Hundreds of thousands of new homes and condos have been built in the past decade nationwide. At this point there is a surplus of them, so in today's new market there are some good deals to be had . . . and some land mines to avoid.
Here's my take on the Pros and Cons of buying a brand new build:
- You are moving into a house that should be completed and perfect and have that "new house smell."
- With new construction or preconstruction purchases, the work is done for you. You don't have to do a darn thing. You don't have to lift a finger, or a hammer.
- Okay, yes, maybe make a few decisions about what color to paint the breakfast room or if you want the white or the stainless steel appliances―that is, the fun stuff. A big financial benefit to a new home is that you won't have much maintenance to do for quite a while. With brand-new appliances, plumbing, heating, and air, you should be repair free for a few years.
- They come with some of the amenities that today's lifestyle demands-open, eat-in kitchens; walk-in closets; large master baths.
- New homes and condos are often equipped with the latest technology built right in-alarm systems, speaker systems, Internet wiring, and cable.
- They can cost more than existing homes.
- They can entail living in new neighborhoods built far from necessary destinations, like your supermarkets, schools, and shopping centers.
- They may not excite someone who wants to do lots of customizing and upgrading. People who take pleasure in fixing up a home and tailoring it to their preferences may not find brand-new homes suitable.
- Oftentimes new homes and condos have less architectural detail and charm.
- New home lot sizes are smaller than older homes. If you are looking for that big backyard, you may not find it.
Michael Corbett is Trulia's real estate and lifestyle expert. He is also the host of EXTRA's Mansions and Millionaires on NBC. In addition to his regular segments on ABC's The View and Fox News, he is a national bestselling author with three critically acclaimed real estate books: Find It, Fix It, FLIP IT!; Ready, Set, SOLD! and Before You BUY! His years of experience in buying, renovating, and selling homes have made him a sought-after nationally recognized real estate expert.
For more great tips: check out Michael's 3 Bestselling Books:
Before You Buy! Find It, Fix It Flip It! and Ready, Set, Sold!