Are new builds the right choice?

The Motley Fool on MSN:

Buying a Home in Today's Market? Here's Why You May Need to Choose New Construction

https://www.msn.com/en-us/money/realestate/buying-a-home-in-todays-market-heres-why-you-may-need-to-choose-new-construction/ar-AAVVnFe

“As of the end of 2021, more than 34% of available homes for sale were of the new construction variety, according to Redfin. That's up from roughly 25% a year prior and the highest share of newly built homes on record.

There are benefits to purchasing new construction…buying new construction means getting a home in pristine condition that shouldn't need any immediate repairs.

Also, many new construction homes allow for some degree of customization. That gives buyers and investors the option to have a say in the design process.

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While new construction has its perks, one major drawback buyers are apt to encounter is cost.

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New construction can also be problematic for buyers who get in during the building phase. Extensive delays can push off new construction closings, making it harder for buyers looking to occupy…

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Then there are property taxes to think about, which are a large expense for everyday buyers as well as investors. New construction homes tend to get assessed at higher values than comparably sized and updated existing homes within the same location. The result? Higher tax bills.“