As new construction rises, homebuyers will soon have more options
Posted on Tuesday, September 2, 2014 at 10:14:34 AM
If you are interested in the homebuying process, from acquiring residential financing to setting your budget and checking listings, then new construction may be the way to go. New homes offer several unique aspects that lived-in properties don't, and a report from the U.S. Census Bureau indicated that builders have been active recently.
According to the Census Bureau, construction spending this past July reached a seasonally adjusted annual rate of $981.3 billion. That is a 1.8 percent uptick on a monthly basis. Private construction spending alone hit $701.7 billion that month, while residential construction had a seasonally adjusted annual rate of $358.1 billion, a 0.7 percent month-over-month increase.
This Census Bureau report indicated that construction is on the way up, and that means more new homes will soon be hitting the market. If this type of property interests you, you're in luck - but remember that buying new is unique.
According to FrontDoor.com, you must first look at the pros and cons of such a purchase. For example, new homes tend to be in more remote locations, so if you work in a city then you may have a longer commute. Plus, you might end up with close neighbors, more risks and maintenance duties.