The Pros of New Construction
Let’s face it – new homes are nice. No one has lived in them before you. If you are involved in the actual construction process, you get to make it like you want it. Even if you aren’t there are many upgrades a builder will place in a spec home that are really nice.
Here are a few things that are nice about a new construction:
- The latest gadgets are installed
- Insulation is the best to date
- They are wired for the latest technology
- Light fixtures are modern
- Some are even built in master plan communities
The Cons of New Construction
New construction homes are really nice but there are some things to consider
- It may take years to finish out the neighborhood. That means constant construction.
- The first years on the home may be met with unexpected repairs
- Sometimes construction items are not done correctly. I had a situation where the main water line at the meter was not properly glued and had separated causing a big water leak.
- Home values can change dramatically. The market is always moving and in particular, the Dallas area seems like it will continue to go up for a while.
- Taxes go up. Typically, when you purchase a new construction home, the property is taxed for the land value the first year. The second year, there is a huge increase in taxes. It’s the same for the third year and then market value drives the taxes. This can increase your mortgage payment by hundreds of dollars.
- Trying to sell can be limiting. Who’s going to pay more for your house than the next new house being built in the neighborhood? If you have a new construction home build in 2011 and the neighborhood does not get finished until 2015, the newest house may have more modern conveniences built-in which can make them more attractive.
It’s Your Choice
What is the most important thing to you?
Only you can decide based on the knowledge you gain in the process. The more knowledge you can acquire, the better the decision you can make.
If you want to search for a new construction home, check the link below for a site that will help you locate new builds in your area. Then reach out to me and let’s make a deal.