What Are the Benefits of Buying a New Construction Home?
If you’re searching for your next property, you might well have come across the advertising of new home builders selling you the dream of owning one of their freshly constructed properties.
If you feel that you’ve seen more marketing and advertising of these homes recently, you’d be right. Building companies are ramping up construction to meet the national housing shortfall, and currently, they represent a record share of available inventory.
New-home sales are already up 12.3% this year and are predicted to rise by 13.9% in 2024. So why are so many people turning to new homes?
As it turns out, it’s not just because there’s more of them available. It’s more about the fact they offer several immediate advantages over standard properties. So, let’s examine what they are and see if these benefits appeal to you.
Some New Construction Homes Are Available for Immediate Move-in
Are you relocating? Or do you need to move quickly, as you’ve already agreed to the sale of your existing home? In that case, new homes could provide the fast purchase process you want.
While not all new home builders have their homes available for immediate occupancy, some new home builders like LGI Homes focus exclusively on building quick move-in homes. As a buyer, you can view a property and its surrounding community, secure financing, and close on your chosen home in as little as 30 - 45 days.
This streamlined process is hugely advantageous if you’ve accepted a job offer and need to move states or your rental lease is ending and you need a fast solution. It’s also good for anyone that’s just ready to move quickly or stuck in procrastination mode.
No Need for Immediate Repairs or Renovations
As you would expect, everything in a new construction home is brand-new. There’s no need to worry about a decades-old HVAC system or those kitchen appliances that look as though they have seen better days.
Neither will you have to budget for renovations. While you might set aside thousands of dollars to bring a bathroom suite into the 21st century in an older home, all rooms are designed to the latest interior trends, and everything looks great from the get-go in a brand new home.
Benefit from Contemporary Aesthetics and Functionality
New homes are designed with the modern buyer in mind. In that respect, they offer the perfect blend of aesthetics and functionality. They often feature sweeping open floor plans that maximize living space, with open kitchens becoming the beating heart of social interactions. Expect neutral color palettes and modern flooring options, such as luxury vinyl planks.
These homes also offer enhanced functionality over older existing homes – especially concerning integrated technology. Think built-in USB outlets, smart programmable thermostats, and a whole host of internet-enabled devices capable of embracing the impending IoT-driven smart home revolution.
Enjoy Lower Ongoing Operating Costs
Another one of the joys of owning a brand-new home is that you have very little in the way of ongoing costs compared to those of an older home. Since the appliances, plumbing, electrics, HVAC, and all other infrastructural systems are all brand new, they will require minimal ongoing maintenance costs.
In the early years, you may not need to pay anything at all. Better yet, in the unlikely event that something goes wrong, most properties of this type come with fairly extensive builder and manufacturer warranties, so you won’t pay a penny to have something fixed or replaced.
These new homes are also far more energy-efficient than previous generations of properties. From next-generation insulation to artificially intelligent heating and cooling systems, the advanced building practices used in constructing these modern homes will naturally lead to significantly reduced utility bills and general running costs.
New Homes Offer Stress-Free, Turn-Key Buying
Buying any home can be a stressful experience, but that stress is significantly reduced when purchasing a new property. Rather than having an adversarial relationship with a seller looking to extract the maximum price from you, new home builders work with you and support you throughout the process.
These homes are sold for a set price, so all there is to do is arrange the financing, go through the paperwork, and that’s it. There’s no stressful haggling, no worrying about what surprises the seller on the other side of the deal is trying to hide from you. You can just focus on securing the keys to a brand-new house constructed to the latest building codes and best practices.
Even better, you might, depending on the company, have a whole suite of appliances included – think washing machines, dryers, fridge-freezers, etc. in your new home. These welcome additions make your moving experience even less stressful by offering you a turnkey home. All you need to do once you have the keys is unpack.
New Homes Often Come with Financial Incentives
Last but not least, new home builders usually offer a few financial perks to get the deal over the line, some of which could be worth thousands of dollars. For example, mentioning LGI Homes again, they offer perks such as builder-paid closing costs or interest rate buydowns on mortgages.
Every builder differs, so it’s worth comparing deals. However, the point is that you don’t receive these kinds of financial incentives on existing properties. Yes, you might be able to negotiate on price, but that’s very rarely the case in a seller’s market.
Why New Construction Homes are the Smart Choice
So there you have it – a comprehensive rundown of all the benefits new homes offer to potential purchasers like you. You get modern features, do away with the need to renovate, enjoy lower running costs, and benefit from financial incentives to sweeten the deal come signing time. What’s not to like?
So, if you’re currently considering a home purchase, certainly don’t discount new construction homes. They give you modern and often luxurious living at an affordable price. And in this challenging housing market, they’re increasingly looking like a smart choice.
