Mortgage rates are higher than they were 2 years ago. Many people would like to sell their homes, but they have a 2% or 3% interest rate, so they’re “stuck” in that lower mortgage payment. If they don’t need to move, then many choosing not to, because they could purchase a smaller home and have a higher payment.

Enter new builds. Over the past few years, builders in Colorado have built a ton of new build houses to keep up with the demand of the crazy housing market. Now, with fewer already-built houses available for sale, more and more buyers are turning to new builds.

Builders have the ability to offer incentives like lower interest rates on mortgages (usually if you use their preferred lender), extra money to help with down payments or extra features, and extended warranties.

I’m finding that a lot of buyers right now are loving the idea of a new build instead of having to do any renovations on an already-built house. So what are some pros and cons of buying a new build?

Pros:

• You can design the home yourself, from the ground up.
• Many builders are offering incentives that can make a home more affordable
• Most builders also offer warranties for their homes

Cons:

• You are buying a home from a company whose ultimate goal is to make money. *Some* builders can cut corners in the building process.
• Sometimes a newly-built house can have problems that don’t show up until a year or two down the road

So is a new build the right choice for you? If you’re not sure, I would love to sit down and talk to you about it! Use this link to book a free consultation today!

Want to read more about new builds? I found this article from the Wall Street Journal really interesting and informative.