By Carol Morgan, President and Founder of Denim Marketing and Host of Atlanta Real Estate Forum Radio
In the face of today’s higher interest rates, many current homeowners are choosing to stay put, thus limiting the availability of previously owned homes for those interested in purchasing a residence. Fortunately, if you are considering purchasing a home in 2024, new construction offers several compelling advantages over resale homes, making these residences an ideal option for buyers. Here are four reasons why you might want to consider a new construction home.
Customization and Modern Design
One of the primary benefits of a new construction home is the ability to customize the floor plan and select finishes and materials to suit personal tastes and lifestyles. As homes are becoming more than just living spaces—often serving as workplaces and personal retreats—having the flexibility to design a home to accommodate multifunctional needs is a significant draw. Moreover, new homes are built with contemporary aesthetics and incorporate the latest trends in home design, smart technology and eco-friendly materials.
“Home builders often have design centers where home buyers can work with a designer to make home selections like kitchen tile, island countertop, light fixtures and flooring. This allows home buyers to personalize their homes,” explains Lori Lane, president, New Homes Division, Berkshire Hathaway HomeServices GA Properties.
Energy Efficiency and Sustainability
New construction homes are often more energy efficient than older homes thanks to advancements in building materials, construction techniques and energy codes. They are typically equipped with energy-efficient appliances, HVAC systems, insulation, windows and other green features that reduce the carbon footprint and can lead to substantial savings on utility bills.
For instance, according to Candace Fuqua, broker and owner of Avenue Realty Metro, “Homes at Pendergrast Farm are wired for an EV charging station. And one of our currently available homes incorporates several energy-efficient features, including spray foam insulation, fresh air intake, a sealed building envelope and house wrap, and it is solar panel ready.”
Less Maintenance and Updated Building Codes
A new construction home requires less maintenance in the first several years of ownership because everything from appliances to the roof is brand new, and additional maintenance features often are included in the purchase. This can save homeowners both time and money, as there is less need for repairs or replacements. Furthermore, new homes are built to the latest safety standards and building codes, which can provide homeowners with peace of mind regarding the structural integrity of their home and the safety of the materials used.
“Our active adult home buyers love that lawn maintenance is included. This allows them to live a true lock-and-leave lifestyle,” says Jennifer Landers, community manager for Cresswind Georgia at Twin Lakes.
Financing Programs and Builder Incentives
New construction homes often come with the possibility of builder incentives and favorable financing options. Builders may offer to pay closing costs, provide design center allowances or include optional upgrades at a reduced cost to attract buyers. Additionally, some builders partner with mortgage lenders to offer lower rates or more favorable loan terms.
For example, Kimberly Garwood, director of marketing with Traton Homes, notes, “Traton Homes is offering a variety of enticing incentives that include reduced closing costs, paid HOA fees coverage or complimentary design upgrades. In addition, our approved lenders extend a host of attractive financing options, including rate buy-down programs, that make purchasing a new home financially advantageous.”
These reasons, combined with the potential for builder warranties and the allure of being the first to live in a brand new home, make new construction an attractive option for home buyers in 2024.