Investing in New Construction
Buying an older home often seems to make the most financial sense, but it comes with a certain amount of risk. It might be worth taking a gamble on a project home if you're an expert handyman, but rehab costs can quickly skyrocket. On the other hand, newly constructed homes are more affordable than you think! Here are five great reasons why it's worth considering buying a newly constructed home.
1. Higher market value
Every home buyer wants to get a fresh start, and a new home with all the latest design concepts and aesthetics is as good as it gets! If you ever have to sell the home, you also won't have to worry about spending a lot of money increasing the home's market value to meet the neighborhood's standards.
2. Lower maintenance
A bargain-priced fixer-upper can often become much more expensive than you originally thought. Remodeling the kitchen is an ambitious upgrade to make right after moving in, and a brand-new home won't have any older or outdated appliances or fixtures that will need to be replaced immediately.
3. No upgrades necessary
Current housing tastes include big open rooms, vaulted ceilings, and modern floor plans. Unfortunately, it's usually cost-prohibitive to rehab an older home to meet the current tastes. You can always expect quality work at fair prices for a kitchen or bathroom remodeling job in California when you hire a company such as CalBear Construction, but newly constructed homes feature contemporary designs with brand new appliances, floors, and countertops. You also won't have to spend any money bringing electrical outlets up to code.
4. Builders’ warranties
Builders offer warranties that cover the house for up to 10 years, and you won't be forced to pay for construction-related problems during that warranty period. Just be sure to research the builder's reputation online. You could be dealing with that builder for a decade, so choose wisely!
5. Up and coming neighborhoods
We all know the three most important things in real estate are location, location, and location, and the demand for new homes in hot areas means plenty of new homes for sale. There are certainly plenty of great bargains to be had in reclaimed neighborhoods close to the city center, but it's usually a smarter bet to invest in suburban developments before the city grows out around them. Newer subdivisions are also desirable for young families interested in affordable homes in good school districts.
If you're in the market for a new home, you owe it to yourself to expand your search to include newly constructed homes. You might not quite have as much potential for maximum value as an underpriced "handyman's special" in a great neighborhood, but you can't understate the ease and convenience of buying a home that's move-in ready! For other great home improvement and lifestyle ideas, follow TheHomeMag on Facebook and Instagram.
