New construction is popping up everywhere with so many choices. Whether you are buying a home that is built to your specifications, buying a preconstruction home in a new subdivision or a new condominium, a newly constructed home can have some great advantages and some potential disadvantages. Here are some things to keep in mind when you’re choosing what is best for you.
Advantages
- You are dealing directly with the developer. You don’t have to worry about the emotions of the original homeowner when making an offer.
- Maintenance costs will run lower with a newly built home.
- If you are building your own home, it will be designed exactly how you want it.
- If you are building a semi-construction home, you can pick from a variety of finishes and upgrades allowing you to give it that personal touch.
- Your new home will be move in ready. You won’t have to paint or do any repairs.
- New homes are usually built with the latest in energy efficient construction. This can make a big difference in your monthly utility bills.
- You can integrate the latest technology in to your new build. But, be careful. The newest technology craze today will ultimately become obsolete so be certain anything you integrate is guaranteed to be upgradeable.
Disadvantages
- If not already constructed, there may be major delays in the construction of your new home. This can cause financial hardship if you need to move to a temporary location or delay putting your home on the market.
- The costs of add-ons and finishes can really add up. The model home you visited is decked out with the best of the best. It may not be in your budget to upgrade everything you want to or you may end up spending more than you originally budgeted.
- Newly constructed homes are often in new subdivisions that are far away from the city centre with little community infrastructure. You may have to drive far to get groceries and your commute to work may be longer. Public transit is less available.
- Most developments work in phases, and moving to a new development may mean putting up with construction around you for some time.
- Newly constructed homes will bepriced as high as the market can bear, meaning they are generally more expensive than an existing home.
If you are looking at buying a new construction home, talk to your realtor. They will be able to guide you in making the choices that best suit your needs.
In the Toronto area and looking at buying a new home? Contact me or take a look at my current listings.
