AT FIRST GLANCE, there seems to be one big reason to buy a new home instead of a used home: it's new! Most of us like new things like cars, clothes and shoes! The real benefits of purchasing a new home lie just below the surface.
The biggest reason to buy a new home, especially if you're currently renting, is pride of ownership. Stepping out of an apartment or leased property and into your own home is the first step toward building your personal or family wealth. For most families, their home and other real estate holdings account for as much as 84% of their total wealth. Buying a home gives you the peace of mind that you're doing the right thing for your family, gives your children a place to set roots and grow up in, and lets you start making the memories you and your family will hold for years to come. In addition to the good home ownership does for your heart, it makes sense for your head and bank account too!
The second reason to buy a new home is purchasing power. Today you'll get more home for the money than you did as recently as a few years ago! The recent glut of developed home sites coupled with relatively few builders capable of building homes on them has made home sites less expensive. Lower home site cost means you'll spend less on the same size home sitting on that lot than you would two years ago. Also, the cost of labor in some areas has fallen, and builders have passed these savings on to you. Finally, builders with available inventory have become very aggressive in their base and upgrade pricing. Many are offering significant new home discounts and home buyer incentives, saving you thousands.
Energy efficiency is the third reason to purchase a new home. Comparing the energy saving features in today's homes like radiant barrier, programmable thermostats, added insulation, vinyl windows and the higher SEER air conditioning and heating systems can save 30-40% on utility bills compared to a used home that was built as recently as four or five years ago. This benefits you in several ways. You'll have more money each month to save or spend on things like vacations or education.
You may decide to use those monthly savings to get a bigger or better home. Every $100 per month increase in your mortgage payment allows you to get $20,000 more new home! Also, when it comes time to sell your home, these energy saving features will become very important. In five years buyers will expect energy saving features in their home purchases, new or used, and refitting a home that doesn't have these features could cost thousands. Energy saving features are standard in new homes today and can save you thousands of dollars a year.
Neighborhood amenities are the fourth reason to buy a new home. Today's neighborhoods are carefully designed with your lifestyle in mind. Many communities feature amenity centers, pools or splash parks, workout rooms, theaters and family fun nights, all designed to improve the quality of a family's life. These lifestyle elements not only enhance your life, but will make your home easier to sell when the time comes for your next new home.
Today's new homes are also often built near new schools. These new schools often have a strong community identity, are often staffed by neighborhood residents and many times have exceptional funding and modern facilities and equipment. The student body draws heavily from the neighborhood and sending your children to these new schools prepares them both socially and academically for their future. Nearby schools also create resale value and can accelerate the sale of your home when you're ready to move. Schools are the fifth great reason to buy a new home!
Safety is the sixth reason to purchase a new home. Today's new codes insure that your new home will be built out of the safest building materials available today. These new highly developed “green building” materials will save you money, will not harm your family or the environment and help you with resale in the future. Today's building codes regarding structure, plumbing, venting and electrical wiring also insure that your home is being built using the safest techniques currently known, giving you the peace of mind that you're giving your family the safest and most secure environment available today.
Other reasons to purchase a new home instead of a used home include the new security systems available or included in many new homes, the technological connectivity that is wired into today's homes, the lower maintenance cost of new homes today and finally, the exciting style and design options you'll enjoy in your new home. We've all known for years that new is better than used- now we just have a few more reasons why!
1. Pride of Ownership
2. Purchasing Power
3. Energy Efficiency
4. Neighborhood Amenities
5. Built Near Schools
7. New Security Systems
8. Technological Connectivity
9. Lower Maintenance Cost
10. Exciting Style & Design Options