New Construction Homes: The Benefits vs. Costs
When discussing budget with home buyers, there is a lot of ground to cover. It’s not just about mortgage verses wages. Many factors play a role in establishing a budget, such as immediate verses potential income, needed improvements, and length of time you plan on living in the house.
For the home seeker who is ready to consider spending more up front for new construction, there are long-term financial benefits. New appliances, construction and design can reduce upkeep and energy costs. And new homes are also typically safer and can be customized to your preferences if you buy during construction.
The cons include cost (new homes on average are 20% higher), and the potential of living in a community that’s in flux. All that ongoing construction can take it’s toll. After all, you are buying into a community, not just a building.
If you’re ready to consider purchasing a new home, lets discuss all the options: new verses newer; under construction verses recently built, condo verses home. It’s important to get the complete picture of new home ownership before you start your search.
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