Two weeks ago, we started counting down some of the reasons we believe looking into a new home over a resale is worth the investment. This week, we finish up our list and hope to help answer the question: Should I buy a new home or a resale home?
Before digging into Part II of this blog series, make sure to check out Part I!
6. Safety – New homes are built with modern-day safety in mind and now come with fire retardants in materials like your carpeting and insulation. Builders of new homes also work to hard-wire smoke and carbon monoxide detectors into the structure so that owners won’t need to rely on less-dependable battery-powered detectors.
7. Replacement Costs – As we mentioned earlier, a new home comes with new parts and pieces that are often under warranty. However, the replacement costs you will face for some of these costly components are likely to not occur until many years after move-in.
8. Building Codes – Another advantage of buying a new home is that new homes are built to current building codes of the area – so you won’t have to worry about having to update your home to meet those standards.
9. Mortgage Financing – As a new-home buyer, you can take advantage of some mortgage-financing perks that are available through builders. Builders often have mortgage affiliates or partnerships that are able to custom-tailor financing to your situation. When you finance a resale home, you are essentially on your own.
10. Better Resale Value – There are a myriad of reasons why you may have to sell your new home, but when that time comes you will have a great advantage. While the home you are selling will no longer be new by definition, a 5-10 year old home is often times more desirable than a 50-year old home at resale.
What are some of the reasons you think new homes are a great investment?