Owning one’s own home is part of the American Dream. Home ownership not only gives people a feeling of security, but it also gives people status within their community and other social circles. When it comes to purchasing a home, potential buyers have basically two options. The first is buying a previously-owned home, and the second is to purchase new construction.
Although new and custom built homes often sell for higher prices per square foot than their pre-owned counterparts, more consumers than ever are looking to have new homes built. The reasons lie within the following eight benefits:
- CUSTOMIZATION – New homes allow the buyer to participate in the design process. They can create living spaces that cater to their family’s unique lifestyle, as well as décor choices such as paint color, flooring, and tile or countertop selections. Unless buying a fixer-upper that they plan to remodel, there’s no existing home that offers as much flexibility in customization as a newly constructed one.
- ENERGY EFFICIENCY – Over time, building codes have evolved to promote higher standards for energy efficiency. Between this and the promotion of green building efforts, new homes are more energy efficient than ones built in the past. They are more tightly sealed so they take less energy to cool in the summer and heat in the winter and new insulation offers better retention of conditioned air. They are also less resistant to things like high winds thanks to upgraded windows and more advanced roofing.
- GREEN APPLIANCES – Owners of newly constructed homes enjoy lower utility bills as a lot of builders insist on using green systems and high efficiency appliances. While existing homeowners can make plans to retrofit their property to meet these standards or invest in high-efficiency appliances, it is such a significant expense that often buying a newly constructed home is a better financial decision in the long run.
- LESS REPAIRS – Newly constructed homes hold up better because they lack the years of wear and tear from the environment and inhabitants that existing homes suffer. For example, when buying a previously-owned home you may have to rip up and replace the carpets or paint the walls. You also run the risk of things breaking, like the plumbing or the hot water heater.Meanwhile buying a newly constructed home means you turn the key and everything is ready to go.
- LESS MAINTENANCE – In today’s real estate market, newly built homes are designed to require less maintenance. Vinyl fencing and composite decking materials, for instance, mean that your family can enjoy these features for a longer period of time than the same features made from hardwood products. The less time you have to take out for maintaining your home, the more time you have to enjoy it.
- WARRANTIES – Builders often include a warranty that covers the first year of repair work. Appliances and some other features can include extended warranties as well. This way if the roof begins to leak, or your hot water heater goes on the fritz within that time period, the builder is responsible for all repairs at no cost to you. Buying a previously-owned home, even though it comes with a home inspection, cannot guarantee this level of peace of mind.
- FIRE PREVENTION – A home that is newly built includes a higher level of fire prevention with features such as fire retardant materials and smoke detectors that are hard-wired to the home’s electricitywith an emergency battery backup. This way there is no chance of failure from dead batteries alone.
- FINANCING – When purchasing a new home, buyers may be eligible for financing perks in regards to the mortgage offered by the builder. Some of the larger new home builders have relationships with existing mortgage banks and partner with them to offer special incentives to new buyers.
There are significant benefits to buying newly constructed homes. While they often cost a little more per square foot than the resale of a previously-owned residence, the maintenance and utility savings often more than offset the increased expense.