Many people would rather buy a newly constructed home over a resale for various reasons, but mainly because it is brand new and highly customizable. However, just like buying a resale, there can be hidden costs and pros and cons of a new build. Buyers must have a good idea of the costs that can creep up, as well as hidden downsides.
Newly constructed homes are highly customizable and all customizations can be completed before your move-in date so you never have to lift a finger. The fact that everything is brand new lends to the fact that you won't need to do any repairs for the first few years you move in, with new appliances, new windows, roof, etc. Also, new homes tend to be more energy, with newer windows and doors and appliances all being high efficiency. Many times you can get upgrades such as new alarm systems with upgraded technology as well.
Newly constructed homes tend to be a bit more expensive than resale homes, mainly due to costly upgrades. Most new construction homes are approximately 20% more expensive than resale homes. Watch out for the upgrades as they tend to be marked up, and can add up quickly so make sure you are fully aware of what is the standard and what are upgrades. Many upgrades are cheaper to make yourself such as light fixtures or paint. Once you have a new build you might notice that the rest of the neighborhood is in a state of construction for a year or two after you move in, another thing to keep in mind when purchasing a new build. Newly constructed homes tend to be on smaller lots compared to older homes or resale homes, so if space is a big one on your must-have list you may want to reconsider a new build or pay the extra money for a larger lot.
While it may seem like buying a newly constructed home is easier, it's not always. So be sure to have all the information, and make sure you’re aware of costs and how a new build will affect your lifestyle, as a new build is a home and a neighborhood you’re buying.