Pro:
- A builder may pay buyer’s closing costs if using a preferred lender
- multiple customization options (some builders will have minimal choices, all the way up to a fully array of customizations)
- energy efficiency and environmentally friendly (many older homes were not built with energy efficiency and environmental friendliness in mind)
- the community is newer
- less maintenance costs
- smart home (some of the newer homes will have Wi-Fi controls on your air conditioning that can not only help you save money but be more comfortable after a long day of work walking in to a nicely cooled home)
Cons:
- longer time frame to move in- with a new build. builders are quoting at least eight months for a completed home
- completion date of the house is a huge window- a four month timeframe for when the home is completed, will be narrowed down towards the completion
- location ( outskirts of town)- many of the subdivision's closest to the current shopping are already filled with resale homes
- base price versus the final price- the base price is the one you see on the sign driving up to the models, the final price is after you have made all of your structural changes and upgrades. Sometimes can be a large difference
- interest rates can change- you are going to be locking your interest rate just before the house is completed. What if the interest rate goes up between now and then?