One of the most common misconstrued assumptions for new home shoppers is thinking that new construction is more expensive than resale.
Many potential homeowners dream of transforming an old house into a charming new home but are shocked when their budget for customization is taken over by older home repairs. Remodeling budgets are almost always understated because homeowners don’t realize how expensive mold, roof repairs, foundation problems, asbestos, and unforeseen problems can be. Buying new allows you to have all new appliances with plumbing and electrical updates that are up to code.
Compare the risksof purchasing a used home, especially a foreclosure or a short sale, with the security and certainty of buying a new home. The most obvious difference? Everything is new!
“You can use your time living and enjoying that home versus repairing and redoing. You can spend your time decorating [a new home] and not having to repair a bathroom that’s old and leaking.”
Your floor plan represents the latest concepts and design standards, and the materials used in construction are more environmentally friendly when compared to most older homes.
Living in a new house means things like pantries and closets will have lots ofstorage. Generously sized bathrooms and nice vanities are always included in today’s newly constructed homes. Planning a party in an older home can be a challenge because smaller, distinct rooms make it difficult to entertain guests. Today, new home layouts feature more open spaces and rooms that flow into each other more easily. While you are preparing dinner, you can still interact with guests enjoyingconversation without feeling closed off. The feeling of spaciousness in today’s new home layouts often is enhanced with higher ceilings and additional windows that bring in more light than you would find in an older home.
The cost of repairs, maintenance, replacements and upgrades tends to make older homes less desirable, and thus more affordable than newer residences, even though the savings at the time of purchase is often offset over time. Repairs don’t create a return on the investment, and few improvements recapture 100 percent of the cost. Some improvements recaptureonly about half the outlay.
If something fails, breaks or doesn’t perform as expected on a New Home – Your Builder’s New Home Warranty will take care of it. Compare this to the “as-is” terms of your re-sale or foreclosure purchase. Sure, you could buy a used home warranty, but how much more will that cost.
The bottom line on resale homes is this: Don’t buy someone else’s problems unless you can tackle the solutions. Be honest with yourself. If major repairs are required, you’ll either have to do them yourself or bring in the professionals. Some people can handle the disruption; others can’t.
A better option may be to build a new home. It might sound extravagant to buy a new home but, when you take into accountthe cost, time and aggravation of repairs, a new home actually makes sense.
A brand-new community is one of the built-in benefits of many new homes. Many new homes are built in luxurious master-planned communities with resort-style community centers, pools and clubhouses. Many new home communities also feature parks, hiking trails, protected open lands and some of the best new schools and shopping near (or even within) your new home community. When families move in to a new community at the same time, they often form lasting bonds of friendship and neighborliness right away.