If you’re in the market for a new home, then this blog is for you. Today, we’re going to talk about why it might be the perfect time to consider buying a new construction home.
First and foremost, let’s talk about the benefits of buying a new construction home. Not only do you get a brand-new, never-lived-in home, sometimes you can even customize certain aspects to match your preferences. Depending on what stage of construction the home is in when you go under contract, you may be able to select your finishes, fixtures, and sometimes even the floor plan. It’s your chance to create your dream home from the ground up.
A newly built home might not cost you any more than buying an older one anymore. Historically, buying new construction could be compared to buying a new car– you would pay more for something in new, pristine condition. But that isn’t really the case anymore, at least not in our market. The shrinking gap in the cost of old and new homes stems from the sharp rise in prices for older homes during the pandemic, as well as the recent jumps in mortgage rates.
3. Financing Options
Some builders also offer financing incentives, which could mean better mortgage rates or even assistance with closing costs. Paying to reduce the mortgage interest rate is one of the affordability tools that builders have. A lower interest rate translates into lower monthly house payments — something that has remained at the top of buyers’ minds since last fall, when the 30-year mortgage climbed above 6%, then stayed there, for the first time since 2008. A permanent rate buydown, also known as paying discount points, reduces the interest rate for the mortgage’s full term.
We have helped some of our client’s successfully negotiate rate buy downs with builders, but of course it depends heavily on demand for the neighborhood you wish to purchase in, the builder, and other terms of the contract like purchase price and closing costs.
4: Energy Efficiency
Another advantage of new construction homes is the focus on energy efficiency and modern amenities. They are built with the latest technologies and materials, which can significantly reduce your utility bills. Imagine living in a space with smart home features, energy-efficient appliances, and cutting-edge construction techniques.
5. Fewer Repairs
One of the biggest advantages? Fewer repairs. With brand new plumbing, appliances, roofs, and more, you can rest easy knowing everything is in tip-top shape. Plus, it is standard in Tuscaloosa for home builders to provide a one year warranty for extra peace of mind. This is a significant advantage over buying an older home, where you might have to handle repairs out of pocket.
Safety is paramount. New homes often incorporate the latest safety standards and materials, ensuring you and your family are well-protected.
7. Community Amenities
And don’t forget about the community perks. Newer developments often come with shared amenities, like pools, clubhouses, tennis or pickleball courts, or walking trails.
So, there you have it – 7 compelling reasons to consider buying a new construction home right now. If you are looking to move, it is definitely an opportunity worth exploring.
Remember, though, always do your research, visit multiple developments, and work with a reputable builder and real estate agent to ensure a smooth and satisfying home buying experience.