Is New Construction a Great Value for Savvy Homebuyers?
Searching for a new home and unsure whether to buy a resale or new construction?
We at ICI Homes are here to advocate for new construction! We’ve built new custom Florida homes all over the state for more than 40 years, and we know the home-buying experience isn’t clearcut for some potential customers and first-time homeowners.
They assume a resale is their best value because new homes often carry a higher price tag. Indeed, new homes can be pricier than resales because they’re new, just like a new car is worth more than a five-year-old used car.
But in today’s competitive residential real estate market, buyers not only are eying prices, but also interest rates, vigorous competition from other buyers, and a nationwide housing shortage.
All of those factors can affect the decision between buying a resale or new build. Fortunately, there are many good financial points to argue in favor of new construction.
Here’s why new construction is a great value for savvy homebuyers.
Helpful discounts
Time your house-hunting, and you might end up with significant savings on either a new build or a new move-in-ready inventory home.
Builders typically offer attractive pricing when a new community is almost finished, a period known as a closeout. Fewer lots for new builds and fewer move-in-ready homes remain available, and selling them becomes a priority. So prices come down — sometimes significantly.
Other perks may include interest-rate buy-downs or a rate lock if customers use the builder’s preferred lender. Neither financial incentive reduces the home’s purchase price, but it can result in long-term savings like lower interest rates and monthly mortgage payments.
Buy-downs and interest-rate locks can be seasonal offerings; check with an ICI Homes sales associate for more details.
A blank canvas
Don’t overlook this very real positive of buying a new-construction home. Its very newness is a big savings for many buyers. No one else has lived there, so you won’t have to repaint, replant or renovate away the previous owner’s tastes and style.
Plus, if you build from scratch, you’re able to tailor it to your taste during your pre-construction appointments at the ICI Homes Design Center.
No additional construction costs
The costs of buying a resale usually don’t end with the closing. All renovation work — even if it’s only a painting project — are extra costs in addition to what you paid for the home. And many times those extra costs involve pricey projects such as additions, a new roof, or enlarging a kitchen or bathroom.
That’s a moot point with a new home.
Environmental savings
Today’s buyers want their home’s appliances and electrical and mechanical systems to be energy efficient from the get-go. That’s not always possible with a resale, which may not be renovated. You may have to pay to upgrade the resale’s environmental readiness.
Ready for your new custom Florida home? Talk to ICI Homes here.
