If you are thinking about buying a new construction home, here are some things to think about. First, there is little or no standing inventory, so very rare to find a brand new home just sitting there for you to purchases unless it fell out of sale at the last minute. Second, you will pay 30% or more for new construction than for the same square footage on an existing home. Lots are likely to be smaller for new construction homes unless you pay a huge amount for a lot premium.
And, you can count on 10 - 12 months to complete a new tract home in most parts of the country. Custom homes could take 18 - 24 months from beginning to end. The advantages of course is that you can choose your own flooring, paint, cabinets, finishes etc. but all of these things come at additional prices and they can be very costly. When ever you see a base price, you should assume you will spend about 30% more for upgrades. The basic selection the builder provides is just that basic. But, what you will get is new energy efficient appliances, windows, insulation that will save you money over the long run; but again at a cost upfront.
In many parts of the country, new homes come with no landscaping so another big cost. Depending on the size of the lot, basic landscaping could cost $50,000 or more and that does not assume anything fancy. If you start with the outdoor kitchens, pools etc., it will be over $200,000.
New construction homes are great; but this option can be very expensive. You must factor in all the cost before deciding on a new home, rather than an existing home.
