If you are considering buying a new home in 2023, new construction might be the way to go. In response to a strong demand and limited housing supply, many builders have been ramping up construction to create all new neighborhoods. If you have never bought a new build home before, here are some things to keep in mind.
Why buy new construction right now?
According to the latest data from the US Census, now is a great time to buy new construction for a few reasons:
- More new homes were completed and are ready to sell, which means you may be able to find exactly what you are looking for without having to wait for it to be built or wonder about potential supply chain delays.
- More builders broke ground on single family homes that have not yet been completed, which represent an opportunity to select certain finishes to have a semi-custom home.
- We saw an uptick in the number of permits approved for new construction homes to be built, showing that builders are continuing to ramp up production in spite of rising interest rates.
Pros of Buying New Construction
In addition to the obvious benefit of a brand new home, there are some other pros to buying new construction:
- You may have the opportunity to select certain finishes, getting the look you want without having to deal with a renovation or remodeling process.
- New construction homes often come with a builders warranty, providing you with peace of mind in case anything goes wrong in the first year.
- New homes have new appliances, new roofs, new everything; this means less concern about what will need to be replaced shortly after moving in and less emergency fund needed for your peace of mind.
- When you buy a new home, you can be confident it was constructed in compliance with the latest building codes.
- Most new build homes are built in a neighborhood with other brand new houses; this often makes it easy to connect with neighbors who are all in the same boat.
- A new house will be more energy efficient than an older home, which is kinder to the environment and to your wallet.
Cons of Buying New Construction
There are some potential drawbacks to buying new construction that you should keep in mind to make sure it is the right fit for you:
- A new construction home that is not yet finished will have a flexible timeline. It may not be ready when you expect, so you will need to have a way to work with this tentative closing date.
- New houses often do not come with landscaping, window coverings, fences, and other features that you would expect when buying an existing house. Make sure you know exactly what is included so that you can plan accordingly.
- If you love the look and feel of an established neighborhood with shade trees or historic charm, you will likely not find a new construction neighborhood to fit your preferences. New houses are almost always located in new neighborhoods, where it will take a few years to enjoy big shade trees and an established community.
Interested in learning more about buying a new construction home? You can always go directly to a builder, but it makes the most sense to have a professional on your side. If you are looking at homes in Northeastern Wisconsin, get in touch with these local experts to find out how they can help.
