First Time Homebuyer Information & Education
Why Buy a New Home?
Why Buy a New Home? - One benefit to buying a new home is that everything usually will function properly, for a longer period of time -vs- a resold home.
There are many benefits of buying a new home as opposed to buying an older home. Repair costs will be almost obsolete for quite a few year in a new home (you should not have to replace the water heater, furnace, central air, roof, etc... for some time in a new home). You don't have to worry about the electric and plumbing being outdated in a new home and you can rest assured that everything should be up to code. Lastly, a new home will generally offer a more modern look, more modern appliances and have more energy efficient appliances.
When buying a new home buyers are often allowed to pick certain color schemes and upgrades by the builder. This will allow you to customize the house to suite your tastes.
New homes also have no wear-and-tear like older homes. The carpets will be new and unstained, the walls will be pristine, there will be no screw holes from where there was once shelves, and everything will still be in new working condition.
Purchasing a new home also allows the homeowner to landscape the property to their own tastes. Quite often new builders will also allow for a pool or extended concrete areas or fencing. Many extras can include built in sprinklers and perhaps extra electrical for an outdoor hottub.
Most builders have several home styles to choose from. Buyers of new construction homes can choose among different layouts and add features to some extent. In addition, newly constructed homes often come with warranties on pumping, electrical wiring, roof, etc.
The last homes on a specific lot are either discounted in price or given substantial upgrades. This allows the builder to complete the sale of a lot and begin developing the adjacent lot.
New homes are generally wired with high tech cabling which allows for a much easier home networking system and surround sound. Having your home wired for today's technology saves you thousands in upgrades later, not to mention the comfort of knowing all wiring in your house is in great working order.
New homes are much more energy efficient then older homes, thereby saving money on utilities. You can also specify that you want an environmentally safe home and the builders will use materials that are known to be healthier for your family.
When you buy a new North Olmsted home, it's just that- your new home, not someone else's old home. It smells new. It looks new. It's all yours!
Why Buy a Resold Home? - Resold homes are often in well established neighborhoods, where most if not all doubt can be removed from question, with regards to how the neighborhood will evolve.
Buying a resold home has some benefits vs. a new home. Many times a resold home will come with all appliances without the need to purchase some or all of your appliances. Also, many people will leave their window treatments (drapes, blinds, etc...) in a resold home vs. a new home when you will have to go out and buy all of these immediately after moving in. These items can immediately help you lower your initital move-in costs which many times can get quite pricey.
Depending upon the style and age of the home, many older homes actually appreciate in value faster then newer homes do.
If you are a savy investor, county and city planning councils can give you insight as to where there will be major residential dvelopement. Purchasing a resold home in these areas can often realise the investor a sharp appreciation in value, within a short period of time.
Most people appreciate the more mature landscaping that in found in older, more established residential neighborhoods. Most specifically, the trees. Newer areas often look quite sparse with small, newly planted trees.
More established neighborhoods are usually quieter. Mature trees, bushes, and lawns absorb and block a lot of noise. Plus, established neighborhoods are much less likely to have construction crews starting noisy work at 7:00am.
Resold homes often offer a unique investment for savvy borrowers, sometimes allowing them to purchase "instant equity".
If you are buying a resold home in the summer, remember that those mature trees will lose their foliage (in most parts of the country). Its a good idea to peek around those trees, to see what your view will look like in the fall and winter. A large tree could be blocking a sign a few blocks away, or could even be protecting your privacy.
Information listed above is to be used for educational purposes only and is not guaranteed
|Copyright © 2007 First Security Financial Services, Inc. All Rights Reserved... First Security Financial Services is a full service mortgage provider offering mortgage educational tools in addition to hundreds of mortgage programs.||
Mortgage Broker | Down Payment Assistance Information - Part II | Fannie Maes My Community loan program | Colorado Million Mortgage Loan | Refinancing when self-employed | Frequently Asked Questions - Credit | 100 Financing | New Home Buyer Mistakes