There are lots of reasons to consider new construction in Minnesota when you’re deciding on your next step. In the Twin Cities we hear the refrain, “Why buy new when slightly used will do?” What does newoffer that an older home can’t?
Reason #1: You are Building Your Future. It’s all about you. In a new construction home you get to choose a builder, location, floor plan, kitchen design, paint colors, and basically everything about the home down to the door knobs. Most builders offer a menu of floor plans, design packages in place to keep you from being overwhelmed by decisions.
#2: There is a lack of available move in ready homes. Owners are hesitating to put their homes on the market until they are certain that prices have rebounded. Multiple offers are the norm. It often becomes a bidding war and pushes prices higher and higher.
#3. Most people go through a process of deciding to remodel their current home, or move to a new home that meets their lifestyle. Retrofitting an older home takes time, energy, and more dollars than you planned for. Kitchens are a $10,000 + investment depending on your choices and who you hire. Older homes have small bathrooms, sometimes you can get stuck choosing between the existing space, and bumping into a bedroom. Besides the obvious upgrades of windows, doors, roofing and insulation, invisible updates add up. If you plan to live in the home during renovations, there are times you will be without a kitchen, or running water.
#4: Some homes on the market are overpriced, and not in move in condition. Hopefully sellers are listing at a price over value believing that buyers will pay for their dreams. A house isn’t an ATM, 25% of sales have appraisal shortages. That means you may have to pay the difference out of pocket, or cancel your offer.
#5: Energy efficiency and functionality. This isn’t grandma’s home. New homes are smart homes, and most will use materials that are 40% more efficient that a home built even 10 years ago. Technology and materials keep evolving to make homes more sustainable and cost savings over time.
#6: Cost effective. Your new home comes with a 10 year structural guarantee, and two year for the interior. Appliances are brand new, and have warranties and do more than your old appliances. Energy costs should be a fraction of what an older homes pays. Homes built today are 40% more efficient than homes built in 2006. You won’t have to think about replacement costs or maintenance for many years to come.
#7: Low maintenance, move in ready. Your new home was built for you and your lifestyle. There will be regular seasonal maintenance, you still have to remove snow and rake leaves, but there is virtually only routine cleaning required to keep both you and your new home happy. Your builder will do a one year anniversary check for nail pops, settling shifts, anything that needs attention in the first year.
#8. Lifestyle. The way we live now is different than we lived 20, 30, 50 years ago. Rooms are bigger, more bathrooms, walk in closets, open floor plans flow from one area into each other seamlessly. Windows are bigger, rooms are airy and light while conserving energy. Cutting edge technology makes a new home smart. Traditional homes can be adapted, upgraded, remodeled for how we live today, but at a price. It costs time, energy, money, and there can be ugly surprises along the way. Surprise is a bad word in real estate. It is usually attached to a dollar sign.
#9. Resale value. It is always easier to sell a new home a second time than an older home. The neighborhood will have established values, a character that appeals to people like yourself. Everyone loves a well-designed home.