If you’re in the market for a new build, you may be attracted to the modern floor plans, state-of-the-art technology, and resort-style amenities many of them offer. But you might not realize that there are financial benefits to buying new construction.

A recent report from Realtor.com found that buyers of newly built homes save an average of $25,335 over the first 10 years of ownership compared to buyers of 20-year-old homes. Those savings are even greater in Massachusetts, which topped the state-by-state list at savings of $38,927 over 10 years, due to the state’s strict building codes and harsh winters. Neighboring New Hampshire, Maine, Rhode Island, and Vermont rounded out the top five.

But in Greater Boston, where much of the new-home inventory consists of luxury condominiums, buyers still have to balance those long-term savings with higher upfront purchase prices and steep condominium association assessments.

Ryan J. Glass, vice president of Gibson Sotheby’s International Realty in Boston, said that in the first quarter of 2026, luxury full-service buildings citywide averaged approximately $1,698 per square foot, while many of Boston’s historic brownstone neighborhoods generally landed in the $1,200- to $1,500-per-square-foot range. That means that a buyer with a $3 million budget may be looking at 1,750 to 1,800 square feet in a new luxury tower compared to 2,200 to 2,400 square feet in a comparable renovated brownstone, he said.

Ellyn Hartmayer, 60, and her husband, John Hartmayer, 58, looked at more than 75 properties — both new construction and existing — before purchasing a 2,875-square-foot Back Bay condominium for $3.25 million in May. The unit has three bedrooms, three bathrooms, and a private terrace with views of the Charles River Esplanade. It’s located in a 10-unit building that was constructed in 1950. While the couple initially considered buying a new unit in a luxury high-rise because of the modern amenities, they “became increasingly focused on where the best long-term value was,” Ellyn said Hartmayer. After a lengthy search, they found a unique property in the Back Bay that offered everything they wanted: single-level living, extra space for their children to visit, elevator access, garage parking, and private outdoor space.

“The combination of a prime location, square footage, value, and potential ultimately outweighed the appeal of a newer building,” said Ellyn Hartmayer.

In Massachusetts, the median price of a new-build is 46.7 percent more than the median price of an existing home, according to Joel Berner, Realtor.com’s senior economist.

“If you buy a new home in Massachusetts, you’ll recoup savings over time because of the harsh climate and building codes,” Berner said. “But you will have spent so much more upfront that it may or may not actually break even.”

Builder concessions can even the playing field. According to a recent survey by the National Association of Home Builders, 64 percent of builders offered sales incentives, and 37 percent actually cut new-construction prices. Many are offering buydowns on mortgage rates as well.

“If you can only afford a $500,000 existing home, maybe in the new construction space, with the 10-year savings, builder concessions, and a mortgage rate buydown, you can afford $575,000,” said Berner. “Don’t just look at the sticker price. Look at your long-term monthly cash flow, and potentially you might have more wiggle room in your budget for new construction than you thought.”

Glass tells his buyer clients the same thing. “Consider which property is the better value for your budget, as well as the location,” he said. “Sometimes a market is saturated with new construction, so you can get a better deal on it. Other times, new construction is hard to find, and you can’t get as good a deal as you could on existing construction. Keep your options open.”

Some buyers also feel that the higher price of new buildings is justified by things like a concierge, a fitness center, or valet parking, Glass added.

Indeed, a newly built home offers some advantages:

It’s move-in ready. It’s new and has never been lived in. You’ll have new fixtures, new appliances, and you’ll receive a builder’s warranty to protect you, and won’t need major repairs for several years. “Today’s new homes are built better than ever,” said Ryan O’Rourke, division president for luxury homebuilder Toll Brothers in Massachusetts.

It will be built to the latest building code and will be more energy-efficient than an older home.

The insurance will cost less, assuming you don’t purchase on Cape Cod or another coastal area. “New homes have brand-new roofs, electrical systems, plumbing, HVAC equipment, and other major components that are less likely to fail and generate claims,” said Loretta L. Worters, vice president of the Insurance Information Institute. “By contrast, older homes may have aging roofs, outdated wiring, older plumbing systems, or deferred maintenance issues that increase the likelihood of claims and can result in higher premiums.”

Newer homes come with modern floor plans. Older homes can be dark with small rooms, while new construction will reflect current design trends (like open floor plans and kitchens with large islands) and the way people live now.

You can make it your own. Builders usually give buyers the opportunity to customize their new homes, choosing everything from the model and lot it sits on to cabinets, countertops, flooring, and appliances.

Robyn A. Friedman is an award-winning freelance writer who has covered real estate and personal finance for over two decades. Follow her @robynafriedman.

Looking for a way the kids can cool off after the Fourth of July heat wave?

In addition to numerous public beaches and pools, central Massachusetts has multiple splash pads open this time of year, offering the perfect way for children to enjoy being in the water without the hassle of a beach day. While some are ticketed, many of the region’s splash pads are free, with parks, playgrounds and other recreational areas attached.

Here are 10 splash pads where you can beat the heat in central Massachusetts this summer.

Tacoma Street Spray Park

Decked out with umbrellas and chairs, green water buckets and a frog to run under, Tacoma Street Spray Park is one of Worcester’s newer spray parks, located on the 18.9-acre Tacoma Street Playground. The park also has a basketball court and picnic area.

Like all of Worcester’s splash pads, Tacoma Street Spray Park is open from noon to 7 p.m. daily through Sept. 7. Located at 345 Tacoma St. in Worcester.

Park Hill Splash Park

This small splash pad in Fitchburg features rainbow rings to run through and a large sun design painted on the ground. The splash pad is part of Park Hill Park, which also has a skateboard park, two playgrounds, a basketball court, several baseball fields and restrooms.