Tired of waiting for the perfect existing home to come on the market in this period of tight inventory? It might be time to consider new construction. What you sacrifice in the time it takes for the home to be completed and the ambiance of an already mature neighborhood, you’ll gain in an easier sales process and a home customized to your exact taste.
Indeed, building a home from the ground up can offer many benefits. A recent RE/MAX blog detailed some of them:
No frustrating bidding wars: Bidding wars in the Denver-metro market have become common, often leaving buyers emotionally drained after being outbid time and again. “One of the biggest advantages of new construction,” notes the blog, “is that homes are sold on a first-come, first-served basis.” There’s no bidding, and buyers don’t have to waive inspections and other extreme contingencies to land a home. They also avoid lending problems when a home appraises for less than the agreed-upon price.
Lower maintenance costs: Older homes generally have older wiring, plumbing and other systems that are likely to require frequent upkeep. New builds shouldn’t pose those problems. Additionally, most builders offer a wall-to-wall warranty for one year, and potentially longer for certain elements. “For example,” notes one broker, “air conditioning can come with a five-year warranty; for the roof, it may be 15 years.”
Higher energy efficiency: New homes are built with state-of-the-art technology and are likely to be far more energy efficient than older homes. Better insulation, energy efficient appliances and HVAC systems can save you countless dollars in energy bills over time.
You’ll get what you want: You’re in the driver’s seat. Choose your countertops, your carpet, in some cases even the layout of a room.
You can still have a real estate agent advocating for you: If construction stalls, or something seems wrong, your agent will be keeping an eye on things. The agent will also facilitate an appraisal, inspection and the closing date, smoothing the process.