Benefits Of Buying A New Home ((TOP))
New construction homes are popular for a variety of reasons. They offer buyers a blank slate to design their ideal living space. These options include everything from floor plan layouts to building construction materials. They also cover extra options for energy-efficient HVAC systems and customized cabinetry and doors.
benefits of buying a new home
Customizing your new home is one of the most exciting parts of building new construction. A custom, tailor-made home provides a unique opportunity for builders to showcase their creative talent and craftsmanship. It also allows you to express yourself with finishes that reflect your tastes, preferences, and personalities.
Existing homes rarely offer the opportunity for you to change the layout of the house. At best, you can remodel and change out the old fixtures and finishings. If personalizing your next home is at the top of your wish list, then a customized new home may be very appealing for you.
Want clean living for you and your family? Newly constructed homes offer the most sanitary solution possible. Moving into a new home knowing that no one has ever lived there is a great feeling. New houses provide all of the latest materials and sealants, making it impossible to find a cleaner option.
When purchasing an existing resale house, the previous owners could have picked out the design choices decades ago, such as colors or flooring patterns. Many times, this leaves the new homeowner with the desire to update certain features. When building a new home with everything you want from scratch, there are many design choices that you get to make on your own. This pro is a significant benefit to buying a new home over an existing one.
The new energy-efficient houses that are being constructed today can make everyday living much more manageable. Rising utility costs are a concern in 2021. The efficiency benefit from new construction causes utility costs to be lower than average. This benefit causes homeowners to worry less about their electricity and gas bills every month.
There are many reasons why these new construction houses are so energy-efficient. A few reasons include vinyl windows, new door trim and seals, and better insulation between walls to keep out drafts. These products can reduce the need to heat and cool your home by a significant amount. The savings help to offset the higher cost of a new home in the long run.
Even though a new construction home has brand new everything, we recommend getting a third-party home inspection anyway. Most people will only get a home inspection on pre-existing homes. After the cost of building, who wants to pay for a home inspection? In reality, a home inspection costs around $350 to $500. It can save you ten times that amount if anything is found to be defective.
Many home builders offer special in-house financing that rivals most 3rd party mortgage lenders. They may contribute $5,000 off of your closing costs by using their in-house funding, as an example. Since they are already making money off your home purchase, they have the extra margin to offer financing incentives that an outside source can't offer.
On average, it cost around 20% more to have a new home built than to buy an existing one. This number changes based on the area and price range of the home. Many people accept higher prices because of all the pros mentioned in the section above. You will have to determine whether a 20% increase in price is worth it to you, based on your needs.
When you have a new home built, you may have to pay extra to have new landscaping put in. This expense can be costly as the average landscaping project for a home is around $3,000 to $16,000. These additional costs come out-of-pocket in most cases.
The showrooms of the home builders offer a wide variety of product options with premium levels of materials. But what if you want to choose a product that is not on their list? Likely, the option will not be available for you.
When buying an existing home, you can hire a contractor who will install any purchased products from third-party vendors. There is no limit to the number of custom items you can add to an existing home within the range of local building codes.
When buying an existing home, you might be able to buy it for the set price without any other expenses. Buying a new construction home means that there are always more costs than just the purchase price. It's hard to know how much a new home will cost until it's completely done. This makes budgeting difficult if you're not sure about all the line item charges builders can add before closing on your new house!
The new-home smell that so many people love may be damaging to your health. Formaldehyde is one of the most common chemicals that is released from the new wood in a home. This chemical is used to embalm dead bodies, and needless to say, it's not very good for you!
It's not just carpets and curtains that are the culprits of your allergies. It's also the chemicals within the new house you're thinking about buying. With over 10,000 potential chemicals off-gassing in a new home, it can take up to 10 years for these chemicals to fully vent. If you're sensitive to chemicals, make sure you do more research before making your next move.
Volatile organic compounds (VOCs) are the culprit in new home construction. You can search for the term on the internet to learn more about it. The National Association of Home Builders has some useful information on this topic.
Many people find buying an existing home is the best option because of the unpredictable home-building timeline. With a new house, you have to wait 3-12 months before moving in. This issue can be a challenge for people who are in temporary housing and need to get out of their current situation as soon as possible.
If you buy an existing home, you can move right into your new place within 30 to 45 days of signing the sales contract! This ease of purchase makes the new build process less appealing if you need to buy a house right away.
Many homebuyers are often surprised by the high cost of property taxes in new construction communities. A recent study conducted by WalletHub found that, nationally, the average homeowner spends $2,471 per year on property taxes. New construction property taxes can be twice that amount. Adding high property taxes to your monthly mortgage payments may be enough to disqualify you from getting a construction loan.
As you process through the list of pros and cons above, you should have a good idea of whether building a new home is a good option for you or not. Take your time and consult with a real estate agent to get the best results. Their experience and knowledge will help you through the process and eliminate confusion as you build your new home.
Buying a home is one of the biggest decisions you'll ever make, and feeling as though you made the right choice is crucial. And although your heart may be set on a classic New York brownstone or the Cape Cod style house of your dreams, the fact remains that as time marches on, new construction properties are not only more common but can be way more desirable. Consumers seem to be cottoning on to the ease and simplicity that a new construction home can offer, too, with a survey from Trulia showing that 41% of people would prefer to live in a newly-built house.
All things deteriorate with time (not to be too bleak about things, but ... y'know), and your house will too. And naturally, the more things that deteriorate in a home, the more you have to maintain it. This can end up in your gorgeous period property becoming a huge money sink, with costly contributions towards the upkeep of a property. According to Reuben Saltzman, president of Minneapolis-St. Paul, Minnesota-based home inspection company Structure Tech, older plumbing in period homes can be a particular issue, and a nightmare (and highly expensive) to get fixed. Additionally, time-specific features like chimneys, a frequent feature in older homes, can be unexpectedly problematic and susceptible to water damage.
Ever wanted an Alexa built into your wall, the latest snazzy security features, or a heating system that you can connect to your phone? They might not be for everyone, but there's no denying that homeowner tastes are changing, and the trend towards homes that can incorporate the newest technology is on the rise. In a survey from tech company Xiaomi (discussed via Cision), it was found that more than half of all people asked bought a smart home device during 2020, with Daniel Desjarlais, Global Product Marketing Manager at Xiaomi, proclaiming that "Connected homes, automated systems, and new technology are helping people create ecosystems within their homes to solve new challenges."
While buying an older property can sometimes give you a vintage charm that estate agents can cleverly upsell, everything has its limits; as houses age, higher upkeep costs and deteriorating conditions can mean you lose value on your home when selling. With a new construction home, however, you're buying something that will likely hold or increase in value, particularly if you plan on staying in the property for a few years or more to allow the market to catch up, as Home Light discusses. Buying a new construction home also puts you in a canny position to increase the value of your potentially off-plan house with DIY flourishes that add resale potential.
Buying an older property can come with a certain level of existing charm, but to have that, you often have to settle for the stamps that someone else has put on a property before you arrived. Screw that! With a new construction home, you get to decide exactly what you make of your new home, being the very first person in. Not only that, but buying a house before construction often gives you the autonomy to make customizations while it's being built, by negotiating to add in things like closet space or modern appliances, as Mortgage Calculator states, that not only make it your own but give you more bang for your buck. 041b061a72