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There is a moment in every person or family’s life when they need to look at their existing home and make a change. Maybe you need to move from your old home to an active adult community or wish to invest in the Real Estate market to become a proprietor. The reasons might vary but the action is the same.
Here is where the question “should I buy a new or a resale?” comes to your mind. What are the pros and cons of each one? Which one is a better investment in the long-term? Normally, resales have the main benefit of being less expensive than new homes. Nevertheless, new homes have traits that make them not only more comfortable and eco-friendly, but also a better investment in the long-term.
When looking at resales to buy, it is hard to imagine how a new home could be less expensive. Normally, older homes have more land because of changes in land-use patterns; they tend to include items that new homes do not, such as blinds and landscaping; and overall, they tend to cost less money than new homes and buyers have a bigger bargaining space when negotiating the price.
Nonetheless, the real cost of resales normally shows only after the sale: repairs to be made, non-efficient energy consumption and the sharp depreciation they suffer in comparison to new homes are just some of the things that need to be taken into account. When adding up these hidden costs, older homes become much less attractive than new housing developments, as their features make them a better option, no matter if it is for living or as an investment.
Only when you look beyond the price tag do new homes show their cost-saving traits.
First, new homes don’t require repairs and the materials used to build them are better quality and need less maintenance (such as aluminium sidings or pressure-treated wood decks), which already start cutting costs in comparison to resale homes. Second, these materials are also less hazardous, since the structure needs to comply with today’s building codes, unlike the properties built 10 or 20 years ago.
Third, new homes are considerably more energy-efficient than older ones. Nowadays, there is a growing demand for insulated and energy-saving windows, heaters, ventilation systems, and wood beams. According to the Environmental Protection Agency (EPA), today’s homes are typically 30% more energy-efficient than those built only 5 years ago and much more efficient compared to homes built 10, 15, or 20 years ago. This results in an important reduction in electricity and heating bills. These new housing developments also provide cleaner indoor environments, since their more efficient ventilation and cooling systems reduce or eliminate most of the old homes’ contaminant agents such as moisture condensation on windows, peeling paint, or even mold.
Furthermore, buying a new home means that you will get a floor plan built specially for you, meaning you can customize your soon-to-be home to your liking. Do you want a modern living room and an open kitchen? What about a screened-in porch? When you buy a new home, you are buying a blank canvas ready for you to fill.
Finally, new homes tend to depreciate slower than older ones. When in 10 years someone decides to buy a home, they will prefer newer homes versus older ones, making new homes a better investment.
Add up the benefits of buying a new one. While you’re thinking about your next home, take a look at the new home 5communities we’re building here in North Carolina. Blue Heel Development’s low-maintenance lifestyle frees you from the time-consuming tasks of exterior home and yard care. Our new homes include all the features of the Energy Star Home program, including high-performance windows and energy-efficient kitchen appliances. Browse our available first-floor living homes and community locations to see where your new home search can take you.