Purchasing a new home is one of the largest investments you will ever make. It’s important to do your homework before making such a big decision.
New home buyers often cite energy efficiency, an open floor plan and the manufacturer’s warranty as reasons for choosing a new house. But other benefits to buying brand new could be clearer.
Peace of Mind
New home buyers often cite energy efficiency, warranties and being able to select their paint colors, appliances and flooring as primary reasons why they choose new over resale. However, the benefits of buying brand-new extend well beyond these tangible features.
For instance, when you move into a new home, you won’t be burdened by expensive repair projects from an older house’s previous owners. These time sucks drain families of resources and can be a major source of stress.
With the quality of new homes improving, builders can guarantee their products with builder warranties that protect new homeowners from costly repairs down the road.
Additionally, new homes for sale in Raleigh, NC, are up to 30 percent more energy efficient than those built ten years ago, thanks to better insulation, tighter home envelopes and energy-saving appliances. Combined, these factors help to lower your monthly utility bills significantly.
New-home communities also feature wide streets, community events and top amenities designed to encourage family interaction and friendships among neighbors. This is a great way for children to make lifelong friends that can support them through their educational careers and beyond.
Ease of Maintenance
Many people want to buy new homes for the open floor plans, energy efficiency, and warranty that are often included. However, new homes also come with hidden costs. It is important to be aware of these and plan accordingly.
For example, buyers may not realize that the standard home will likely not meet their needs, so they must pay extra for upgrades. Similarly, mortgage lenders may not offer the best rates or terms on new construction homes.
Another downside of buying further is that getting used to the quirks of a brand-new residence will take time. While builders can do their best to prevent problems, you might notice loose floorboards or tricky toilet handles that will eventually wear in.
To avoid these drawbacks, it is wise to have two inspections of a new construction home: one after the house has been completed but before the finishes are installed (problems can be easier to spot) and another just before closing and taking possession. Having a real estate agent and a lender who can negotiate with the builder on your behalf is also a good idea.
While home improvement projects like new kitchens or bathrooms may come to mind when thinking of ways to increase a house’s value, energy-efficient upgrades could be the most lucrative investment.
Lower electricity bills can add to significant savings over the years. Newer homes built with energy efficiency in mind typically come with Energy Star certification and feature upgraded insulation, low-flow fixtures and appliances and solar power.
Houses that qualify for an energy-efficient mortgage (EEM) allow borrowers to finance the cost of these upgrades in their home loan, saving money and eliminating the need to take out a second mortgage.
Finding an energy-efficient home may require more searching than a standard house; many search sites focus on these properties. In addition, real estate agents knowledgeable of energy-efficient homes can help you find one.
New construction homes offer an opportunity to skip the bidding wars often in hot housing markets. Since these properties still need to be in the resale market, buyers can take their time to choose the features and finishes they want without having to compete with other buyers.
Additionally, many builders work with design teams to help buyers create a home that suits their needs. Buyers can also customize their property by choosing from various colors, styles and designs of fixtures and appliances.
In addition, new construction homes are often built in desirable neighborhoods, making them a great investment option if you plan to sell your new home at a later date. Purchasing a brand-new home will be smooth sailing with the right home inspector and a qualified real estate agent!
Before you begin your search for a new home, make sure to secure mortgage preapproval from one or more lenders. While builders may prefer using their affiliated in-house lender, you can shop for the best financing rates.
Many design choices are yours if you’re buying a new construction home. This is a major benefit that isn’t available when purchasing an existing resale house the previous owners chose decades ago.
When buying a new home, you can choose between semi-custom or full customization of the structure and features. You can also select the appliances and paint colors that you want in your home. This is only sometimes an option when purchasing resale homes, especially in popular areas already built out.
Knowing what comes standard and what you must pay extra for is important. When you visit a model home, write down everything you love about it, such as the quartz counters and hardwoods, to ensure that those are factored into your negotiations with the builder.
Also, be sure to ask if the builder uses their products or if you can purchase different ones. They often stick with their preferred products to decrease the risk of defects and to reduce the time spent training installers on new installation methods.
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