Buying a new home is a big step, regardless if you’re a first time buyer, or, have gone through the process before. Here in Orlando, there’s certainly no shortage of choice of home type, and, there’s a number of new construction development neighborhoods to choose from. If you are caught in the new construction, newly built, or, resale conundrum, you’re certainly not alone. There’s certainly pros and cons to each, though more consumers opt for new construction or recently built. The reasons for this might seem to be obvious, however, home buyers can find all sorts of reasons to purchase a resale.
Biggest Benefits of New Construction
One of the biggest reasons (read: rationalizations) for home buyers to purchase a resale is believing there’s a lot more savings. While that might just be the case in terms of the purchase price, it doesn’t hold true over the long term. This is because a resale, by definition, has a history, which likely holds unpleasant surprises that will unfold in the future. In other words, even if you do manage save money on the initial purpose, those gains will be lost on costly repairs.
“Houses are priced to sell, rents are on the rise, and mortgage rates are at historic lows. All of these factors are contributing to a surge in positive sentiment among brokers, sellers, and buyers. A number of important decisions are involved in the purchase of a home. But one of the most basic decisions is the first one, which will impact the rest of the process: buy an existing home or build one from scratch?” —U.S. News and World Report
The fact of the matter is that resales, even if inspected from top to bottom and inside and out, will have used fixtures, appliances, and systems. Whereas new construction, or, recently built homes, are equipped with new fixtures, appliances, and systems. In addition, most generally come with warranties and guarantees. Here are some more of the biggest benefits of new construction:
- Built to the newest construction codes. Perhaps the single largest advantage to buying new construction is because it is just that — new construction. This means it had to pass local, county, and state building codes for structure and safety. It also means having the latest in building material technology, which is generally more energy efficient, stronger, and environmentally friendly.
- Ability to customize the property. A great perk to buying new construction is being able to customize your home while or before it’s built. It also allows you to stylize your new residence to your tastes without having to do all the work on your own. Whereas a resale will require you to hire an architect, pay a contractor, and, completely turn your life upside down while the project is underway.
- Energy efficient systems and appliances. When you buy a resale, you buy what’s included, which could well be electrical wiring that’s out-of-date, old plumbing, and an HVAC system that’s been run for many years. In addition to new systems, you’ll also get new appliances if you buy new construction.
- Less maintenance. Most homeowners love the look of a beautiful residential landscape, but certainly don’t want to do the back-breaking work to make it a reality. When it’s done in advance, you’ll have less maintenance, not only on the landscape, but the home as a whole.
- Builder incentives. Yet another great bonus of new construction is that you might be able to take advantage of builder incentives. Some developers will throw-in certain upgrades, or, provide them with a discount.
Financing is also a benefit to new construction. The price is more likely to be in-line with the appraisal than a resale. This means you’ll find lenders much more receptive, and, have less to worry about when the appraisal is being reviewed.