There are some things you always want to buy brand new -- like underwear or makeup. There are other things it's okay to buy used -- like cars or furniture. When it comes to homes, there are some people who prefer to buy pre-owned structures and some who prefer new builds. The idea of living in a home that nobody else has lived in is surely appealing, but there are both pros and cons of buying a brand new build -- which you should consider carefully before you put in an offer.
Pro: Nothing should break any time soon.
If you buy a home that's even five years old, something is bound to break soon, whether it's the dishwasher or the furnace. When this happens, you are on the hook for the repair costs and you'll also be inconvenienced by the lack of this appliance. In a brand new build, however, everything will be brand new -- so it should not break down any time soon. This gives you some peace of mind as you adapt to homeownership; you don't have to worry about surprise repair bills.
Pro: You generally get some say in the features.
In many cases, you'll put an offer in on the home and it will be accepted before the home is completely finished. So you may be given a say in some of the finishing features, such as the paint colors or the tile. If you buy an existing home, you'll either have to live with the paint colors that the previous owner chose or go through the hassle of changing them yourself.
Con: You'll often pay a lot more.
Homes are a bit like cars in that they often go down in value as soon as someone has used them. There are exceptions to this -- if you buy a new build in an up-and-coming area, it may increase in value over the coming years. Usually, however, the same home will sell for a bit less five years down the road than when it's brand new. So if saving money is your goal, you may want to look for a similar home that's had one previous owner rather than buying the brand new one.
Con: You might be living near a construction zone for a while.
Most new builds are located in communities where many new homes are being built. So when you move in, you have to be prepared for construction to be going on in the area for a while. It may be several years before the entire community is complete and you don't hear roofers pounding or a bulldozer running early in the morning.