05 May The Pros & Cons of Purchasing a Newly Built Home
If you were to make a guess, would you say that homebuyers prefer newly built homes or existing homes? Polls show that around 40% of homebuyers favour having a new home built, and 60% prefer an existing home.
There are a lot of great things about a brand new home. Something is exciting about the idea of living somewhere new that no one‘s ever lived in before, and the amount of customization and choices, from flooring to paint colours, which are installed directly by the builder. And for people who are fans of modern layouts and styles, newly built homes feature big kitchens, impressive ensuite bathrooms and spacious walk-in closets. The fact is that since everything has been freshly built you won’t need to renovate anything for some time, and you’ll have new appliances, a new furnace, a new roof, and a new water heater and this should all last a long time. And since everything will be new, you’ll get the latest and greatest in energy efficiency which means lower utility bills. Sounds pretty great, doesn’t it? But there are a few downsides:
Lack of mature trees
For one, when you move to a neighbourhood that’s been freshly built, you’ll notice that there aren’t a lot of trees, as the area needs many years to mature.
High costs to upgrade
Another thing people may take issue with is the high cost of upgraded features. You’ll be given the option of having a base model with the option of getting add-ons, but this can be costly.
More expensive than similar homes
And speaking of cost, brand new homes can cost up to 20% more than a similar existing home. With that 20%, you could use that money for investments or renovations for an existing home.
Distance from amenities
Another potential con could be the distance from amenities. Since new neighbourhoods are usually built at a distance from schools or grocery stores, commute times and gas prices can add up.
You also may be living in a constant construction zone for some time, which can be inconvenient and annoying.
And finally, many people consider new homes to have less charm than older homes or character homes. But if you’re someone who loves ultra-modern style and that shouldn’t be an issue at all.
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