Who doesn’t love the feeling of buying something brand new? No one else has messed with it. It’s shiny. It’s fresh. It’s all yours to enjoy and make your own. That feeling is no different for a buyer purchasing a brand-new home. But, passing feelings aside, is buying a new construction home in Wilmington, NC, a good investment?
Let’s look at some of the financial perks of buying a newly built home.
New Construction Homes Require No Upgrades
One of the best things about new construction homes in Wilmington is that they require no upgrading after purchase. The only time work needs to be completed is when buyers want a custom feature the builder doesn’t provide or a fence installed (fence companies are usually cheaper than the onsite home builder). Builders usually include current interior design trends to make their homes more appealing to buyers. They also allow the buyers to choose the finishes prior to completion, so buyers are more likely to get what they want. No upgrades means less money is spent after closing.
New Construction Homes Have Minimal Maintenance
Most resale homes have house systems in varying stages of degrade and repair. With new construction homes, everything is brand new and only minimal maintenance, like changing the air filters every month and cleaning out the gutters, is required. Less work is always good – so is having fewer repair bills. Even better, new construction homes come with warranties for a set number of years, which can also save you money.
New Construction Homes are Energy Efficient
Purchasing a new construction home in Wilmington can give you long-term savings due to newer, better building standards that lead to increased energy efficiency. These include higher-rated insulation, Energy-Star appliances, better quality HVAC systems, and more efficient water heaters. Plus, many builders are adopting smart thermostats and other home technology to help buyers save money on their utilities.
New Constructions Communities Often Have Amenities
New communities are more likely to include amenities than older communities, just because that’s the direction home buyers have pushed the market. They want community pools, clubhouses with fitness centers, walking trails, and the like. Even if these types of amenities don’t exist, a new community is more likely to have streetlights and sidewalks where people can stroll safely. This doesn’t just make the community more enjoyable for buyers and save them from the costs of installing/maintaining a pool, but it also increases the resale value.
Two Things to Consider When Buying New Construction
New construction homes in Wilmington have some of the best floor plans, features, and home systems, which make them good investments. However, buyers must keep in mind that new construction rarely produces instant escrow. While homes don’t lose value quite like cars (a brand-new vehicle loses value as soon as it’s purchased), there isn’t much a buyer can do to a brand-new home to make it worth more than it already is. For that reason, buyers shouldn’t expect to make money off a new construction home for a few years, either when they pay down their mortgage or demand for resale homes in the community increases.
Finally, the professionalism of the builder matters. Delays, poor quality control, limited warranties, and inadequate communication can all cost the buyer more money. But the good news is that it’s easy to find out which builders to avoid. Online reviews and conversations with past customers can give good insight into what a buyer can expect. They just need to do a little research before signing a contract.
Choose a REALTOR® with New Construction Experience
It takes hard work and dedication to stay up-to-date with all the new construction happening around the greater Wilmington area. If you’re thinking about having a new home built, finding the best community and builder for your needs can be overwhelming. Hire a Wilmington REALTOR® who is experienced in buying new construction properties and understands the different stages of the building process. We at The Cameron Team have helped buyers in numerous new construction communities throughout Southeastern North Carolina and are happy to help you through the process too. Give us a call at (910) 202-2546 or reach out to us via our website.
