8 Reasons to Buy New Construction
1. Brand NEW
The only thing that beats new car smell is new house smell. New construction homes embody contemporary aesthetics and design elements. Floorplans and finishes match modern desires so you can love your home from day one. You are the first person to use the shower, the first to cook on the stove, the first to get the oven dirty, and the first person to watch the sunset on the roof deck! This home will be full of firsts.
2. Lower Repair & Maintenance Costs
Compared to a traditional resale home, there is significantly less work that must be put into a new home after you purchase because everything in your home is brand new! New construction buyers expect to be repair and maintenance-free for a few years after their move-in day. With new construction, you can enjoy your home from day-one without the necessity of putting extra time, effort, and finances into your new investment.
3. Builder Warranty
Typically, most builders offer a warranty on their homes for 6 months to 2 years. Most builder warranties have coverage on the workmanship and house materials such as electrical, plumbing, and the doors and windows. Every builder and developer provides their own unique warranty on the homes they build, so be sure to take the time to understand all that is included in your home’s warranty.
4. Energy Efficient/Lower Utility Bills
Many new homes are being built “smarter” to take advantage of efficient energy products and create lower utility bills for homeowners. New construction developers are starting to add smart home features to their homes as a way of enticing savvy buyers.
Smart home systems include products like thermostats that you can control from your phone, automatic irrigation systems, and customizable lighting systems. Developers are starting to build homes with smart compatibility throughout their home’s electrical and irrigation systems, often available as an upgrade option.
Overall, these features ultimately save you money by making your home much more energy and heat efficient and lower your utility bills by allowing homeowners to have complete control over their energy use. Imagine, mistakenly leaving on the lights or forgetting to close the garage door and not even giving it a second thought.
5. Modern Floorplans
Modern, open layouts are becoming very popular to buyers as more and more living options become available. Open floor plans make your rooms appear larger, utilize natural light more efficiently, and make communication easier throughout your living spaces.
You may notice that as you look at newly-constructed homes that many have open layout floorplans. This is for a reason - it allows for rooms to act as whatever you desire them to be: a living room, dining room, kids playroom, or a study. It even gives you the choice to combine rooms and create one spacious living area.
6. Punch Walks
As you are purchasing a newly constructed unit that will be built and approved by city inspectors as being constructed per approved architectural and structural plans, there is no formal inspection objection contingency.
That said, every buyer is contractually entitled to a punch walk prior to closing once the residence is complete. The punch walk is designed so that each buyer has the opportunity to document any cosmetic flaws with blue tape thus forming a “punch list” that is submitted to the builder to be addressed.
Buyers are also welcome to schedule an independent inspection once redT and the builder confirm a day/time and any items found by the inspector are also submitted to the builder along with the punch list for consideration, but there is no contract renegotiation as a result of any inspection items.
If any items found are disputed, the builder will defer to the NAHB (National Association of Home Builders) guidelines to determine what does or does not qualify as an item to be addressed.
7. No Renovations
Many people who buy their first home do not understand how much time and money it takes to renovate an older home after purchase. When making such a big financial and life decision, it is extremely important for one to understand that the little things can really add up.
Changing the color of the cabinets, renovating the master bathroom, getting rid of the old ugly wallpaper, it all adds up FAST. The national average cost for bathroom renovation alone is $10,343 dollars and it can range anywhere from $1,500-$9,500 to reface or refinish cabinets.
New construction homes are much more “What you see is what you get”, meaning you don’t have to worry about hidden costs later in the process.
8. Financing & Loans
One very unique and great thing about being a new home buyer is that you can qualify for more loans because it is your first home purchase! Getting rewarded for buying a home, now that’s a concept!
Occasionally with new construction, the builders of the home can offer you discounts off the purchase price or throw in extra amenities when negotiating time comes.
At redT, our developers are also up for negotiation, at a condo property, Observatory Flats, they are offering a $20,000 dollar shopping spree to either take off the listing price or upgrades!
There are also government and state-backed financing programs for first-time homebuyers. In the state of Colorado, the CHFA loan is the most common first-time homebuyer loan and it is extremely helpful to first-time homebuyers whether the individual has no credit score or help with downpayment assistance.