Mortgage house hunters are faced with the choice of either buying a previously-owned home if not a foreclosed one, or buying a brand new home which are mostly costlier when one brings it down to per square foot. There are good selling points to these two choices but there are more advantages of buying a brand new one if you want to have a place where you can comfortably settle down for good.
In the case of a pre-owned home, we can find two selling points. Pre owned homes are cheaper and so you have a lower monthly amortization. There are, however, other expenditures that you have to think about in a pre-owned home like repairs or replacements in the future. The other selling point is to disregard the house but dwell on the value of the property which is a good real estate investment in the long haul.
If you really want to settle down comfortably, then choosing a newly constructed home has a lot of selling points that we often overlook because we are only thinking about how expensive the down payment is and the high amortization cost.
What Do You Know About Properties
One selling point of a brand new house however is that you have more flexibility in the layout, choice of color, type of flooring and etc. Participation of buyers in the process of designing the new house is oftentimes allowed by the home builders. This cannot be so in a used house because the process will involve demolishing the existing one then constructing a new arrangement which is limited to the structural patterns of the old house.
What Has Changed Recently With Homes?
Today, building codes required energy efficient standards. Because of the high energy risk at present, home builders need to adhere to the regulatory code. What this means is that newly constructed home need to adapt to better develop innovations beginning with higher efficiency insulation , doors, and widows like the one we now see which has double, triple and quadruple panes, which were unthought-of of before because energy was cheap and abundant to keep one’s home warm during winters and cool during summers. The HVAC designs of today are also made to help reduce utility bills. This also means that new homes have to install high efficiency stoves, refrigerators, washing machines, water heaters compare to homes that were built years ago.
A new home has fewer and more minor repairs and they have warranties so there is no need to spend on anything until after a year or two.
Buying a new home can also benefit you from the mortgage financing perks that builders give in their efforts to sell as many houses as they can.