Published on February 13, 2018 • Filed Under: Buying A Home
7 reasons buying new construction saves you money
Buying a home is a big step in growing your financial portfolio. It is an investment in yourself, your current or prospective family and your future. As you embark on the homebuying journey, you will be faced with some choices, one of which is whether to purchase new construction or a resale home. There are many pros and cons for each, but did you know that buying new construction could save you money?
Here are 7 reasons buying new construction saves you money:
Location: New construction is often strategically built in sought-after areas of a city. These areas may be popular due to school zoning, proximity to local shopping centers, attractions, expressways, etc. Such factors will save you time and money while you currently own the home, and especially so if you decide to sell as the home’s value will most likely increase due to its ideal location.
Builder backing: Many new homes builders will include insurance on various aspects of your new home such as appliances, HVAC, etc. Some extend as far as 10 years which will save you a lot of headache and cash should something go wrong.
Everything is new! Seems like an obvious statement, but this is a key money-saver in new construction. Paint, flooring, plumbing, HVAC, siding, paving and more—all brand new! This will help your bank account tremendously over time by minimizing your maintenance expenses.
Customization: New construction allows you to craft your home to your liking. Many builders will provide you with options for floor plans, paint colors, countertops, cabinets, fixtures, flooring and more. Save your time and your money and move in to a home that is already just how you like it!
Lower monthly costs: New construction must adhere to current building codes that require energy efficiency and up-to-date safety systems, a huge savings for your monthly expenses. Not to mention, you will avoid making these changes on your own as you would in a resale home.
Special financing: Many new homes builders work with their own mortgage companies that can offer special incentives like closing cost assistance or competitive down payment rates. This type of specialization is less common in the resale market.
Community perks: Newly constructed homes are often located within a newly constructed community. In most circumstances, new homes builders guarantee proper upkeep of the community, its amenities and facilities such as sidewalks, roadways, signs, landscaping and more. Such upkeep is not only enjoyable, but adds to the long-term value of your home over time.
Are you interested in learning more about becoming a new construction homeowner? Contact our team today!