There is no shortage of homes on the market right now. Buyers have a tremendous inventory of existing homes to choose from. With the market the way that it is now, something potential buyer might want to consider is buying a newly built home. Buying new can have some fantastic benefits.
Many people would love to build their own home from the ground up. Unfortunately, construction loans can be hard to qualify for and the process can be lengthy and complicated. However, in the current real estate market, many builders will allow buyers of newly built homes to be involved in the design process without the hassle of going through the process of new construction. This gives buyers the best of both worlds with the straight purchase of a home and the opportunity to have some control over the design.
The price per square foot of a new home may be a bit higher than that of an existing home, but there are many ways a new home can save in monthly expenses. New homes are generally more energy efficient. They are better insulated and the windows are double, or even triple paned to minimize heat transfer. This means that they will keep the cold air in during the summer and the heat in during the winter, and that translate into savings on your heating and cooling bills. The appliances in a newly built home will be more energy efficient too.
There is also the fact that everything is new. Appliances, flooring, fixtures, and everything else you may have to spend the money to replace in an existing home are all brand new. New homes are usually designed using materials both inside and outside the home that are made for durability and meant to last. These modern materials, like composites instead of wood, can significantly reduce maintenance costs. Not having to worry about costly repairs like a new roof, furnace, or any plumbing or electrical issues for many years can be a significant benefit to buying new.
Working with a building company instead of an individual seller also has its advantages. A builder may offer their own financing, and they might be more flexible about seller concessions and discount points than an individual seller. Most builders will also offer a warranty on the newly built homes. If some unforeseen issue occurs, a warranty will protect you against any unforeseen issues for at least the first year.
It is definitely a buyer’s market right now; with so many affordable homes to choose from, why not get a brand new home designed the way you want it? A new home may cost a little more up front, but in most cases the extra money you spend on the home will be paid back in reduced expenses, less maintenance, and peace of mind.
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About The Author: David Goldstein is an owner and founding partner of Colibri Real Estate, LLC. Since 1996 the companies under this banner have offered online real estate licensing and insurance licensing courses as well as online real estate exam prep and insurance exam prep.
