1. The builder carries the cost while the project is being built.
2. The timeline can be shorter since the plans/design and choices are already made.
3. The builder deals with the town/city departments on permitting etc.
4. There are less decisions to be made for the buyer.
5. Builders tend to know of land for sale more than consumers. In Metro West, contractors are in the know about older houses that can be torn down to make way for a new property.
1. You won't have a choice of builders, and will be forced to partner with whoever owns the land.
2. Your chances for customization and upgrades will most likely be limited.
3. Since you didn't choose the builder, you will be beholden to their way of doing business and their communication styles etc.
4. If there are delays in closing, for the most part it will be out of your control.