IS NEW CONSTRUCTION IN PORTLAND OREGON A GOOD INVESTMENT?
If you are looking to invest in real estate, it’s normal to ask yourself the same question that most homebuyers ask: “Should I invest in new construction or an older home?” There’s a lot to think about when buying a new construction home in Portland Oregon, but the key is always to make sure that the pros outweigh the cons.
In this article, you will discover why new construction is a good investment and what the pros and cons are of going this route. The more you know what to expect before you get started, the better prepared you will be as you go through the home buying process with your sanity intact.
A new construction home in Portland Oregon is a good investment for the following reasons:
- It will be easier to sell in the future
- It requires less maintenance
- It doesn’t require upgrades
- It comes with a warranty
- It’s in a great location
- It offers more freedom
- It allows you to save on energy costs
Keep reading to learn more about why investing in new construction is a great idea.
Why should you invest in new construction homes in Portland Oregon?
There are several reasons why investing in new construction homes is a good investment. If you know how to play your cards right and are certain about what you are getting yourself into, you will discover that the reward in investing in new construction is actually far more incredible than most people imagine.
Take a look at the following reasons to invest in new construction homes:
· It will be easier to sell your new construction home in the future compared to an older home.
Generally speaking, people love new things. After all, why would you trade a new car or a new phone for something that’s old when brand new ones are just within your reach, right?
Same applies to home buying. As a homebuyer, you love the feel of a new home. Compared with used homes, new construction homes are built with much cleaner lines, open spaces, and lots of allowance for sunlight to come in.
Portland’s new construction homes also offer a different sense of comfort and trust because they feel cleaner and more yours. When you shop around for homes, you will find that it’s much easier for you to identify a new construction home as being your own than a home that tens and hundreds of owners have already been in and out of.
· New construction homes require less maintenance
When you buy a fixer-upper, you buy a run-down home and run the risk of spending thousands of dollars on all the necessary repairs on the home. After that, you either put it back on the market or rent it out.
While investing in a fixer-upper isn’t really a bad way to do business, the problem with investing in this type of property is that not everyone will be interested in a project home. If you are a homebuyer, you’d rather invest your money in something that will be easy to rent out or sell even if you don’t spend thousands on repairs and renovations.
That explains why a new construction home is the way to go. Unlike fixer-uppers, new construction homes are ready as is. You don’t want to be stressed as much as possible, so you want a property that will require less maintenance.
Another benefit of buying new construction is that since these homes are constructed with brand new appliances, these appliances still have factory warranties. This is a major plus, since you want your home to have appliances that take a long time before they need to be repaired.
On the contrary, appliances in older homes have more maintenance issues. When you buy an old home, you don’t only deal with leaky pipes or roofs but also poor insulation, wiring and plumbing.
· New construction homes don’t require upgrades
You don’t just look for a home to have a place to live. As a homebuyer, you also consider the luxuries and aesthetic features of a property—two things that old homes find it hard to keep up with.
When you buy a home, you invest a huge amount of money in it. Rationally, you won’t want to waste your money on a property that will only cause you headaches in the future.
With a new construction home, you are assured that you are the first to live in that home, so you don’t deal with the same issues that buyers of old homes usually deal with. New construction homes also have far more aesthetic value than old homes because of their big open rooms and vaulted ceilings, elegant laminate floors, and modern systems.
If you buy an old home and try to replicate such features that are common in new construction homes, chances are you’ll burn a hole in your pocket.
· New construction homes have great warranties
Nowadays, new construction homes have warranties coming from their builders. These warranties cover new construction homes for up to 10 years, assuring you that whatever goes wrong with the property within that period of time, that won’t be on you but the home builder.
Warranties for new construction homes have different levels of coverage but they’re all great warranties. However, it is still best to conduct your own research and make sure that you know what and who you’re dealing with before committing to buying one from your home builder.
· New construction homes have great locations
One of your biggest considerations when searching for a home to buy is the neighborhood. When you have a family, the location of your home can be the difference between a red flag and a green light, so make sure you choose a neighborhood that is nothing less than great.
The good news is, most new construction homes today are located in some of the best Portland neighborhoods. Neighborhoods in Portland Oregon belong to the best school districts and offer easy access to great amenities like parks, playgrounds and clubhouses.
· New construction homes offer more freedom
Since nobody knows your wants and needs better than you do, having control over the details of your home is already a luxury. As a homebuyer, you want your future home to suit your taste and lifestyle, but that’s hard to achieve when you’re buying an old home.
Buying new construction means having all the freedom to pick out the color of your siding and the design of your room. Many of the things you want to customize in your future home are difficult, but they are achievable with new construction homes. With this type of home, you get to enjoy making so many decisions about the various aspects that will help you make your house feel more like a home.
· You get to save on energy
Most homebuilders today take advantage of innovations in energy efficiency. That pretty much explains why if you are buying a new construction home, chances are you will get a home specifically designed and built to consume less energy.
Most new construction homes today can be optimized for energy efficiency, including energy insulation and air sealing, as well as heating and cooling. That is why when you go for new construction, you have more say when it comes to the strategies used to minimize the carbon footprint of your home.
When you buy new construction, you will find that the cons don’t matter much in comparison to the pros. If you want to figure out if this route is the best for you, gather all the facts, conduct your own research, and clearly think about what you really want your future home to be like.
It is also vital that you hire a real estate agent in Portland, Oregon that you can trust, so you can have someone to represent you when meeting with the home builder’s salesperson and advocate for your interests. Your real estate agent will educate you about the home buying process and help you make wise decisions along the way.
The more informed you are going into the process, the better you will be able to navigate the tricky process of buying new construction. Call me, Anne Stewart, at 503-804-1466 today and I will watch out for your best interests! You can count on my expertise as you make one of the biggest investments of your life.