Who doesn't love the allure of a brand new home? Everything is in pristine condition, and most of it comes with a warranty. In fact, a survey by Trulia found that 41% of home buyers would prefer to buy new. But if you look beyond the shiny appearance, new construction may not be what best fits your needs and wants, so be sure to compare the advantages and disadvantages before you decide.
ADVANTAGES:
New homes use current technology and materials that make them more energy-efficient.
You should not have any maintenance issues for several years.
New homes are more likely to have modern design elements, like open floor plans and eat-in kitchens.
A new home will be move-in ready when completed.
Some builders will let you make custom changes to the floor plan.
DISADVANTAGES:
Lots sizes are shrinking, so if you enjoy mature trees, a big back yard, and a little space between you and your neighbors, you're not likely to find it with a new home.
Due to scarcity of land, new construction is more likely to be built farther from convenience of a town's hub.
If you enjoy character, charm, or unique architecture, it won't be found in a new neighborhood, where limiting floor plan options and using templates keep costs down for the builder.
New homes almost always come with a neighborhood HOA. That's an extra monthly expense you'll need to budget for, and you'll need to be sure you're comfortable minding the by-laws.
If the new home is also in a new community, you'll essentially be living in a construction zone for an extended period of time.
Once you decide what matters most to you, be sure to have a real estate professional like Colleen Donlevy-Burns represent you. Even with new construction, there are legalities and negotiable issues that her expertise can simplify for you.