Buying a Brand New Home – Advantages and Disadvantages
Posted on June 25, 2019
What’s your guess? Do you think potential home buyers prefer buying a brand new home or an existing one?
While there are pros and cons to both, most people do still prefer an existing home over a new one. About 40% of home buyers like the idea of a new home, while 60% still prefer an existing one.
What Home Buyers Like About A Brand New Home
- Customization – Paint colours and flooring choices ordered directly through the builder.
- No renovations – No painting, fixing, or redoing the kitchen or bathroom.
- Current styles – Everything from trendy colours to modern layouts with big kitchens, huge ensuite bathrooms, and walk-in closets.
- Lack of maintenance – New appliances, furnace, hot water heater, and roof all mean a low maintenance lifestyle for at least a few years.
- Energy efficiency – New construction methods and materials increase energy efficiency and lower utility bills.
- New technology – Alarms, speakers, and better internet connections may be features of a new place, especially luxury properties or condos.
- The whole idea – The fact that nobody has ever lived there before gives a fresh, new house an advantage for some.
What Home Buyers Don’t Like So Much About a Brand New Home
- Money – Brand new homes often cost more – sometimes even 20% more than a similar existing place. That buys a lot of fresh paint.
- Upgraded features – Builders usually have a base model and then start with the add-ons. This really adds up. Quickly.
- Distances – New neighbourhoods are often built further from current amenities. Schools, grocery stores, and commutes add up, especially with the price of gas.
- Living in a construction zone – If you move in early in the development, you may have a construction site close by for years.
- Lack of appeal – Many new neighbourhoods lack the tree-lined quaint look of older areas. It takes years for trees to grow.
- Architectural details – New houses tend to have less charm than some older places.
- No renovations – Some people LOVE to get hands-on, either by doing work themselves or hiring it done and supervising closely.
- Small lots – Existing homes tend to have larger lots than a brand new home.
New construction seems like a dream for less than half of potential homebuyers. However, a brand new home is not perfect for everyone. At Real Estate Reinvented, we’ll help you find the right place to make your home buying dreams come true, brand new or otherwise!
Would you like a guide to buying your first home? Email us today at firstname.lastname@example.org!
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