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The Pros and Cons of Purchasing a New Build Pt2

Posted on 23/01/2020 9:14 AM | by NaijaHouses

(Sometimes) the sky is the limit with a new build

Michael Menn, a Chicago-based architect who builds new homes and remodels existing homes, says there are pros and cons to purchasing a new build. “When a homeowner purchases an existing home, there will be a compromise on the floor plan,” he says.

However, when his clients purchase a new home, Menn says they can customize and personalize every detail. He adds that they can pick “everything from the floor plan to the flooring, cabinetry, plumbing, etc.” So homeowners can decide, for example, if they want tile or hardwood floors in the kitchens and baths or they can make the home as plush as a hotel.

 

There’s more competition for existing homes.
 

There’s less competition for a new build

“According to the National Association of Realtors (NAR), the average time an existing home is for sale on the market is 30 days — although this depends on the part of the country, time of the year and other factors,” Menn explains. Homes sell fast because there’s a lot of competition to find an existing home. But when you build a home, he says the competition is eliminated.

 

You can drive up, get out and start your new life.
 

There are no renovation issues with a new build

Many homeowners purchase a home and then renovate it to fit their needs. “But they have to live in the mess of a renovation,” says Adam Helfman, Home Improvement Expert at Hire It Done. “Having no interruptions in your daily life is a huge benefit to buying a new home.” Also, some people don’t know where to draw the line when purchasing a fixer-upper and could end up with a money pit.