If you are planning to buy a home, you might be considering buying a home that was built within the past 12 months or will be built in the following year, aka. a brand-new build.
But first, you must know if buying a newly built home is for you.
Here are the pros and cons of buying a brand-new build home in Greater Moncton.
What are the 2 types of New-Build Homes?
1. Spec Home
Spec is short for “speculative home”. A spec home is a new house that a builder constructs without a specific buyer in mind. The builder “speculates” that someone will purchase the home once it’s completed or near completion. These homes are typically built using popular layouts and finishes that appeal to a broad range of buyers, making them ready for immediate sale or move-in. Most times, it is not possible to do any customization to these properties.
Spec homes are priced based on the builder’s projected costs and market demand, offering a set price with fewer unexpected costs compared to custom builds.
2. Custom-Built Home
A custom-built home is a house that is designed and built specifically according to the buyer’s preferences, from the ground up. Unlike spec homes or production homes, where most design and construction decisions are made by the builder, a custom home allows the buyer to have a high level of input into nearly every aspect of the home, including its layout, materials, finishes, and features. Every detail, from floor plans to materials, is customizable, ensuring a unique and highly personalized home. However, due to their tailored nature, custom homes tend to be more expensive than spec homes.
Pros of Buying a Brand-New Build Home
1. Customization Options
One of the biggest advantages of purchasing a new build is the ability to customize it to your taste and lifestyle. From selecting your ideal floor plan to choosing finishes like countertops, flooring, and cabinetry, you have the freedom to create a space that feels uniquely yours. Many builders even offer upgrades for things like energy-efficient appliances, smart home technology, and personalized outdoor spaces.
2. Minimal Repairs & Maintenance
Everything in the home—from the roof to the plumbing and appliances—is brand new, meaning you’re less likely to face unexpected issues in the near future. Most new builds in Greater Moncton also come with builder warranties (7 years + 1 year maintenance) covering major components. This allows you to focus on enjoying your home instead of worrying about costly repairs or upgrades right away.
3. Move-in Ready
With no need for renovations or repairs, you can simply bring your belongings and settle in right away. Note that spec homes usually don’t come with appliances and blinds/window covering, which means you will have to get them delivered and installed. When building a fully custom home, these items can be added before you move in.
4. Great Value
New build homes offer exceptional value for homeowners. Thanks to its contemporary features and construction, you’re investing in a home with higher resale value down the line. The only time where this would not apply is if you spend on extravagant items such as luxury light fixtures and architectural features, since those will cost a bit more than the value it adds to a property when reselling.
Note that if you are buying new and intending to maximize profit within a few years, read our article about Updates that won’t bring value to your property when selling. This will allow you to make the most beneficial choices for you and save money on upgrades down the road.
Cons of Buying a Brand-New Build Home
1. Premium Pricing
One drawback of purchasing a new build home is the premium price tag that often comes with it. Because everything is brand new—modern finishes, upgraded materials, and the latest technology—you may pay more upfront compared to buying an older home. Additionally, customization options and upgrades can quickly add to the cost. While you’re getting a fresh, move-in-ready home, it’s important to consider that you might be paying more for these conveniences, which could stretch your budget.
2. Potential Delays
One common downside of purchasing a new build home is the risk of construction delays. Factors like weather, supply chain issues, or labor shortages can push back the expected move-in date, sometimes by weeks or even months. These delays can be frustrating, especially if you’re planning around a specific timeline. While builders usually aim to meet deadlines, it’s important to be prepared for potential setbacks that could affect your moving plans.
3. Less Established Neighbourhoods & Ongoing Construction
New developments often lack mature landscaping, community amenities, or nearby conveniences like schools and shopping centers. Additionally, ongoing construction in the area can mean noise, dust, and heavy equipment traffic for months—or even years—after you move in. A very important point to think about is how the surrounding of your property will be affected as well. Is there going to be a commercial zone or apartment buildings in the same area? Will you lose your backyard trees for future street development? Ask those questions to your REALTOR® and the developer before making any final decision.
4. Time Consuming
Purchasing a new build home can be a time-consuming process. From selecting a lot to customizing features and waiting for construction to be completed, the timeline can extend far beyond a typical home purchase. Unlike buying an existing home, where you can move in shortly after closing, new builds often require months of planning and waiting.
Buying a brand-new build home in the Greater Moncton area offers lots of customization options and low-maintenance living, but it also comes at a higher cost and can be very time consuming. Consider the growth potential of the area where you are building and your long-term plans before making a decision.
