Buying Your First Home? 4 Reasons to Choose New Construction
First-time buyers have it hard in this market — especially if you’re looking at existing homes.
Not only are there extremely limited options these days, but prices are on the rise for these properties as well. What’s more? They usually come with bidding wars, too — and that means an uphill, expensive battle if you’re trying to find a home.
Fortunately, new construction doesn’t come with the same challenges. With a new build, you’re able to create your home from the ground up — no competition, no scouring listings, and definitely no bidding wars.
Are you on the hunt for your first home? Here are four reasons new construction might be your best bet:
1. More choices.
With a new construction home, you get all kinds of choices. You can choose your neighborhood, location, and lot, as well as other details, like your home’s layout, floorplan, and even the smart home technology that goes in it. With existing homes — which are in extremely limited supply in today’s market — these types of options just aren’t possible. (You basically have to take what you can get.)
2. Fewer problems and less upkeep.
Another huge benefit is that everything is new. The materials, plumbing, systems, and appliances — they’ve never been used before, and that means no wear and tear that could lead to breakdowns and costly repairs down the line. All in all, new homes typically come with a lot fewer problems (not to mention repair costs) when compared to existing homes — especially in the first few years after they’re built.
And if things do go awry? Most builders include at least a one-year warranty on their properties. This means the builder will come out and repair any issue at no cost during that period.
3. No bidding wars or steep competition.
When you buy new construction, there are no bidding wars — something especially common in today’s inventory-strapped market. Instead, it’s just you, your builder, and sometimes a real estate agent (though you don’t really need one when building a home).
Since bidding wars can often escalate a home’s price — not to mention force you to drop contingencies and other buyer safeguards — opting for new construction is a good way to protect your interests as a buyer.
4. Lower energy costs.
New homes are built with the latest products and processes in mind. Many builders use things like energy-efficient windows, smart thermostats, upgraded insulation, LED lighting, high-efficiency HVAC systems, and tons of other features that can both reduce a home’s energy intake, as well as the bills that come with it.
New homes may even come with Energy Star appliances, which use less water and electricity (cost less to operate in the long run).
The bottom line
There are a lot of advantages to choosing new construction over an existing home — especially if you’re a first-time homebuyer. Are you currently on the hunt for your first house? Take the first step and get preapproved for your mortgage. Get in touch with Premier Nationwide Lending today to get started.