New construction, far from being just a different type of housing, offers a variety of benefits and drawbacks. The pros and cons are numerous, and they can depend on whether you’re buying or selling the property. This article will briefly explore both sides of the coin and attempt to explain the benefits and drawbacks of new construction.
Resale Value
One of the biggest benefits of buying a new construction home is that it tends to have a higher resale value than other types of housing. Because the house hasn’t been lived in yet, it’s kind of like being “first to move in.” This can be helpful if you think you might have to move again sometime in the future, and it may be nice to have a house that’s already “broken in.” With https://www.myhousesellsfast.org/we-buy-houses-Athens-ga/ you can sell your house without having to worry about repairs or renovations.
Limited Downtime
One of the most compelling reasons for buying new construction is that it allows you to get into your new home as soon as possible. Most people don’t want to wait a few months for a house to be built, and this can make it hard to find an acceptable home, especially if you want something more than just an acceptable house. If you buy new construction, you can move into your new home as soon as it is ready.
No Deposit
Many people don’t like to put down a deposit on property. This deposit can be as high as a few thousand dollars, and some people don’t like to spend that kind of money on a home they might not like. If you buy new construction, however, you won’t have to deal with this because one will not be required.
No Utility Bills
Another advantage of buying new construction is that many people are attracted to the prospect of being “new” and not having any utility bills for a little while. Many renters find this very appealing, and many people who don’t want to put down a deposit on a property also like this. It’s actually pretty common for new construction homebuilders to offer a reduced utility rate for the first 3–6 months after you move in, and if you borrow money from your lender to pay for the move, you can avoid paying interest during that period as well.
