While long-standing properties definitely have their own charm, it can also be appealing to purchase brand-new properties. With their sleek design and modern fittings, there are undoubtedly many benefits of buying a newly-built house. However, there are several factors to consider as well.
Whether you’re a first-time homebuyer or an experienced property owner, it is important to weigh the different advantages and disadvantages of a place before finalising the deal.
Graana.com has listed the pros and cons of getting a newly-constructed house below, so you can make an informed decision and choose what is right for you.
Pros of Buying a Newly-Built House
New homes come with a number of benefits. This includes the opportunity to customise various aspects of the property, energy-efficient features, low maintenance requirements, and a warranty from the builder.
Here are some of the pros of buying a newly-built house:
You have the liberty – and space – to customise various aspects of the property, such as the floor plan, finishes, and features. This allows you to create a home that matches your specific needs and preferences.
New properties are often built with energy-efficient features. This includes insulated windows and modern appliances. It can help reduce your monthly energy bills and save you money in the long run.
One of the biggest advantages of buying a newly-built home is that it generally requires less maintenance. They are also built in accordance with the current codes and standards, which means that they will have up-to-date systems and features.
This can significantly reduce maintenance and repair costs over the long term.
Most new homes are covered by a warranty provided by the builder. This generally covers defects in materials and workmanship for a certain period of time, and may also include coverage for certain systems and appliances.
While it is still important to thoroughly inspect a newly built home before buying, a warranty policy can provide added protection and security for buyers.
Newly-built homes are often equipped with modern amenities and features that may not be available in older properties. This can include state-of-the-art appliances, high-tech security systems, energy-efficient windows and doors, among many other things.
These modern features can not only make your place more comfortable and convenient, but it can also help reduce energy costs and save you money over the long term.
No renovations needed
If you buy an older property, you may need to spend time and money upgrading or repairing various systems and features, which can be a major hassle.
With a newly built home, you can move in and enjoy your new space without having to worry about making any repairs or renovations.
Better air quality
New homes are built with improved materials and processes that are designed to be more energy-efficient and environmentally-friendly.
This can help improve the air quality in your home by tightly sealing them and reducing the amount of dust, pollen, and other allergens that could enter. If you or someone in your family suffers from allergies, a newly built home would be a suitable option for you.
Better resale value
Newly-built homes also have better resale value compared to older homes. This is because they generally do not have any major structural issues, plus they are equipped with modern features. It is also easier to make adjustments to add further appeal later on, when you plan to sell the property.
However, it is important to note that this does not necessarily mean that all newly-built homes will sell for a higher price. In fact, they may sell for a lower price than older properties because they may be located in less desirable areas or have less attractive features.
Many newly-built homes are located in upscale or well-developed neighbourhoods, which can be quieter and more peaceful as compared to older neighbourhoods.
Cons of Buying a Newly-Built House
While there are many benefits to buying a new property, there are also some potential drawbacks to consider, as outlined below. It’s important to carefully weigh the pros and cons before making a final decision.
One potential downside to buying newly-built houses is that they often come with a higher price tag, as compared to older homes. This can be due to the cost of materials and labour involved in the construction process.
Lack of Mature Trees and Landscaping
Newly-developed neighbourhoods may not have fully-grown trees and landscaping, as these take time to mature. This can be a point of concern for some buyers who would prefer to live near green spaces.
Potential for Construction Delays
A newly-built home means that you are essentially buying a property that is still under construction. There can be delays in the construction process, which can be frustrating for buyers who are looking to move in soon.
With an older property, you get an idea of any potential issues that may have arisen over the years. With a newly-built home, you would be the first person to discover and experience any problems that may come with the property.
Higher Property Taxes
In some cases, newly-built homes may be subject to higher property taxes compared to older houses. This can be due to the higher value of the property
Lack of Character
Older homes often have unique features such as antique mantels, crown moulding, and other architectural details that add some charm and personality. These features are usually lacking in a newly-built home, which can fail to appeal to some potential homebuyers.
Little Room for Negotiation
As the builder is selling a brand-new property, there may be less room for negotiation on price and terms, as compared to an already existing home.
Location may limit the availability of newly-built properties. This can make it harder to find a home that meets your specific needs and preferences.
While a newly-built home may come with a warranty, there may still be unforeseen costs that arise after closing.
This can include costs related to landscaping, fencing, and other items that may not have been included in the price of the property.
For more guides on buying your next home, visit Graana blog.