According to a recent survey, Americans prefer new homes nearly 2 to 1 over pre-existing options. But because unused homes are more expensive than pre-owned ones, homebuyers are more likely to go with the latter. Here are five reasons to rethink that decision New Home Builders Directory.
1. Superior Value
Depending on size and location, a pristine property should cost about 15 to 30 percent more than an existing one. The reason? For starters, you have to hire home builders to do the work. Delays are often a part of the building process and additional expenses are not uncommon. You must also consider the fact that the price of materials may fluctuate based on the market and local availability. With all that said, a new property often has a higher resale price because it is generally more desirable than a used one.
2. Completely Customizable
One of the biggest drawbacks of buying an older residence is that it won’t have modern features. As such, new owners often have to replace appliances, remodel rooms, and update cabinets and countertops. Each of those upgrades is more expensive to complete in an existing property than in a residence home builders are presently working on. In other words, all of the money a buyer might save on a pre-owned abode often goes toward making it more modern. By comparison, those who order exactly what they want may not have to make any major renovations for many years to come.
3. Fewer Repairs
No matter how well the last owners took care of it, older residences are almost always in need of a little TLC- or tender love and care. Whether that means repainting the walls, adding new carpeting, or replacing the kitchen tiles, new owners should expect a few projects. There is also a very real chance major repairs must be made. This is especially true if the residence is over twenty-five years old and major systems are in need of attention. Plumbing, electrical, and HVAC systems that have reached an advanced age will almost certainly require close inspection and attention. If the news is bad, these systems may have to be replaced to deal with modern demands.
4. Warranty Protection
Unused houses often come complete with warranties that protect owners against builder error and/or product defect. A builder might, for example, agree to address all repair work that is needed within the first year of ownership. Larger structures, such as the roof, may come with warranties that cover replacement and repair costs for a decade or more. The same cannot be said of existing residences. Just like used cars, those properties are almost always sold as-is, which means the buyer accepts all the risks of ownership.
5. Financing Incentives
Although it is not always the case, new home buyers may be able to take advantage of mortgage financing incentives through their home builders. Because large residential construction companies often have their own mortgage companies or at least connections in the industry, they may be able to offer lower lending rates. They may also be able to cut closing costs in some cases.
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