subject: Is New Construction Right for You? [print this page] Is New Construction Right for You? Is New Construction Right for You?
Shopping for a home is fun and exciting. It can also, however, be infuriating when you have to make sacrifices andonly get some of the things you were initially looking for when you began your search. As a buyer today, you have much power over the marketplace. There are fewer buyers than sellers and that means that many sellers are willing to go the extra mile to impress you. Sometimes though, changes and upgrades just aren't possible for the seller.
This fundamental problem often leads buyers to look at new construction homes. New things are always more appealing to a large sector of the population. With regard to cars, most of us know that a new one isn't often the best buy, but we just love that new car smell. Homes are much the samethe draw of being able to pick countertops, appliances, paint, flooring, etc. is a very strong one. People love the idea of customizing that home to meet their needs.
There is absolutely nothing wrong with new construction.just as there is nothing wrong with buying a resale home. The problems arise when buyers don't adequately research and find which option fits them best. As with any other major decision, there are pros and cons which must be evaluated thoroughly.
First, new construction is always a bit more of a gamble than existing homes. When you purchase a home in an established neighborhood, your Realtor can provide you with proven sales statistics over the course of many years for that area. These numbers will allow you to have a very definite feel for how those homes are performing as investments. In a new construction situation, we obviously don't have that luxury so much of the projecting comes down to guesswork. Buyers and agents alike are left to wonder about the future desirability of a particular neighborhood.
Secondly, construction itself is a long process from beginning to end. If you shop for a resale home, you can generally go from contract to closing in about a month. With new construction, it might be a year later when you finally have a new place to call home
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