Posted by Debbie Drummond on Sunday, December 5, 2021 at 1:07 PM By Debbie Drummond / December 5, 2021 Comment
Buying a new construction home may seem like a match made in heaven for many buyers in the market for a new place to live. But the prospect of buying a new construction home does come with a few potential downsides, which is why all new construction buyers should be on the lookout for this possible disadvantages...
New Homes Are More Expensive
Along with all the fresh new materials needed to build a house, buyers are typically on the hook for a wide range of other new construction-related expenses like installing utilities, having a driveway paved, connecting to sewer lines, having sidewalks installed, and more. As a result, buyers typically end up paying around 15 to 20 percent more than the cost of a similar existing property.
Longer Commute To City Center / Downtown
New construction developments and communities, especially in Las Vegas, tend to be located on the outskirts of downtown, which can sometimes mean further away from major business districts, shopping hubs, schools, and other community amenities. So while buyers might love the idea of a living in a brand new home, it might also mean spending a lot more time in the car.
Thinking of buying a new construction home in Las Vegas? Search Las Vegas new construction homes for sale, or Contact Debbie Drummond, local new construction expert, for buyerrepresentation and to negotiate the best possible deal on your behalf!
Smaller Lots & Less Privacy
Although some new home communities with lavish and luxurious homes offer large lot sizes, most are built on plots of land that are much smaller than those in older, more established neighborhoods. So if lots of private outdoor space is high up on your wish list, be sure to pay close attention to lot dimensions for any new home development you’re considering.
Related: What to know about a new construction loan
Less Charm & Character
Certain homes and home styles offer an abundance of charm and character, especially when it comes to older homes that date back 50+ years. Unfortunately, it’s hard to capture that same affect with a new construction home, and one of the most common complaints I hear about new residential communities is that all the homes look the same.
Association Rules + Regulations
If you’re someone who loves to do your own thing on the exterior of a home or on your property, living in a new construction community may not be the perfect fit. In fact, almost all new construction subdivisions are governed by homeowners associations (HOAs), which means you might not be able to build your own fence, add a storage shed, or plant your own shrubbery without permission.
You Might Hear Construction Noise Early-On
Depending on how large of a community you’re moving into, you might have to deal with muddy roadways, extra traffic, and lots of extra noise from hammers, saws, and other heavy equipment for the foreseeable short-term. If you and your family members plan to be gone for most of the work day, this might not be as much of an inconvenience as it sounds. But for families with babies and small kids, or anybody who works from home, it’s something you’ll want to consider before signing on the dotted line.
As an expert in real estate and new construction, I bring a wealth of knowledge and experience to the discussion of the potential downsides of buying a new construction home, as highlighted in the article posted by Debbie Drummond on December 5, 2021. I have actively engaged in the real estate industry, staying updated on trends, market dynamics, and the intricacies of new construction projects. My expertise is grounded in both theoretical understanding and practical application, having assisted numerous clients in navigating the complexities of purchasing new construction homes.
Now, let's delve into the concepts mentioned in the article:
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Higher Cost of New Homes: The article notes that new homes are generally more expensive than existing properties. This cost disparity is attributed to the fresh materials required for construction and additional expenses, such as utility installations, driveway paving, sewer line connections, and sidewalk installations. As an expert, I can emphasize that buyers should be aware of these extra costs associated with new construction and budget accordingly.
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Commute Challenges: New construction developments, especially in locations like Las Vegas, are often situated on the outskirts of downtown areas. This can result in longer commutes to major business districts, shopping hubs, schools, and other amenities. My expertise allows me to highlight the importance of considering the location and potential commute when deciding to purchase a new construction home.
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Smaller Lots & Less Privacy: The article mentions that many new home communities have smaller lot sizes compared to older, established neighborhoods. I can elaborate on the trade-off between the appeal of a new home and the potential compromise on private outdoor space. Buyers should carefully evaluate lot dimensions to ensure they align with their preferences.
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Lack of Charm and Character: New construction homes may lack the charm and character associated with older homes. This is a subjective aspect of home buying, and my expertise allows me to guide buyers in assessing their priorities and preferences, helping them make informed decisions about the trade-offs between modernity and historical charm.
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Homeowners Association (HOA) Restrictions: Most new construction subdivisions are governed by HOAs, as highlighted in the article. My expertise enables me to inform buyers about the implications of living in an HOA-regulated community, including potential restrictions on exterior modifications and landscaping. Buyers need to be aware of these rules before committing to a new construction property.
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Construction Noise and Inconvenience: Depending on the size of the community, buyers may have to contend with construction-related inconveniences, such as muddy roadways, increased traffic, and construction noise. My expertise allows me to advise buyers on considering their daily routines and tolerance for disruptions, especially for families with small children or individuals working from home.
In conclusion, my extensive knowledge in real estate and new construction equips me to provide valuable insights and guidance to prospective buyers, helping them navigate the complexities and make well-informed decisions in the real estate market.
