Pros And Cons Of Buying A New Construction Home

Pros And Cons Of Buying A New Construction Home

Sep 29, 2023 The city of Sunshine Coast is one of the most popular destinations among home seekers and potential property investors across the nation. Over the past few years, the demand for housing has been increasing across the metropolitan city, including its surrounding suburbs. This has marked a consistent rise in the construction of new residential properties. Instead of buying a resale house, people are heading towards newly constructed homes, which have also increased their prices. According to the REIQ reports, the median sales price of a new construction home is around $1.3 million. Therefore, it is considered a significant investment that comes with its own pros and cons. It is good to do proper research before making a buying decision and ensure the safe removals Sunshine Coast with your family. Here are some of the key advantages and disadvantages of buying a newly constructed home in the Sunshine Coast to help you make a well-informed decision. Let’s Get Started!

Key Benefits of A New Home

Newly Constructed Homes Rarely Needs Repair

When buying a pre-owned residential property, the buyer has to make necessary repairs and renovations before the final move-in. Fortunately, you don’t need to face the same when buying a newly built home. Everything in the property is brand new and updated. You will be the first person to live and use the kitchen appliances, light fixtures & fittings, light switches doors –all will be in good condition. This will save you a repair and home renovation cost when buying a new home in the Sunshine Coast.

It Comes with Customisable Features

A custom-built residential property gives buyers complete control over its aesthetic elements, such as décor, design, and finishes. From kitchen appliances to paint colours, you can choose anything that matches your specific needs, lifestyle and preferences. You can even add rooms, installing plush tiles and desired floorings to add a personal touch to your new home. It is good to discuss everything with the builder and designers in advance to avoid delays in due diligence. Make sure you declutter your current house and get rid of items you no longer need. This will also help expert removalists Sunshine Coast to pack and relocate your items in a streamlined way.

New Homes are Energy-Efficient

There is no denying that new-age construction companies and builders in Australia have been leveraging energy-efficient materials to construct buildings. This will help you save money on energy expenses over time. Some of the common energy-saving building materials are:
  • High-grade insulation foam board and fibreglasses to prevent heat transfer and saving your power bills.
  • Tripe-glazed windows to boost thermal efficiency
  • Solar Panels
  • Cool roofing
  • New age framing techniques, etc.
It is important to consider what type of modern construction methods have been used by the builder to make the property energy efficient.

Newly-Built Homes Have Warranties

One of the major benefits of new homes is that they come with a warranty. If there is any damage or issue with the home during the warranty period, such as broken windows, leak in the roof, etc, the builder will cover the expenses. Make sure you check the warranty period and make the necessary repairs within that period.

Low Maintenance

As you are relocating to a new house, maintenance costs will remain at a minimum for the first three to five years. With the new and cutting-edge appliances, HVAC systems, and electric items, new homes give the buyer a huge financial advantage of low-maintenance costs. So, do proper research and opt for the best option within your budget. When planning to relocate and buy a new house, also consider the best places to live in Sunshine Coast if you have a young family.

Key Cons of a New Construction Home 

Building a Home takes a Lot of Time

Are you moving a house on a short notice? If yes, buying a new construction abode can be a downside. Building a residential property from scratch or changing a pre-built home can stretch your timeline. You may face further delays due to bad weather conditions, shortage of skilled labourers or raw materials, obtaining permits, etc. According to real estate experts, home buyers should be prepared to wait between 5 – 12 months for their new house depending on the situation, availability of resources and customisation features.

New Homes are Expensive

Believe it or not! Buying a New construction home is more expensive than a pre-owned property. The median sales price of a newly built house on the Sunshine Coast, QLD, is $1.3 million, which is higher than the median sales price of all homes, which is $875,000. As per the reports, the average cost of constructing a home from scratch in the city is $300 per square metre, excluding taxes. There are several other expenses that need to be considered when making a buying decision. Tip: If you are low on budget, move from a city to the country where housing prices are affordable.

Restricted Negotiating Power

The newly constructed property or house is profitable for a builder or developer. Thus, they won’t allow you to play a negotiating game. Builders usually won’t decrease the property prices – leaving no room for negotiation. Tip: It is good to appoint an experienced real estate agent to handle such situations.

Higher Property Taxes

Property taxes on newly-built homes are much higher than taxes on re-owned residential properties. This may impact a borrower’s repayment potential if they have higher debt-to-income ratios. So, you need to make a wise decision depending on your financial resources, specific requirements and other key factors. It is good to create a proper budget and include all expenses, including the ones you will spend for hassle-free removals Sunshine Coast, QLD. This will give you ideas and help you make a well-informed home-buying decision. After buying your dream home, you can relocate with the help of professionals and settle into your new home with ease.

Wrapping up

These are some key pros and cons to consider when buying a new construction home on the Sunshine Coast. If you want to save money on repairs, renovation and upgrades, buy a newly built home in the city. However, if you are relocating in a short period, think twice before making a significant investment.