Understanding the Pros and Cons of Buying a New Built Home: Exploring Your Options

Posted by Andrijana Jakovleska on Sunday, January 15th, 2023 at 10:53am.

When considering buying a new home, there are a few options to choose from. You can opt for a brand new home that is already built, build a home from scratch, or purchase a home that is in various stages of construction. Each option has its own set of pros and cons, and it's important to weigh them all before making a decision. In this blog post, we'll be discussing the pros and cons of each option in detail. 

Pros of Buying a Brand New Home:

The home is brand new and no one has ever lived in it. As the first owner, you won't have to deal with any prior energies, germs, or smells from previous owners. A new built home is usually up to building code or above it, depending on the builder you're using. This means that the home is built to the highest standards and may have the latest technology and energy efficiency features. A new built home is usually in an up and coming suburban neighbourhood where the value of the properties will go up over time. This can be a great investment opportunity. Buying a brand new home comes with a full warranty, which includes 1 year for workmanship and materials, 2 years for distribution systems, 5 years for the envelope, and 10 years for the structure. This provides peace of mind that any issues that may arise will be covered by the warranty. Since the home is finished with construction, you don't have to wait for the building process and can move in as quickly as you'd like.

Cons of Buying a Brand New Home:

In most cases, purchasing a brand new home may be more expensive than purchasing an older property. It may be difficult to find a new home in a certain area where there are no lots available to build. If you're a fan of certain older properties that are historical landmarks, or contain workmanship and materials that have been preserved during renovations, that's all unavailable with a brand new built home.

Pros of Building a New Home:

You get to choose the location of your home. This is a huge benefit for home buyers, as location is the number one value factor in real estate. You get to choose the interior design and materials that go into the home. This is a special and exciting process for home owners, as you can customize the home to your exact preferences and tastes. You get to be involved in the construction process, overseeing the build and having walkthroughs with the super intendant and sales representative to ensure everything is going to plan. Warranty as mentioned above, is included. 

Cons of Building a New Home:

Building a new home can be more time-consuming and complicated than buying a pre-existing home. It can take a year or more for the construction to be completed. It can be more expensive to build a new home than to buy an existing one. The cost of land, permits, and construction can add up. There may be delays or unexpected costs during the construction process.

Pros of Buying a Home in Various Stages of Construction:

You have the ability to customize and personalize your home to your liking and budget. Depending on the stage of construction, you may be able to make changes to the floor plan, select finishes, and choose appliances and fixtures. You can take advantage of the pre-construction prices, which may be lower than the finished home prices. This can be a great opportunity to save money and get more value for your investment. You can have a say in the final finishes and materials used in your home. This allows you to have a hand in creating the final look and feel of your home. You will have a sense of community as you will be able to watch your home being built and interact with the other buyers in the development. This can be an exciting and unique experience. Warranty as mentioned above, is included as well. 

Cons of Buying a Home in Various Stages of Construction:

You will have to wait for the construction to be completed before you can move in. This can take several months or even a year, depending on the stage of construction. There may be delays in construction which can lead to uncertainty about the move-in date. This can cause stress and inconvenience, especially if you have to wait longer than expected to move into your new home. There is a risk that the final product may not turn out as you envisioned. This can be due to changes made during construction or unexpected issues that arise.

In conclusion, there are pros and cons to each option when buying a new home. It's important to weigh all the factors and consider your individual needs and preferences before making a decision. Whether you decide to buy a brand new home, build a new home, or purchase a home in various stages of construction, make sure to do your research, ask questions, and work with a reputable realtor to guide you through the exciting process.

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