When it comes time to buy a new home, you’ll likely consider new construction. But to many people, that territory is unfamiliar. What are the pros and cons of building a new home? Is there anything to consider? Here are some things to keep in mind when making this very large decision from the team at GVC Mortgage.
Building a new home comes with many positives over purchasing an existing home. Here are some examples:
- Brand New: Everything about the home will be brand new. When purchasing an existing home, you have to hope the inspection catches anything that may be an issue down the line. With all new appliances and a new build, everything will have a warranty.
- Latest Tech: Your new home will be built up to date with all of the latest codes, processes, and energy efficiencies. You can also opt to have additional tech built right in with the house. Saving yourself time and money down the road.
- Many Choices: This will be your dream home. Instead of searching for an existing house that “pretty much” meets your needs, you can work with designers and builders to get the exact layout you’re looking for.
While designing and building your dream home sounds amazing, there are some downsides to consider:
- More Costly: Generally, building a new home will be more expensive than buying an existing home and have some additional costs up front. You can save a little on spec homes but any customization will start to add up.
- Long Wait: Building a home takes time. There are many decisions to be made that don’t come along with purchasing an existing house.
- Unpredictability: The timeline of a new build rarely goes to plan. There can be many unplanned delays and costs that pop up. This is especially true regarding materials and any shipping delays.
Need help with your mortgage or a refinance? GVC Mortgage has the expertise to help. Contact us today at (317) 564-4906 to discuss your mortgage options. We serve Carmel, IN, and the surrounding areas.