If you’ve decided it’s time to buy a home – whether you’re a first time owner, have a growing family and need a larger home, the kids are gone so it’s time to downsize, or maybe you’re just plain tired of the same old thing – how do you know where to begin?
One of the questions that might be at the top of your list whether if you should buy a new or a resale home. Sadly, while it’s not necessarily true, a lot of people will immediately dismiss the thought of buying a brand new home thinking that it’s out of their reach financially. In fact, there are many reasons that may not be the case – and we’d like to share a few of them with you here. So get out your calculator, and let’s take a look at whether a new home could – or even should – be in your near future!
1. It Comes with a New Home Warranty
With a new home, the warranties all begin from the closing date. That means items like appliances and major systems throughout the home are starting out fresh with the manufacturer’s warranty. On top of that, if you buy from a reputable builder, they’re also going to stand behind the quality and construction of their home for up to 10 years or more. What’s your peace of mind worth?
2. Less Maintenance Expense (and that’s a time-saver, too!)
On the other hand, consider this: If you buy a used home, you’ll always be wondering: “When is something major going to break and cost me a ton of money to fix?” (Hint: It’s almost never happens when you have a ton of spare cash laying around that you don’t know what to do with.) When you buy a used home, you don’t know what you’re getting – even if you have a home inspection done, because most repairs don’t have an expiration time clock visible. Are you buying a home so you can move in and spend all your free time making repairs yourself – or paying someone else to tear your home apart and fix it?
3. Energy and Cost Savings
Today’s new homes are far more energy efficient than homes built as little as 5-7 years ago. When you’re comparing homes built 10-20 years ago, it’s game over – advantage goes to new homes. Why settle for drafty, energy-wasting single-pane windows in a used home when you can have double or even triple-pane windows that come with new homes? And that’s just the start. Updated construction codes and building standards mean the use of more efficient materials and methods throughout – from water delivery and heating systems to roofing products and more. It all adds up to considerable savings that result in lower maintenance and operating costs right off the bat. Do you hear the sound of your money recouped and your monthly energy expenses being lowered?
4. New Home Seller Incentives
Chances are, if you’re buying a new home from a homebuilder, there’s a good chance you can score some incentives – in the form of upgrades, credit towards closing costs, or other perks. Builders will often have Grand Opening or close-out incentives, year-end or seasonal sales. So it’s definitely worth exploring the home and the neighborhood you’d pick for your “dream location” – if only so you can compare the initial purchase price with a comparable used home you’re considering. What’s the harm in looking – and asking?
5. Get Exactly What You Want from the Start
Few things can be more frustrating than spending all that money to get into a (used) home only to discover that it doesn’t have the functionality or the features you really want (or worse, really need). So you start to make changes to accommodate those things, then one thing leads to another – and before you know it, you’re standing in the midst of drywall dust and a giant construction mess, kicking yourself saying “Why didn’t I buy that Harmony Home I loved in the first place?” (Yes – we’ve seen it happen. It’s just a tragedy. In a first-world sort of way, of course.) Besides just the function – why live with someone else’s cabinet, flooring, countertop, fixtures, colors, and who knows what else?
Don’t underestimate the fact that your home environment is a H-U-G-E part of your state of happiness – so while you may not be able to put a price on that particular item right now, the odds are you’ll end up finding exactly how much it’s worth – after you make the wrong choice and have to find a way to “fix” it (in more ways than one!).
Our recommendation? Start fresh. Buy new. Now go enjoy your life.