When browsing the housing market, you will inevitably be faced with the decision to buy a pre-owned or new home.
In order to make the decision that is best for you, it is important to understand the major advantages that a new home has over a used home that has already been lived in by one or more owners.
1. New Homes Offer Customization Options
When you buy an old home, you are buying something as it is; for better, or for worse. From aesthetic features such as wall color and flooring type to functional features such as the layout and floor plan, you have no option to customize or upgrade any aspect of the house until after you move in. When purchasing a new home, you have the ability to work alongside the builders and customize your house from the foundation up to ensure it meets all of your needs and specifications. This eliminates the hassle of bringing in contractors, having remodels approved and spending more money while trying to settle into your new place. When you utilize the customization options available with a new home, you ensure that you are moving into the home of your dreams from day one.
2. New Homes Are More Energy Efficient
Building codes have evolved a lot in the past few decades, and new home builders follow a far stricter set of energy efficiency guidelines than their predecessors. Even within the past few years, studies have shown that homes built today on average are 17% more energy efficient than homes built three years ago. Not only is an energy efficient home friendlier toward the environment, it can also save you thousands of dollars in the long run on home heating and utility bills.
3. New Homes Require Fewer Repairs
Just as energy efficiency standards have improved, so have the quality standards for newly-built homes. New homes are built using higher quality materials that are less likely to break down and require repair than older homes. For new buyers spending hard earned money on down payment, many cannot afford the immediate repairs and constant upkeep required to maintain an older home.
4. New Homes Include Warranties
New home builders, including LGI Homes, offer warranties to buyers to ensure the quality of their homes and minimize repair and maintenance costs for owners. When you purchase a new home with a warranty, the builder will cover many repairs in-part or in-full for at least the first year after your purchase.
5. New Homes Have Better Safety Features
When it comes to protecting yourself against a fire or similar disaster, new homes offer far better safety features than older homes. From updated wiring and fire retardant carpeting to hard-wired smoke detectors that can never run out of battery life, newer homes are less likely to catch fire and more likely to warn you in time to get out safely in the event a fire does break out inside your home.
6. New Homes Are Often More Affordable
In the current housing market, new homes are often far more affordable than their used counterparts. Owners tend to allow their sentimental feelings toward a home influence their pricing decisions, whereas builders are in the mind-set of selling newly-built homes quickly and for their actual worth. Because of this, you can often spend less on a new home than you would on a used home, while getting a higher quality home with better features and more upgrades in the process.
7. New Homes Offer More Financing Options
Many new home builders have their own mortgage companies, or at least work closely with preferred mortgage lenders that may be able to offer you more affordable financing options and lower interest rates than you would find shopping around. While you still have the ability to choose any lender you wish, you simply have more options for financing available to you when purchasing a new home than you have when buying used.
8. New Home Neighborhoods Are Designed With Community in Mind
Older neighborhoods were constructed solely for homes, new neighborhoods are often planned around building a sense of community for residents to enjoy. New home communities include features such as walking paths, parks and playgrounds for residents to enjoy, as well as areas for barbecues and other get togethers so residents can get to know each other. The community mentality available in new home communities is an added benefit that can make the over all living experience far more enjoyable, especially for families with children.
9. New Homes Offer Better Technology
New homes offer more technologically advanced appliance options than older homes. Not only does this save you the hassle of having to shop around and purchase new appliances to replace the old ones when you move into a pre-owned home, it enables you to rest easy knowing you have the best appliances available and will need to replace and repair them far less frequently.
10. New Homes Appreciate More
Because new homes are built with everything from the highest quality materials to state-of-the-art appliances, the appreciation on them over time is far higher than older homes with fewer upgrades and features. In the event you ever decide to move and sell your home, the resale value will be far higher than that of a home you purchased used.