10 Reasons To Build A New Home
Updated: Apr 11, 2022
To build, or not to build? That is the question for many hopeful homeowners. Of course, there are pros and cons for either building a home or buying a previously owned house, so we’ve put together a list to help you get started.
Not Enough Inventory
When the real estate market goes from a buyer’s market to a seller’s market, there’s a shift in the availability of homes. Fewer homes are available in a seller’s market and those you find will have inflated prices.
In a seller’s market, people can spend months looking for a home that fits their needs. That’s not even taking into consideration the wait time for the previous owners to move out. It can be time-draining and stress-inducing, especially if you’re under a time crunch.
If you choose to build a home, you can shorten the time of looking for a home from months to just several weeks. The prices won’t be inflated because the builder’s costs are the same as they were in the buyer’s market.
Going into the process of finding a home, many people already have an idea of their dealbreakers. It’s discouraging to book an appointment with a Realtor, take time off work, and then travel to a house, only to have it not be the right fit.
By building your own home, you can remove that hassle. Instead, you’ll get to sit down with your builder and tell them exactly what you’re looking for. They’ll make your home precisely the way you want.
When building a home, you don’t have to settle with what works right now. Instead, you can look to your future. Looking to expand your family in the next year? Add a couple of bedrooms. Anticipating extended family dinners down the line? Create a spacious dining area.
When buying a previously owned home, you can be unaware of the potential issues that face your new investment.
Newly built homes will have everything brand new and under warranty. If something breaks down, there is a warranty to fall back on. You don’t have the same worries as those who purchased an older home.
There’s also no need to renovate for the foreseeable future. You already have everything you were looking for in a home, so you have years before anything needs an update.
Getting financing on a home can also be time-consuming. There are different rates of interest charged at each bank. And maybe you’re not sure the bank is the way to go.
It can take a lot of legwork and will eat up time.
Reputable builders have mortgage brokers that specialize in finding the best rates for new home builds.
In a pre-existing home, the owner will have to install any newer technology. Some projects aren’t always easy or possible. For example, wanting to place a central vacuum unit in an older home might be extremely costly. Another example is wanting central air conditioning. Depending on the age of the existing furnace and the vents, it might be expensive.
When you build a home, you can ensure all those additional things are included. You can install an impressive sound system in your living room or have outdoor speakers for when you’re enjoying a visit on the back deck.
Perks Of A New Community
New communities will sometimes have access to modern amenities, such as schools and recreational facilities. Another perk is having newly paved roads and sidewalks. You’ll also have good landscaping and a fresh lawn that’s weed-free.
If you have a family, you’ll find the parks your children play on will be up to date with current safety codes. In addition, any community paths will be freshly paved, and any overhead lights will be bright and work well.
You Know The Builder
When purchasing a pre-existing home, there are many unknowns, especially if it’s older. One of the issues is that you don’t know who built your home. Was it a company with a high satisfaction rate, or was it a construction company slapping together houses as quickly as possible?
When you know the builder, you get a sense of their character and the quality they will deliver. You will also have someone to talk to if there are issues in the future.
Less Financial Risk
Home insurance only gets higher as the home gets older, unless you can prove that everything has been upgraded and satisfies current codes. This can be difficult to do. Home inspectors can check on many things, but even they are fallible. If your home isn’t up to code, the onus is on you to get it there.
The same can be said for renovations. If the previous owner was a big DIYer, you might have issues down the line. If the renos were completed by a construction company, you might know if it was a reputable company.
It’s Less Time Consuming
When you consider the amount of shopping around you’ll have to do to find a fitting previously owned home, it can feel overwhelming. Not only do you have to find a good Realtor, suitable lender, and a good home inspector, you also have to find a house that fits your needs.
With a newly built home, this is less of a problem. Your builder takes care of all three positions, so the only thing you’ll have to look for is a high-quality home building company. They’ll also be able to customize your home to suit your needs.
Higher Resale Value
Newer homes will likely have a higher resale value than pre-existing homes. This is for a variety of reasons, but mostly it comes down to the cost of maintenance on a home.
A newer home will have fewer features that scare buyers. Everything will be up to code; even the décor will be modern. As a result, the chances of something going wrong in the near future are far less than in older homes. This means there is a higher demand for newer homes, and thus it has a higher resale value. People are willing to pay for peace of mind.