When searching for a home, you don’t want to skip over new builds as an option. Right now, there are more newly built homes to choose from than there would normally be in the market. And those added choices come with some pretty incredible benefits. Talking to your agent is the best way to see if this type of home makes sense for you.

Here’s a quick rundown of some things your agent will walk you through – including a few of the top perks of buying a newly built home today and some potential things you’ll want to think about before you ink any contracts.

The Perks of Buying a Newly Built Home 

Customization Options: Many builders allow buyers to choose finishes, layouts, and upgrades so that you can personalize your home to your unique sense of style. This is obviously more of a draw if the home is still under construction, but sometimes you can have a builder agree to some tweaks even after it’s completed.

Less Maintenance and Fewer Repairs: Everything from the roof to the appliances is brand new, which should save you on any upfront maintenance or repair costs — for at least the first few years. Many builders also offer warranties on things like structural components and major systems, to give you extra peace of mind. And not having to worry about this sort of thing is a big perk when everything feels so expensive right now.

Eco-Friendly and Energy-Efficient Features: With stricter building codes, newly built homes tend to be more environmentally friendly. This can include energy-efficient upgrades like smart thermostats and high-efficiency HVAC systems or eco-friendly tech. And all of these features can save you money on your future energy bills – again a welcome relief while inflation is stubbornly high.

Builder Incentives: Some builders are also offering incentives to homebuyers. While this will vary by builder, it could include rate buy-downs or other ways to offset today’s affordability challenges. As Bankrate says:

“Some builders offer financial incentives, including flexible financing options, to encourage buyers to purchase. These incentives — especially if they get the buyer a lower interest rate — could make a new-construction home more affordable in the long run.”

Other Considerations When Buying a Newly Built Home

On the other side of the coin, there are some things that you’ll want to at least consider before making your choice.

Longer Timelines: If you’re purchasing a home that’s still under construction, you may have to wait several months — or longer — before you can move in. As Realtor.com puts it:

“For homebuyers who have a short time frame to move into a new home, buying new construction could be challenging if the house isn’t built yet. This is not always the case, since a community may have some quick move-in homes or spec homes that are already complete (or nearly so) and ready for a buyer to move in. But if not, a buyer may have to wait.”

Potential Price Changes: Keep an eye on costs, too. It’s easy to go over budget if you keep tacking on upgrades or add-ons as you customize your build. At the same time, building materials, like lumber, can be affected by the economy, inflation, and changing trade policies. And unfortunately, if the cost of supplies climbs, builders will pass at least some of that increase on to people like you. As HousingWire explains:

“Upgrades and add-ons, unforeseen delays due to weather, supply chain issues or labor shortages, and expenses like landscaping and fencing not included in the builder’s cost can significantly affect the final price.”

Bottom Line

New builds can be a great choice today, but you want to be sure you have all the information you need to make an informed decision on such a big purchase. To weigh the pros and cons, connect with a local agent.

Would you consider a newly built home? Why or why not?

Some Highlights

• A study shows that 70% of prospective buyers fear the long-term consequences of renting. And here’s why.​
• Rent usually rises over time and that can make it harder to save up to buy a home. But when you buy, you can stabilize your housing expenses and grow your net worth as home values rise.
•  While renting may be the less expensive option in some markets, it can’t match the long-term benefits of homeownership. What’s your #1 reason for wanting to buy?

Are you having a hard time finding the right home in your budget? Or maybe you already own a home but could use some extra income or a designated space for aging loved ones. Either way, accessory dwelling units (ADUs) could be the smart solution you’ve been looking for in today’s market.

What Is an ADU?

According to Fannie Mae, an ADU is a small, separate living space that’s on the same lot as a single-family home. It must include its own areas for living, sleeping, cooking, and bathrooms independent of the main house. And they can take shape in a few different ways. Fannie Mae adds, an ADU can be:

• Within a main home, such as a basement apartment
• Attached to a main home, such as a living area over a garage
• Detached from the home entirely; it could even be a manufactured home

The Benefits of ADUs

ADUs are growing in popularity as more people discover why they’re so practical. In fact, a recent survey shows that 24% of agents say an ADU, such as a mother-in-law house, is one of the most desired features buyers are looking for right now.

The growing appeal makes sense. With rising costs all around you, an ADU can help supplement your income and ease some of the strain on your wallet. Whether you buy a home that has one already or you add one on, it gives you the option to rent out that portion of your home to help pay your mortgage.

Here are some of the other top benefits of ADUs, according to Freddie Mac and the AARP:

• Living Close, But Still Separate: You get the best of both worlds — more quality time together, plus privacy when you want it. If that sounds like a win, it might be worth looking for a home with an ADU or adding one to your home.
• Aging in Place: Similarly, ADUs allow older people to be close to loved ones who can help them if they need it as they age. It’s a sweet spot that offers independence and support from loved ones. For example, if your parents are getting older and you want them nearby, this could be a great option for you.
• Built-In Childcare: If your family’s living in the ADU, you may be able to use them for childcare, which can also be a big cost savings. Plus, it gives your kids more time with their grandparents.

It’s worth noting that since an ADU exists on a single-family lot as a secondary dwelling, it typically can’t be sold separately from the primary residence. And while that’s changing in some states, regulations vary by location. So, connect with a local real estate expert for the most up-to-date guidance.

Bottom Line

In today’s market, buying a home with an ADU or adding one to your current house could be worth considering. Just be sure to talk with a real estate agent who can explain local codes and regulations for this type of housing and what’s available in your area.

What’s your motivation for exploring ADUs?