iowahomeloans

New Housing Construction is Up – is a New Home Right for You?

Posted on: December 21, 2013

The construction industry is heating up as demand in the housing market has finally increased in a substantial way. More home buyers are turning to new home construction in marketplaces with sparse selection or to avoid bidding wars. A new home provides some great benefits, but the drawbacks of a new construction mean that it’s not for everyone. Is a new home right for you?

 

New Homes Give You the Ability to Customize

One of the best things about buying a new construction home is the ability to customize it. When you buy a home early in the construction process, you may be able to select everything from carpet and finishes to optional extra bedrooms or configurable bathrooms. If you really want control over design and decorating, getting involved early in the new home construction process gives you the ability to make your wishes known.

 

New Homes Often Come with Warranties

Another great benefit of the new home construction process is the fact that they often come with various warranties. When you buy an existing home, you never quite know what you’re getting from a construction standpoint. You can do an inspection, but the inspection may or may not turn up potential issues. With a new home, though, you can shop for developers who provide warranties for the home’s major systems, like heating and cooling or the roof, and you can also look for developers who have a good reputation for the quality of construction.

 

Price and Other Cons of New Home Construction

A new home may cost more than buying an existing property – especially if you can compromise and buy a fixer-upper where you can repaint, redo the kitchen or make other changes that will give you some decorating input and dramatically increase the home’s value. Buying a new home will cost you more up front, and leave you less equity for the short term.

 

Additionally, buying a new construction home may mean delays moving in – it’s not uncommon for new developments to be delayed during the construction phase.

 

And finally, moving into a new home development carries its own drawbacks – such as unfinished landscaping, empty lots, and ongoing construction nearby. If the tradeoffs don’t bother you, though, a new construction home may be a good choice.

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