Building a new home can be cumbersome with so many design options and a longer timeline than traditional home purchases. Still, it can be a great option for those who want more say-so in the overall look and design of their home. The home-buying process can take varying amounts of time and energy based on how involved a buyer wants to be in making decisions regarding their design and finishes. Read more about the pros and cons of building a new home to see if it might be an option for you!
Pros
Personalized Home
Newly built homes are able to be fully personalized. For buyers looking for specific looks and finishes, this can be an excellent route. There are hundreds of construction aspects that can be planned, including everything from floor plans to hardware colors.
No Updates
With a home built from the ground up, there will be no need for updates anytime soon after closing. New build homes can have top-of-the-line appliances, energy-efficient systems, and modern luxuries included as a buyer’s budget allows. These homes have new roofs, water heaters, septic systems, and more that shouldn’t need more than regular maintenance for years to come.
Home Warranties
When everything in a home is brand new, buyers can be sure that almost everything is covered under a home warranty. That means that if anything breaks or does not work properly, it won’t be the buyer’s responsibility to pay the full cost for repairs and replacements. Buyers will only need to pay a deductible. Luckily, with new appliances and systems, they should be covered for the first few years.
Cons
Expensive/Additional Costs
All newly built homes have a base cost, but the expenses can increase quickly depending on upgrades and add-ons buyers may choose throughout the building process. Over time, material and labor costs can also rise and affect the final price of the home as well. Even more, these homes typically cost more per square foot than existing homes. It’s important to make room in the budget for unexpected expenses, such as upgrades or rising labor costs.
Limited Options
As building progresses, there may be finishes that become unavailable due to stock or time constraints. Buyers may find that there are fewer options that work with their construction timeline and be forced to choose from other, more limited options in order to keep the process moving along in a timely manner.
Longer Timeline
Generally, home buyers can close and move into their new homes in about a month’s time. When building your own home, however, buyers can sometimes wait over a year until their home is complete and they can begin moving in. Unless you are planning ahead well in advance, building a new home may not work for you.
Have you been considering building a new home? If you have a longer timeline, want modern finishes, or worry about paying for unexpected and costly repairs, it may be the best option for you! Speak with a lender at Coastal Custom Mortgage to learn more about the home-buying process and how to get started!