Buying a home is a crucial decision. And we usually see listings of available homes, so buyers need help choosing the home they want that’s within their budget. Another option other than buying an already-built home is a new construction home.
Mortgage banks in Canada may help you finance your home building. But before deciding,
Here’s a list of the pros and cons of a new construction home.
Pros of a Newly Constructed Home:
- Brand new
A new construction home’s most significant advantage is it is brand new. You’re the first to everything and the first to live in. You’re the first to use the appliances and lights. Who wouldn’t want that, right?
Because you’re the first to live in the newly constructed home, you’ll be able to arrange the house and choose the appliances that satisfy your needs. From the machine to the color of the paint, you can choose what you want for the home.
- Energy efficient
Newly built houses use the latest energy-efficient building material, which means you’ll be able to save on energy and money.
- Low maintenance
Because it’s a new construction home, there is almost nothing to maintain. Everything is unique, so there is nothing to repair. There are also no immediate projects that need doing. Which makes it low maintenance.
Cons of Newly Constructed Home
- Longer Timeline
Since you’re building a new home, the completion time will take a while. And it is one of the most significant disadvantages of a new construction home. And it would still take months to move into a newly built home. With all the decoration and customization after the building itself, moving in will take more time.
- Higher Cost
Due to new materials, building scarcity, market growth, and the home value increases, it would make you much more costly than buying an existing house, not just in list price but in price per square.
- Decision Fatigue
Suppose it’s your first time decorating and making decisions for the home. In that case, it will be pretty tricky for you, and you’ll quickly get overwhelmed by all the small and big decisions you have to make, from what tile you will choose for different spaces in your house to paint colors of your exterior and interior.
And there is a limit on customization without increasing the price. Especially when you are strict on your budget.
Like new things, a new home can have a distinct smell. New flooring, carpet, wood cabinetry, and even new paint can off-gas VOCs. But there is nothing to be worried about; it will reduce over time and eventually fade away.
Besides knowing the pros and cons of building a new house. It is also essential that you know what you have to ask your constructor to ensure the quality and safety of your home. Before hiring a constructor, you must have answers to your questions first.
Questions to ask your constructor for a newly constructed home:
- What is their experience?
Knowing their experience is essential to ensure they have enough experience to handle your building. Their expertise will also help you build ideas.
- Do they have references?
If they have preferences, it will help you build yours too. They can advise if you have a specific reference and tell you if it’s a good idea. That way, you’ll save more money by making the right choices.
- Are they licensed and insured?
They should be licensed and insured if they are reputable housebuilders. Before your mortgage lender grants your home loan Canada for your home building, they will require proof of license and insurance, so before you sign any contract with any house constructor, make sure they have both license and insurance.
- How can they guarantee quality construction?
If it’s your first time and you need to know if your home has high or poor quality, you should ask your constructor. Ensuring that you understand your builder’s quality control process is very crucial.
- How long is the time frame?
Ask how long is the estimated time frame. If your builder is experienced enough, they’ll be able to answer you. They should have a written schedule detailing when all of the parts of your home will be completed.
In a competitive market like today, finding a home that suits all your needs takes time. Building your own home can help you get what you want without waiting for it to come to the market. And you’ll avoid bidding on top of that.
A home is the most significant investment an individual can have; protecting it will be your priority. Owning a home is one thing, but building your own dream house is another discussion. All the planning and decision-making can be more stressful and exhausting. Yet getting discouraged is not an option.
Private banks in Canada or a mortgage broker can help you finance your dream home. Just make sure you have all the necessary documents, and it will be as smooth as a butter transaction.