If you’re planning to buy a new construction home in New Jersey, there’s a good chance you also want some information surrounding the subject before you begin the hunt. Here’s the thing: a home without a previous owner is a dream come true for many people. The ability to start fresh, to be there right from the start, is something buyers value. But, aren’t there any disadvantages to buying a freshly-built, move-in-ready home? Today, we’ll talk about both the pros and cons of buying a new construction home in New Jersey. Just so you don’t have to feel like you’re missing out on crucial info. Stay tuned!
Wait, what is a new construction home?
First of all, let’s define the main subject of today’s article: the so-called new construction homes are houses, apartments, or buildings that have been built just recently, designed to be safe and accessible, waiting for their first dwellers to move in. Usually, these are built by developers or construction companies. They’ll put them on the real estate market as move-in-ready properties. For most buyers, these homes represent a better option than older homes. However, can we prove that newly-built homes are objectively better than homes constructed earlier? Well, you’re about to find out!
A newly-built home is a dream come true for many NJ buyers.
The pros of buying a new construction home in New Jersey
Let’s see what are the advantages of buying a newly built home in the Garden State!
#1 The brand-newness of new construction homes (and their surroundings)
Okay, that title might sound silly, but the “freshness” of new construction homes certainly works for their appeal. Everything inside a new construction home is brand-new: from the walls, roof, and flooring, all the way to regular home appliances. You don’t have to worry about previous dwellers doing something wacky inside the place, leaving stuff behind: you’re the first-ever occupant. Also, another thing: most of the time, new construction homes in NJ are built near other new objects such as shops, gyms, community centers, and so on.
#2 They require less maintenance
Needless to say, once you move into a brand new home, there’s no need to organize any repairs. That’s mostly the case when you’re moving into an older home. Of course, this doesn’t mean you shouldn’t do regular maintenance tasks right from the start or something. We’re just noting that there’s simply no requirement to repair stuff immediately. Also, there won’t be a need to pay for various move-in expenses related to moving into older homes, as we’ve heard from the people over at Van Express Movers. No need to clean up after anyone.
#3 Customization is a big plus
When you’re opting for a new construction home in New Jersey, you’ll enjoy the opportunity to modify and customize the place to match your style and preferences. We’re talking about choosing your own flooring, cabinets, countertops, and so on.
A new construction home allows you to customize it to your liking.
#4 Let’s talk about warranty
Most new construction homes in New Jersey (or anywhere else) come with warranties. These will guarantee you’re free from paying for home repairs for a certain period of time. You’ll enjoy peace of mind knowing that if there happen to be any issues with your new home, they’ll be covered.
#5 New construction homes are energy-efficient
Besides not having to repair your home once or before you move in, you’ll also save some money on energy bills. Usually, freshly-built homes come with greater energy efficiency than older homes. Therefore, you won’t have to pay large amounts of money to cover your utility bills.
#6 Lastly, they’re up-to-date
For the last pro of new construction homes, let’s give a shout-out to their up-to-dateness. They’re often equipped with the latest technological innovations and modern features.
The cons of buying a new construction home in New Jersey
Now that we’ve seen the pros, let’s check out the cons!
#1 The wait (maybe)
The first con we’ll mention is the wait: you might have to wait for your new home to be finished. Needless to say, it takes some time for the construction process to end. If you’re paying a mortgage for the home you’re currently living in, you might end up paying an additional mortgage for your new construction homes. Alternatively, you can sell your old place and find a property to rent, but that can also be expensive. Also, this might make some issues with timing: it’s not a little-known fact that construction timelines can oftentimes be a bit uncertain. Luckily, since you’re in NJ, you can rely on specialists once the move-in time approaches. There won’t be a need to delay things even further.
#2 The cost (probably)
New construction homes in New Jersey are often more costly than their older counterparts. You’ll have to take out a larger mortgage loan and pay for higher property taxes due to the higher value of your new construction home.
The biggest con when buying a new construction home in New Jersey is the cost.
#3 What about the (lack of) community?
Even though everything’s new in and out of new construction homes, these neighborhoods are lacking one thing and that’s an established community. Now, if your new construction home is located someplace where there’s already an established community: that’s quite alright. However, if the whole neighborhood’s brand new, this might present a downside for buyers looking for a sense of community in their new surroundings.
#4 You won’t enjoy much negotiating power
If you’re planning to buy a new construction home in Garden State, you shouldn’t expect to haggle or talk the price down. The thing is that the builder or developer is the seller, most of the time. They’ll, of course, want to guarantee that the whole project turns out to be profitable. Therefore, you can’t really do anything to negotiate the price down. The home is completely new, and the inspection probably won’t find anything that you can use as an argument to do some damage to the proposed price.
#5 Inability to predict the area’s future
Lastly, let’s consider your home surroundings in a non-community light and see if there’s a way to predict your new area’s future growth. We’re, of course, talking about further real estate development and property values. It can be quite difficult to predict this. Also, keep in mind that this only stands if you’re buying a new construction home in a brand-new neighborhood.
Final words on the subject
Okay, dear readers, this was all concerning the subject of buying a new construction home in New Jersey. Once you take a look at all of these pros and cons, you’ll be able to figure out whether such a decision is a good one for you: consider your budget, lifestyle, preferences, and the time you’re willing to wait for the project to be finished.