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PROS & CONS OF NEW CONSTRUCTION

Wednesday, February 1, 2023   /   by Ameil Gill

PROS & CONS OF NEW CONSTRUCTION

PROS & CONS OF NEW CONSTRUCTION 


New construction versus existing homes. One’s not necessarily better than the other, they’re just different. Are you wondering if new construction is the right fit for you and your family? I’ve put together the pros and cons you should consider before building your dream home.


PROS:


• Customizable.
New construction allows you to customize your home to fit YOUR wants and needs, & it’s one of the main reasons people decide to go the new construction route. It gives you the chance to design almost every inch of space to meet your needs.


• Brand New.
A new home means everything is brand-spanking-new. When you build or buy new construction, there’s no need for updating, and it’s unlikely you’ll have to make costly repairs anytime soon.


• Energy Efficient.
Many new-construction homes use the latest energy-efficient building materials, which means you could save money on energy costs/utility bills.


CONS:


• Cost.
New homes tend to be more expensive not just in list price but in price per square foot as well. On average, it costs around 20% more to have a new home built than to buy an existing one.


• Limited options and hidden costs.
Unless you build a 100% custom home (which can be VERY costly), you may be limited in your design, floor plan, and upgrades/options. You’ll also want to be aware of features not included in the purchase price, especially if you are visiting a model home.


• Timeline.
Many people find buying an existing home is the best option because of the unpredictable home-building timeline. A new build could take anywhere from 4-12 months to complete, which can be a challenge for people who are in temporary housing or need to sell their home before buying.


Whether you buy an existing home or new construction, it’s always a good idea to have an agent on your side to guide you and ask questions you may overlook. Considering building your next home? I’d love to help! Send me a message, and let’s put together a plan to get you into your dream home.

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 15, 2024
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated April 15, 2024
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