Advantages of Choosing New Construction as Your First Home Purchase
Prospective home buyers in today’s real estate market have a number of options available when it comes to your first home purchase. You can either buy a new construction like Park Grove, a resale home, or a foreclosure.
The choice that you make is objectively and subjectively determined by a number of considerations. The objective considerations might include measurable criteria like cost-savings, return on investment, future maintenance costs, the resale value of the property, the upfront cost of buying the property, etc.
The subjective considerations are those ones which are hard to measure quantitatively but still give the buyer satisfaction in making a purchase. So you might get satisfaction in starting out in a new place that no one has ever lived in before. This kind of “I’m the first here” experience that you will get at Park Grove does not have a monetary value attached to it but it will give you a lot of satisfaction.
So let us proceed to look at some of the advantages of choosing a new construction for your first home purchase.
You get a ready-for-occupancy unit
New construction units come with the convenience that your condominium is ready for occupancy when you move in, all the customization, appliances, and add-ons will have been agreed on during the pre-construction phase. So when your occupancy date finally arrives you do not have to worry about the state of your new home. Your developer here at Park Grove will worry about your residence meeting the specifications you agreed on. You don’t have to worry about this.
New construction beats starter homes because rather than having a single one-off payment for your investment, you’re always putting money back into the house to make it fit your standards. So if your home is not ready for occupancy you should be prepared for a long-term financial commitment that can also be draining emotionally when you have to deal with delays, errant contractors, and having to live in a house that is barely livable.
Lower maintenance costs
With a new construction unit like Park Grove, it will be a long time before you have to do maintenance on your residence or the appliances within your residence. Because everything is new, you will get many years of service before you incur maintenance costs.
This is a key point to consider because when you look at the scale of investment in a house, major repairs will not be cheap. So with new construction, you get to save for future anticipated repairs.
New construction also comes with a warranty that will reimburse you for any defects in workmanship.
Customization and add-ons
You will get a whole lot more options when you go for a new construction unit at Park Grove. The options include selecting the floor plan that suits your lifestyle and extends to the add-ons and the customizations that you can request if you join the project at the pre-construction phase, you will get to choose the finishing you want and other add-ons.
From a cost perspective, selecting the add-ons and customizations at the pre-construction phase is more affordable and less time-consuming than renovating a resale unit to your tastes.
You pick your neighborhood
With the new construction unit, you pick your neighborhood. With a resale unit, the neighborhood picks you. When shopping for a new condominium at Park Grove, our website lists the amenities and facilities that you’ll have access to as a resident here.
Part of the agenda in developing real estate is we strive to create an environment that is as good a fit to you as possible, from state-of-the-art facilities in the building to positioning the development in high-performing school districts.
The development will be well-serviced by road networks and also be within a reasonable commute of train stations and air and seaports.
New construction units provide financial rewards to investors who jump on board early. Developers offer incentives for pre-construction units in a bid to accelerate the fundraising process for the development. So for the savvy investor who takes the risk earlier on, they will acquire a prime piece of real estate at a discounted rate as opposed to an investor who buys it when the properties are already being listed for occupancy.
New properties fetch higher prices than resale units. So investing in Park Grove reconstruction condominium will give you greater chance on your money if you want to resell it at a later date.