If you're reviewing listings in your area of residential homes for sale, don't forget to also reach out to local builders to learn their plan for building new homes in your area. There are some advantages to choosing a new home, especially in an area with a competitive housing market.
Here are some advantages of choosing a new build for your single-family home.
1. Less competition when making a purchase offer.
When you see a good home come on the market, you have to move quickly to make an offer, which can sometimes mean feeling rushed over such a big purchase. Because newly built homes are often made to order or built on spec, there is not as much competition. You can contact the builder and express your interest in getting a home in a certain development, and they can let you know of available lots and show you home plans in your budget. You choose and plan and a lot, and then the builder can start working on your home.
2. New home warranty and community tax abatements.
New houses come with warranties. Your foundation might have a warranty for 10 years, and everything in the house from flooring to appliances might be covered during the first year or two. This way, after you move into your new home, you don't have to worry about surprise expenses popping up, like a flooding basement or broken water heater. You have time to build your savings back up after making a lot of upfront payments for things like the down payment, closing costs, and internet installation.
3. Ability to adjust plans to suit your personal needs.
This is a perk of new houses that most people know about, but it's worth mentioning because people don't often realize what an advantage it really is. If you, for example, continue to be dissatisfied with homes you view on available listings because just one thing is missing, a new build might the better choice. This way, you don't have deal-breakers like a pantry that is too small, lack of a master bathroom, or poor kitchen design.
4. Flexible financing options
Builders often have good relationships with local lenders and can offer you more flexible financing options than you might find elsewhere. You might be able to get 100% financing on a new house because there is less risk involved. You could also get down payment assistance. Some builders even cover closing costs.
To learn more, contact a resource that has residential homes for sale.