When you’re buying a home, you have the choice between buying a new-to-you home or a new construction home. It’s the difference between buying a property other owners have lived in, or one where you’re the first homeowner to settle in.
As you consider your choices and how much home you can afford, you may wonder whether buying a new construction home is a good investment.
While a new construction home may come with a higher up-front price tag compared to a similarly sized older home, the long-term return on investment may prove better in the long run. Learn five reasons why buying a new construction home is a good investment.
One reason why some people prefer new construction homes is that they typically don’t require as many upgrades or major repairs, at least for several years. With a new construction home, you may be able to choose some of the home’s finishes and features offered by the builder before construction is complete.
New construction homes also feature new appliances and mechanicals. Most appliances and the home itself typically offer good warranties. New construction also features more energy-efficient fixtures and appliances for energy bill savings.
An energy-efficient home may boost the home’s resale value. According to a National Association of Home Builders survey, more than 80% of homebuyers place energy-efficient appliances and windows in the “essential” or “desirable” category when they’re considering a new home purchase.
When builders look for places to build new construction homes, they typically consider the location and how much value that can bring to residents. Amenities such as parks, walking trails, shopping centers, restaurants, pools, and gyms are sometimes included in newer housing communities. A welcoming community that develops from new construction homes can also boost the value of that community and home price tags in the future.
Good real estate value often comes with great locations where people want to live. That’s one way in which new construction can hold its value for years to come.
With a new construction home, you’ll have more control over the outcome of your new home. You can provide input on the style and layout and can customize it to your unique personal preferences. Builders often have new homes that are under construction that you can buy. Depending on the stage of construction it’s in, you can still often have input in choosing many of its final finishes.
Renovating an older home requires working with a contractor or doing improvements yourself. That can take more time and money, and significantly decrease your quality of life if you’re living in the house while undergoing renovations.
Upgrades to an older home can also become complicated depending on the home’s structure and other issues, including where the home is located. A whole house remodel can cost a big chunk of money ranging from $40,000 to more than $300,000.
Another appealing feature of new construction homes is the latest technologies are often built into them. When you’re wondering if buying a new construction home is a good investment, consider that you can build a brand new smart home instead of spending more to upgrade an older home.
Some new Brookfield Residential homes may include myCommand smart home technology. This voice-connected technology includes features such as:
Features like these are essential for many homebuyers of the future. They can greatly increase your home’s resale value if you decide to sell down the road.
There are many reasons why homebuyers dream of owning a new construction home. Many like the idea of being the first ones to live in a home in which they get to create its history.
If you’re interested in a strong return on investment if you decide to later sell your home, neighborhood desirability, the home, and neighborhood amenities can all play a part in how much your return on investment will be.
Brookfield Residential has been a quality new home builder for more than 60 years. There are many more reasons to consider buying a new construction home.
We’re here to answer your questions, from how to get preapproved for a mortgage to how to lock in extended interest rates for a new home and more.Contact us to learn why you should consider a new construction home, whether it’s a condo, townhome, duplex, or single-family home.