, your family, and pets to enjoy.
- Warranties: Newly construction homes as a standard come with a 1-year warranty. Some builders will offer up to a 10-year warranty.
As with anything in life, for every plus, there’s a minus. So what are the minuses with new development homes? Here are the most common:
- Location, Location: We’re familiar with the real estate cliche, “it’s all about location.” This is an accurate statement though. At times, newly developed homes are not located in a central location, unless their condos or townhomes. Typically, newly constructed homes are located in a “up-n-coming” area. This means a possible lengthier commute to work, or to some of your favorite eateries, and shopping centers.
- HOA and Mello Roos Fees: Sometimes with a newly constructed community the HOA fees are above the average. They may also include a tax on top of your property taxes called Mello-Roos. Between HOA and Mello’s your monthly payments can be significantly higher.
- Neighborhood Personality or Lack Thereof: Because the neighborhood is brand new, the personality of the neighborhood remains unknown, and could swing opposite of what your expectations were, once all the homes have been sold. If you’re fond of the common landscaping attributes that come with a mature neighborhood, such as a lovely, quaint, tree-lined neighborhood, you more than likely will not find it in a newly constructed community.
- Cookie Cutter: Since many homebuilders have already pre-determined the exterior styles of new construction homes, the chances of purchasing a home possessing a “personality” or charm attach to it are pretty slim. Although, home builders will provide a variety of interior floor plans, and sizes the exterior style is fixed.
- What’s Really Included?: When visiting the model homes there is a moment of awe when walking through those front doors. Immaculately clean with a designers touch. Most model homes have upgrades galore and when you sit down to find out the cost of those be prepared for sticker shock! Keep in mind your new home typically won’t be provided with landscaping or even so much as blinds. All those upgrades will add up quickly depending on the builder.
Overall new construction homes have a strong upside if you are ready to weigh the pluses and minuses. If you’re in search of a new construction home, you can do so by going to “Show Me The New!” to view all newly constructed home listings and communities.
Of course, when deciding on purchasing a new construction home it is recommended to have a knowledgeable real estate professional on your side to help work with the home builder agents. If you’re interested in a new construction home please contact me at 661.993.3400 or 818.259.0060. You can also email me here.
For more posts regarding new construction homes review our earlier post titled: