Over the next 10 years, it is predicted that Millennials will form 23 million new households. If you are a Millennial, chances are you are looking to build or buy your first home. There are a lot of questions that come up when looking to buy a home. Should you look for homes for sale within a specific school district? Are luxury homes best? New construction vs luxury townhome? The list is nearly endless.
One of the questions we occasionally get is if there is an advantage to buying new or building a home instead of purchasing an older home. There are quite a number of advantages for new construction homes. In fact, many Millennials prefer new construction homes because they want to have custom features that make the home more modern and green-power friendly. Additionally, many of the homes built by the baby boomers are for large families and have too many bedrooms and bathrooms. For Millennials who are only planning on having one or two kids (if any!), those rooms and that space simply isn’t necessary. It is just additional upkeep.
Advantages of Buying New Construction Homes
Higher Construction Quality: It is no secret that just like with phones and other electronics, the construction industry continues to advance and innovate. New construction homes feature the latest in design and construction, meaning a new home will have significantly higher safety standards and have the most up to date materials and techniques used. New homes are also frequently backed by a builder warranty, which helps give you peace of mind when moving in.
Updated Floor Plans: If you have ever been in an older home, it is easy to spot that the floor plan . . . well, it’s a bit lacking. New homes almost always feature the desirable open floor plan that keeps your options for design open to revolving around you and your lifestyle. No need to navigate cramped bedrooms and wasted space. Modern floor plans conform to today’s living standards. Spacious and open kitchens for delicious home cooked meals and customization rooms that can easily be turned into sunrooms, studies, or libraries are just a few perks. Additionally, new homes use space much more efficiently. Storage is built in each home in an elegant way that makes it both easy to access and out of the way.
Fewer Maintenance Needs: Old homes have maintenance needs. Period. There is no getting around it. Whether it is an old HVAC unit, carpet that needs to be replaced, or some other need, there is a lot to be done. If you are looking for a fix and flip, old homes can be great. If you are looking for a stress-free home that has low maintenance, new construction homes are the way to go. Additionally, because the latest construction homes are built better, they last longer and need less maintenance down the road. Better quality materials and better building techniques add up quite a bit.
Energy Efficient Homes: Old homes can pile up pretty high energy bills. Old heating and cooling systems, drafty windows, you name it. With a new home, there will be significantly reduced utility bills because of efficient heating, cooling, and water use. Today’s homes are about 30% more energy efficient than homes built only five years ago! Additionally, building a new home gives you the opportunity to look for even more energy efficiencies by building in solar or wind energy, having smart thermostats installed, and getting eco-friendly from the beginning.
Excellent Neighborhoods: Location is a major factor in choosing new homes. Typically, new neighborhoods are much safer and more crime-free than old neighborhoods with rundown homes. Additionally, there will frequently be convenient shopping located near a new neighborhood as well as restaurants and schools. Investing in a new home is an investment in a lifestyle.
So whatever you are looking for with a home, buying new, or building yourself, is a great way to ensure that you are thinking long term. It’s true, you might have to wait a little longer for construction to settle in the neighborhood, or for empty lots around you to fill up; however, the advantages of buying new are many.