The Pros & Cons of Buying New Construction

New Construction in Old Oaks of Oxford

Buying a home in today’s market is already stressful! So how do you decide if purchasing brand new construction is the right choice for your needs? Let’s read through this realtor.com article that shares the pros and the cons of buying a new construction home.

Currently, about one-third of all home sales are newly built construction. With limited inventory of pre-existing properties and higher home prices, new construction should be on the radar for prospective home buyers. New construction can refer to single-family homes or condos. Here’s a list of the pros and the cons of purchasing new construction.

The Pros
-New homes rarely need renovations or repairs. In Mississippi, new construction comes with a home warranty. Find out more info here.
-New homes are in pristine condition. A brand new home will not have any scratches, dings, dents, etc.
-Some new construction homes may be customizable.
-New homes will have lower maintenance costs.
-New homes will be up to code.
-There may be buyer incentives or better financing options for new construction homes.
-A new home tends to hold its value and will usually grow equity faster, if you are buying one of the first, few homes in a new subdivision.
-New homes will have a more modern floor plan.
-The community with newer homes may have amenities (like a pool or gym) that are managed by an HOA.

The Cons
-New construction homes may cost more than pre-existing homes. There is usually no negotiating on price for new construction homes. The price is what it is.
-New homes take time to build. Most Oxford area neighborhoods estimate 7-9 months to build from slab to finish.
-The neighborhood and landscaping may be sparse for a while. Trees and shrubs take time to grow.
-There may be lots of construction going on in the neighborhood, even after you move in.
-Property taxes may be a bit higher because they lack established infrastructure.