One of the most important decisions you’ll ever make is to purchase a home. Even with the allure of owning a brand-new home, deciding between new construction and resale homes can be stressful.
According to the National Association of Home Builders, around 1.29 million houses began construction in the United States in 2019. And according to Business Observers, Florida leads the nation in home construction spending and is leading the nation’s construction surge.
If you’re looking for a new home in the Longboat Key and Sarasota, Florida area, you can choose between a newly built home or a resale. This article will outline the pros and cons of purchasing a new construction home, allowing you to compare and contrast your options as you begin your search for a new home.
Advantages of Buying a New Construction Home
Because of our era’s fast-paced technology, today’s new construction homes provide more benefits than ever before, making them an appealing option in any house search.
Everything is Completely New
When you buy a newly constructed home, everything is brand-new, reflecting the most recent trends. This implies that any unforeseen repairs will not present themselves for some time.
Purchasing a new home provides peace of mind knowing that everything is to code from the foundation to the frame. Appliances, flooring, cabinets, and countertops are all pristine and in perfect condition. There’s no need to worry about renovations or repairs for years to come.
Personalization & Customization
If you want a house that reflects your style, new construction is the way to go. Starting with your design, rather than remodeling, is the more cost-effective option if you want personalization.
One of the most exciting aspects of new construction is customizing your new home. It gives you the freedom to express yourself with finishes that reflect your particular interests, preferences, and personality.
You can personalize your new construction home with the following features:
- Exterior elevation
- Floor plan
- Doors and windows
- Outdoor kitchen
- Light fixtures
- Interior and exterior paint colors
- Upgraded appliances
- Trim and wall details
- & more
A new construction home requires less maintenance because everything is brand new, from the roof to the HVAC system to the appliances. This means you’ll be able to forecast how much homeownership will cost you every month with greater accuracy. Additionally, manufacturer and builder warranties will provide coverage for structural defects and faulty workmanship. The typical duration of a builder’s warranty is six months to two years. With new construction, you will immediately start enjoying your new home without having to invest time, effort, and money into home repairs or updates.
In general, older homes are less energy-efficient than modern-day homes. According to the Department of Energy, a new home that’s been built to the latest energy codes can be 40% more energy-efficient than homes built just 10 years ago.
Older houses were built for a different era, so while they may have been cutting edge at the time, they don’t necessarily offer the most modern amenities. They have less efficient appliances and energy systems that require increased maintenance and more energy, costing you money every month.
For new homes built in compliance with today’s energy efficiency standards, you can depend on a substantial reduction in your monthly energy bills over the lifetime of the home.
Buying a new construction home includes energy-efficient technologies such as:
- Wifi controlled thermostats
- Automatic irrigation systems
- Wifi controlled lighting
- Airtight building envelope
- Insulated to the latest standard
- Energy star windows and doors
Aside from lowering your energy bill, homes built to green building standards have a decreased risk of environmental harm.
The majority of new homes incorporate “smart” technologies. An integrated smart home has all of the technology pre-wired into its structure. Buying a new construction home gives you the option of installing advanced wiring for modern home technology and control systems for:
- Kitchen Appliances
- Smart TVs
- Locks and garage-doors
Older homes lack these smart technology features. It becomes difficult to add additional high-tech gadgets, technologies, and new systems in your house in the future if this phase is skipped. Adding new features to your new construction house after the wiring has been installed is simple.
Modern Floor Plans
The open floor plan concept, which features spacious rooms that flow into the living room, kitchen, and eating areas, is increasingly popular among today’s modern lifestyle.]
Traditional floor plans, which are more common in older homes, appear to feel less expansive and limit the capacity for natural light to spread across space because they are designed to separate homes into smaller rooms.
New construction homes are often constructed with a contemporary design that combines numerous functions into one large space, providing plenty of breathing room and natural light, giving the house more space and a sense of luxury.
Disadvantages of Buying a New Construction Home
There are several advantages to purchasing a new construction property, but there are also several drawbacks. If you’re interested in buying a new construction home, consider these disadvantages.
The most significant disadvantage of new construction homes is that they come at a higher premium than resale homes. According to CNBC, the world leader in business news and real-time financial market coverage, new houses are still more expensive than existing homes, despite what the data states. Building a new home is typically 20% more expensive than purchasing an existing home.
Less Negotiating Power
These homes are often sold by the builder, so they have a specific price in mind and aren’t usually willing to negotiate. Compared to purchasing an existing home, there is an assumption that you will be able to renegotiate the sale price after inspecting the property. This is not the case with buying a new construction home.
When you buy a new construction home, you will have options for customization and personalization. That does not, however, imply that you are free to design and build the complete plan from scratch. Semi-custom homes are a great option for those who want to personalize their home but don’t want the headache of making hundreds of design choices. These houses usually include a list of design options from which you can choose. You will not be allowed to deviate from these options, therefore you do not have complete control over the layout and design.
If you want to make all your own selections, you will want to choose a custom home builder. This will allow you the opportunity to design the home from the ground up. You chose everything from the lot size to the exterior and interior finishes.
Smaller Lots and Spaces
To maximize profits, most developers cram as many properties as possible onto smaller lots than existing, older homes. As a result, a new-build home may be less spacious than an existing home. For those who have wished for a home with a large backyard and enough space between themselves and their neighbors, a smaller lot can be a disadvantage.
However, if you prefer a new house on a smaller site, this disadvantage may not affect you. You’ll have less lawn to cut and fewer acres to maintain. It can also save you money on utility bills and time spent maintaining your yard.
In order to keep profits high, some builders use cheaper materials in their construction. While this doesn’t mean that your home won’t be of excellent quality, you may not be getting the value you expected. You should inquire as to what kind of materials will be used and do some research on the quality of those materials before buying a new construction home.
No Guaranteed Move-In Date
Although you will be given an estimate of when you will be ready to move in, there is no assurance that you will be able to close within the scheduled time frame. Because it is a new construction home, a variety of issues might cause it to take longer than expected. These factors include:
- Construction delays
- Severe weather
- Material shortages
- Other factors that slow down production
When purchasing an existing property, you may be able to buy it for a specific price with no further expenses. When buying a new construction home, there are frequently additional costs in addition to the purchase price.
It’s difficult to estimate the exact expense of a new house prior to completion, especially if you’ve requested design modifications. This makes budgeting difficult. When considering building a new home, choose a home builder that will provide you with a scope of work and allowances for each line item. Unless you choose selections that exceed the allowance, your home should stay on budget.
As you can see, there are numerous advantages and disadvantages to buying a new construction home. Your budget, timetable, and personal preferences will all influence whether or not this is the best option for you.
However, if you have a trustworthy real estate company assisting you to find a new home and a well-established and reliable home builder that uses high-quality materials and treats every project special, the advantages of owning a newly constructed home can easily outweigh and even eliminate most of the disadvantages.
If you live in the Longboat Key and Sarasota, Florida area, whether you’re looking for a new construction home or a resale, let Brista Realty help you find your new home.
In collaboration with a trusted and renowned custom home builder and luxury remodeler in Longboat Key, the Brista Realty team can help you build your dream home or renovate an existing property to fit your needs.