Opting to purchase your new home from a builder offers several advantages over buying an existing property. In addition to the satisfaction of owning a new home with the latest appliances and energy-efficient features, you may enhance your entire family’s lifestyle by moving into a home in a new subdivision. Many offer attractive amenities to residents like a children’s playground, community pool, and exercise facilities. And if you’re concerned about waiting for your new home to be completed, check out local builders’ inventories of just-finished homes.
Why go the new construction route?
While some consumers build so they can customize from the ground up, others opt to build so they’ll move into a home with plenty of the latest “smart home” extras waiting. Builders keep track of consumer trends, and may include them as part of every new construction project. Smart home features may include video surveillance and doorbells, a Wi-Fi-ready home office, energy-saving thermostats that “remember” your preferred temperatures 24 hours a day, and appliances that can start dinner if you’re stuck in rush hour traffic.
Another advantage of buying a brand-new home is that reputable builders will offer a warranty that protects you from problems during your first years in your new home.
Last but not least … when your new home is finished, it’ll be truly move-in ready. You’ll enjoy your new abode from the very first day, and won’t have to spend your weekends painting over a previous owner’s questionable color schemes.
When you opt for new construction, you have three main choices:
Custom features at a lower price
- You can purchase your home by choosing from a builder’s standard selection of property styles, sizes, and interior color schemes. Generally, this will cost less than a custom home.
- You can build a custom home. You can hire a residential architect for a truly unique result, or work with a builder who offers the custom upgrades you want. These often include high-end fixtures, countertops and
- You can buy a new home that’s already completed. These are often called “spec” homes, as the builder completed them as a speculative project without a buyer already lined up. They’re good choices if you prefer a faster move-in, and you still may be able to negotiate some last-minute upgrades.
You may have one more choice: to buy a model home
. These are built specifically for prospective buyers to visit, so they can check out the builder’s finished product, quality standards, and overall style. Model homes usually aren’t offered for sale until all other properties are sold, but they’re worth looking into – especially as they often include the builder’s most expensive custom features, but aren’t priced like a custom build.
Make sure your new home is everything you need
While it’s helpful to begin visiting model homes and researching local builders before you sell your existing home, be sure to make a list of your “must-haves” ahead of time. It’s easy to forget some of these when you’re visiting the fifth subdivision of the day. Ask yourself:
We can help you budget for your new home
- Will one of these homes have enough space for a growing family or aging parent?
- How important are energy-efficient features and green building materials?
- Which areas offer less congested, faster commutes?
- Do we want to live near weekend activities like golf or fishing, or within a community with its own tennis courts and/or workout facilities?
- Can we add separate living quarters? (These are called Accessory Dwelling Units or ADUs, and can be rented for additional income. However, not all areas allow them.)
- Will we be able to add more features later, like an in-ground pool when the kids are old enough to enjoy it safely?
- Last but not least … how much new home can we afford?
If you’re not sure how much you can afford to spend on your new home, contact us to get pre-qualified. In addition to an informal, friendly discussion with a licensed Compass Loan Originator, you’ll learn more about our extended rate locks and other strategies for a stress-free new home buying experience.
Apr 02, 2020