Buying a home in today’s housing market can be challenging. With everchanging mortgage rates, the pending wave of inflation, and the lack of existing home inventory; the housing market can feel like a set of traps, roadblocks, and pitfalls. So, it is now more important than ever to maximize your dollars and invest properly when buying a property. Here are a few cost-influencing decisions to consider when buying a home in today’s market:
A NEW HOME IS TYPICALLY, A LOW-MAINTENANCE INVESTMENT.
When you decide to build or buy new, it typically comes with brand-new appliances that are under factory warranties. The plumbing lines are new; the heating system is fresh, and you will be repair-free for several years. The number one reason people don’t like to buy pre-owned homes is that there is always a chance for an unexpected and expensive housing repair.
A new HVAC system can cost up to 10,000 dollars. A new roof can cost upwards of 20,000 dollars. I have been in the housing market for 3 decades, and have seen too many unexpected repairs drain bank accounts unexpectedly. Many times, within a year or two after moving into the newly purchased home.
IN MOST CASES, THE BUILDER WILL PROVIDE A NEW HOME WARRANTY.
Most builders back their work. Throughout the building process, the home must pass multiple municipal inspections (location dependent, check with your local municipality for more information and inspection requirements). Many local governments require multiple inspections for structural integrity, roof compliance, electrical safety, and much more. A newly built home will need to pass inspections to get a certificate of occupancy. So, there are several safety nets in place to protect your biggest investment, but if all else fails, the builder will most often provide a warranty. Many warranties provide coverage for10 years minimum. Each builder will have a variation of a new home warranty, so make sure you check with the builder first. This will protect your investment and your bank account.
A NEW HOME COMES WITH CHOICES AND PERSONALIZATION OPTIONS.
When choosing to build a new home, you can choose the lot size and location. Do you want to be on the water? Do you want to avoid being too close to a major road? Would you like to back up to the woods? When you build, you can choose your outdoor lifestyle and the lot lifestyle of your desire.
In most cases, you are spending hundreds of thousands of dollars, and it’s only fair for you to have a say in what the kitchen and bath look like. When you build, you can personalize your colors, countertop styles, cabinet choice, or even flooring products; and build the home of your dreams. And you won’t find yourself stuck remodeling a kitchen from the yellows and browns of the 1990s.
COMMUNITY AMENITIES AND URBAN DEVELOPMENT.
New developments are designed to promote community. New neighborhoods balance private and public areas. They are held to high standards and fresh architectural design guidelines. These new communities often include parks and recreational areas, playgrounds for children, and even retail shops in some cases. New communities provide safe sidewalks for walking and slow speed limits for traffic control, bike riding, and safe streets.
THE HOUSE NEXT DOOR.
The value of your property will be directly related to the home next door, and the other homes in the neighborhood. There is no worse feeling than homes in your older community going downhill as you work hard to keep yours looking good. In a new community, many times there are guidelines and restrictions that are in place to protect your investment and to make sure everyone around you is keeping their home and property looking great.
When you think of all these advantages, it’s easy to see why building a new home is the best way to protect your investment, money, and future. And now than ever is the time to think about how your home and your money are intertwined. It’s an unpredictable market, but building a new home gives you peace of mind that your investment is protected, holds value, and requires low maintenance for years to come.