Whether you're purchasing a home for the first time or swapping your existing space for a new property, you may wonder if you should purchase a newly constructed home or opt for an older property. Keep reading to learn more about some of the advantages associated with purchasing a new home.
1. The Home May Come with a Warranty
When you're buying a home, it's a bit disconcerting to think that expensive repairs might be right around the corner, especially after you've made one of the largest purchases in your entire life. However, when you purchase a new home, the property generally comes with some type of warranty that guarantees that home's major components and structures will remain free of defects for a specified period.
If something goes wrong while the home is under warranty, the builder will fix it. The length of the warranty depends on the exact component and the builder's policies, but the peace of mind is comforting to many buyers.
2. New Homes Tend to be More Energy-Efficient
You may have concerns about how a new mortgage payment will fit into your monthly budget. One way to mitigate the financial impact of purchasing a home is to see that your reoccurring bills (like your monthly utility and water bills) are as affordable as possible.
New homes usually have a more energy-efficient construction than their older counterparts; they may boast tighter seams, contain energy-efficient windows and doors, and have appliances that are designated as environmentally friendly. Some of the components like the roof and heating and cooling system may use technology that's more efficient than older alternatives. These newer components are also less likely to require costly repairs than systems that have a little age on them.
3. You May Have Access to Unique Financing Opportunities
When you're searching for a home mortgage, it's wise to explore all of your available loan options. Many new homes offer unique financing programs to encourage buyers to select these properties. Better loan terms can make lower your monthly mortgage payment so that the home is as budget-friendly as possible.
The builder may offer to pay some of the costs associated with your mortgage like your closing costs. Or, the builder might offer to pay mortgage points on your behalf so that you're able to procure a lower interest rate. Over the life of your loan, an interest rate that's only a quarter or half of a percent lower can save you thousands of dollars.
For more information, contact a realtor to help you find new homes for sale in the location of your choice.Share