When starting the home search this is a great question to go over with your Realtor®. Here are some of the Pros & Cons that I see of purchasing a new home.
- It’s BRAND NEW – DUH
- More Energy Effecient
- More cohesive floor plan and design
- You usually have the ability to customize features and amenities
- Built to current building codes
- Spend less on maintenance and repair
- New subdivisions often have more updated amenities such as a neighborhood recreation areas, walking trails, and community pool
- Limited negotiation room
- Usually the Fence and Backyard landscaping and in this part of the country (PNW) air conditioners are NOT included in the price. This can cause a few issues, if you add it on to the purchase price and ask the building to do the work, you risk the appraisal not coming in at value. Those items do not add a large amount on the appraisal because they are expected items.
- Cookie Cutter Design – when you get into developed neighborhoods, sometimes the homes all start to look the same
- Home Owners Association – Can be a Pro or a Con. This protects your neighborhood but also restricts how you use your property Examples – they may only allow two pets per household, you cannot store your boat or RV in your driveway for more than a short period of time (usually 48 hours).
- New homes can cost more than existing homes due to escalating land values, material and labor costs.
- Resale may be difficult before construction is completed in the entire subdivision — most buyers in new developments prefer to choose a new home and all the options.