Is Buying New Construction Worth It
Posted Apr 1st 2022
Pretty much all home buyers ask this question eventually. This is because buying a home can be one of the biggest investments of your life. You will also be spending a lot of time and energy on this investment as well, since there are a lot of new construction properties that have different details which need to be completed beforehand. However, this shouldn’t scare you!
Purchasing a brand new, beautiful home is one of the most exciting and rewarding things that you can do. However, the fact of whether you should or shouldn’t buy new construction will ultimately come down to your priorities.
Today we will define what will make it worth it for your particular situation. Here are some questions to ask yourself and how they might help you work out an answer to this important question.
Are you looking to move into your dream or “forever” home?
If you have a goal of moving into your forever home, then buying something that is new construction might not be the best choice. Newly constructed homes will have already been built with the fixtures, flooring cabinets and other important design details already decided on. It can be difficult to find a new construction home that is up to your personal standards. Besides that, it is normal to find new construction homes built using luxurious or high-end finishes. Plus, these things will need to be replaced eventually. Once the time comes you can choose your own selections. If you are looking to buy your dream home, then getting a custom-built or production home might be the right solution for your needs.
Are you looking to get the best deal for your money?
There are some situations where we do not have the funds to just outright build or buy a home that has everything that we want in it. If you really need to find a good deal on a home then buying a home that is newly constructed could be a great idea. New homes are always built with energy efficiency in mind, which means you will save money on utility bills. New construction homes may also include other incentives, especially if you look at new communities that are almost finished. The builder can be interested in selling off the remaining homes at a deal or a good price. First time home buyers will also qualify for other types of incentives.
Do you only have 5% down or no down payment?
If it is your first time buying a home then you can use government-assisted programs to help you buy a home without a down payment. This is not possible in every case, however, it will be possible for a newly constructed home where the valuation is certain. Since in many cases three will be no haggling over the price, you might also be able to lock in the monthly mortgage payments before you make your offer on the home. In this case, there won’t be any surprises or a situation where you need to up your offer.