There are pros and cons for both newly built and existing homes. Here are some points to help you decide which is right for you:
Customization: New homes are designed to your taste. From the floor plan to colors, a new home is tailored to your personal needs and preferences. With a resale, you are purchasing a home that was crafted for someone else’s taste and lifestyle. Sure, you could change the floors and countertops, but why not avoid the hassle and move into a home which was designed just for you?
Location: You get to pick the lot upon which your new home will be located. Location can mean everything when choosing real estate. With a new home, you get to choose the model you want AND the location of your home. With a resale, you are limited to what is on the market and the model and location may not fit your needs. There is not the same need to compromise when you purchase a new home.
Community: Join a community of people who are just like you. When you purchase a new home, you are also becoming part of a new community. That means you will be meeting others who also are looking to meet their new neighbors, settle into a new community and discover new things about your new neighborhood. These relationships you establish with your new neighbors may last a lifetime.
Cost: New homes are more energy efficient. With the cost of energy rising every year, new homes can save you money every day of the year in the long run. New homes are equipped with the latest green appliances and energy units. In addition, they are built to higher energy efficiency standards as opposed to resales built some time ago.
Cost: New homes require less maintenance. When you purchase a new home, every part of that home is new. A resale is used and the parts of the home will vary as far as their usage. You don’t know how long it will be before the roof or appliances will need to be repaired or replaced. In addition, in the long run new homes require less maintenance as today’s new homes are engineered specifically to minimize maintenance requirements. Moving takes energy and effort. Why add the worry about what will break the day after you move in?
Cost: New homes come with special financing packages. Builders understand that the cost of ownership can be significantly affected by the cost of a mortgage. That is why builders offer special financing packages offered by expert mortgage advisors. These advisors can help you make the right choice to finance your home.
Cost: New homes are priced right. While many home shoppers are bargain hunting for used homes, there is no way of knowing whether they actually received a bargain when they made their purchase. Often times, there are multiple contracts submitted for lower priced resales which raises the price of these homes. You may have to make a decision quickly and not be able to take into account the cost factors mentioned in this article. With a new home, the price is set at an established market price which has been verified again and again by a qualified appraiser. Don’t take a chance on a value which is undeterminable.
Peace of Mind: New homes have home warranties. New homes are offered with home warranties that are not standard with resales. These warranties cover the home from top to bottom. With a resale, you are going to pay for repairs from day one, unless you invest in a home warranty on your own.
Looking Ahead: Today’s new homes are built with the future in mind. Technology is quickly advancing each year, and most new homes offer features that can be updated so that you can keep up with future innovations. To achieve these advances with existing homes, you may have to replace entire systems or make major changes to the structure and/or interior of your home. Planning for the future with a new home is not limited to technology. With the freedom of choice that comes with building a new home, you can decide what features you would like to put in place for future improvements, such as a basement which is ready to finish in the future.
Looking Ahead: New homes are more attractive to resell. If you are thinking ahead to your next move, realize that should you purchase an existing home, your resale will be even older five to ten years from now. More of the features are likely to be outdated. Your new home is going to be more attractive to sell when you are ready to move up or retire –whenever your next move is coming.
Bonus Reason: Safety. New homes have fire safety features which were not required previously. This includes fire-retardant carpets and insulation and the latest smoke detector technology.
There is no way to measure the value of safety, convenience and comfort. But when you put it all together, a new home measures up as the real value in home ownership.
