Last year, WJLA reported that Pulte Homes was heading to Rockville to build a new housing development. These condos and townhomes are now on the market.
Plus, more developers are breaking ground to build new construction homes, giving buyers the opportunity to buy in before the home is even built. Is this the right route for you? What are the benefits and drawbacks?
Read on as we cover the pros, cons, and everything in between of buying pre-construction homes in Rockville.
Benefits of Buying New Construction Homes
There's a common misconception that new construction homes are always less affordable than existing real estate. According to House Digest, new construction homes tend to cost more upfront and per square foot. However, that doesn't inherently mean they're a bigger cost burden.
For example, when you buy a brand new off-plan home, you may get a break on home insurance costs. As long as your home does well in an inspection, insurers are likely to see it as less of a liability. Because everything is untouched, you're less likely to face significant maintenance issues for the first several years of ownership.
Drawbacks of Buying New Construction Homes
The new home-buying process in Rockville differs from traditional real estate purchases. Perhaps one of the biggest potential drawbacks is the way it can impact your timeline.
For example, when you buy an existing home or rent to buy, the move-in date is typically soon thereafter. When you buy off plan, you're on the builder's timeline. If you're a renter, you may find it tricky to line up the end of your lease with the availability of your new construction home.
Another drawback is that a new construction home isn't likely to perform better on the rental market than an existing home. The higher cost per square footage won't translate to increased value for renters, meaning you're not guaranteed to see a high ROI.
Tips for New Home Buyers in Rockville
How can you make the most of your buying experience when you're looking at new construction homes? Our top tips include:
- Working with an agent to scout out different developments
- Vetting builders for experience and quality
- Creating a budget and sticking to it (even in the face of potential add-ons)
- Considering location as much as factors like design and price
At PMI Maryland Solutions, we're here to help buyers and investors on their journey to property ownership.
PMI Maryland Solutions: More Than Property Management
Buying new construction homes isn't as expensive as you might think. While you're likely to pay more upfront, you'll also see savings down the line when it comes to insurance, maintenance, and more. However, new construction homes aren't always the best additions to rental portfolios, and it's important to consider all your options.
How can you navigate the complex real estate market in Rockville? PMI Maryland Solutions is a top-rated property management firm with a hand in buying and selling, giving us unique insight into all aspects of the market. Contact us to learn more about how we can help.
