When it comes to purchasing a home, most people tend to look at homes that already exist. This tends to be the preferred way of buying, as it means there is a physical property for you to walk through. However, some people opt to consider pre-construction real estate when searching for their next home. It can be daunting to look at buying a property that doesn’t exist yet but buying a pre-construction property can have its benefits.
We’ve broken down some of the pros and cons that come with pre-construction real estate to help you determine whether buying a pre-construction home is right for you.
The Pros of Pre-Construction Real Estate
There are lots of benefits that can come with purchasing a pre-construction home that could make it a worthwhile consideration when looking to purchase a property. One of the biggest pros to consider is the fact that when buying pre-construction, you can often get the property for a cheaper price than a resale home. This is typically due to the fact that construction often comes with delays, so if you aren’t in a huge rush to get into your new home, opting for pre-construction can be a great way to save some money.
Another huge pro to take into consideration when looking at pre-construction homes is the fact that you can often have some input into the floorplan and finishings of the home. If you’re looking for a specific look in your new home, pre-construction can be a great way to get exactly what you’re looking for without having to put the time and money into doing renovations yourself.
Pre-Construction Cons
One of the biggest cons when it comes to looking at pre-construction homes is the fact that they may encounter delays. This can be a huge factor to consider for potential buyers who are under a tight timeline to get into a new home. In some cases, the move-in date for a pre-construction property can be pushed back multiple times, which can be stressful. Not only would you be in a contract for a new, pre-construction property, but you would likely have to continue to pay your mortgage or rent at your current residence until the new property is completed. Waiting for a pre-construction property to be completed can be a long process, so if you’re wanting to move quickly, it might not be the right option for you.
Determine if Pre-Construction Is Right for You
When it comes to deciding whether to buy a pre-construction home, ultimately you have to decide whether it is the right choice for you. When buying pre-construction, you often won’t have the opportunity to see the home until it is finished, which can make it challenging for some people to visualize themselves living in a home. In some cases, you may be able to add a walk-through contingency to the contract, which would allow you to see the property in person while it is under construction.
Every person’s situation is unique, so the most important thing to remember when it comes to looking into pre-construction homes is that it has to be the right decision for you. Taking the time to do the research and learn about the pre-construction process can be a great way to help determine whether to buy pre-construction or resale.
Are you considering buying a pre-construction home? One of our experienced realtors can help you get started!