You may have visited a brand new home while shopping for real estate. They are the benchmark for home buyers everywhere. House-hunters will visit a show home and then compare everything else they see to that standard.
The first thing you might notice is that the exterior looks very modern with an on-trend style. Around the side of the house, there may be a heat pump or a solar installation. Walking through the front door, the fragrance of new paint, carpet, and woodwork is wonderful. The building has a good feeling that invites people to look around.
There are advantages to buying a new house, hiring a builder to construct a home on your lot, or buying a resale home. The path you choose is determined by a number of factors, such as flexibility in budget, financing, and local competition.
Most people choose the quickest and simplest route, which is to buy a resale home because there is no waiting period. Purchasing new can mean waiting up to a year or more for the house to be built. However, this waiting period is offset by less competition in the buying process, a benefit for people trying to get on the property ladder in a hot market.
Subdivision developers like to sell homes that are complete and in the pre-construction phase. If your new home hasn’t been built yet, it’s an opportunity to customize the floor plan and personalize it. Choose your own fittings, fixtures, and decorating scheme to suite your tastes and lifestyle. Add a closet or have the dining room painted in that lovely shade of gold you’ve always admired.
Alternatively, you can purchase a lot and then hire a builder to create the home of your dreams. By bringing together the pieces, such as land, the design, and pre-construction surveys, it’s possible to save some money. Some people will find this appealing, especially if they have the skills and experience to work through the processes. If not, and you want a new home, then you may want to consider purchasing from a developer.
When purchasing in a new neighbourhood, there are some questions to ask yourself. For example, are you okay with living in a construction zone for a year or more? It can take a while for the homes to be built, the streets and sidewalks to be swept clean, and landscaping to begin growing. There may be noise during the day which can take some getting used to, especially if a home is being erected on a neighbouring lot. If the development is in a previously undeveloped part of your city or town, be sure to ask the developer about neighbourhood amenities typically found in master planned communities.
The advantages of buying new are significant compared to a resale home. New homes are more expensive upfront but have lower maintenance and operating costs. They may also have a higher resale value for the first decade or so. Modern homes have smart technology built in to help manage comfort features such as climate control and security. They are also more efficient compared to older homes due to improved construction methods and materials. New homes are also covered by a multi-year warranty, depending on where you live.
To minimize risk with resale homes, always use a licensed and insured real estate estate agent who is familiar with the area. Contact us today to view newly constructed homes in your area that are suitable for rental properties.