New Homes Vs. Resale
As a first time home buyer, it can be tempting to go straight for a resale home. After all, aren’t the prices usually cheaper? And doesn’t that mean it’s better?
The truth is, there’s a lot more that goes into a home than the price tag you see on Zillow – and there are a lot of benefits to buying new, especially for your first house.
No Hidden Surprises
While a resale home price may be initially less expensive than a new build, there are other factors that could drive that cost up over time – and make it the more expensive choice in the end.
Number one, you won’t always know the history of the home. A house may look good in your first walk-through, but you never know when you might discover the pipes are corroding. Meanwhile, a new home is built from the ground up so you know exactly what you’re getting.
Lower Utility Costs
Depending on when the resale home was built, it likely won’t have the best and most efficient appliances. A new construction home, on the other hand, will have been built with your utilities and the environment in mind.
On average, energy efficient or hybrid homes save homeowners over $100 each month in home maintenance costs. Considering that the typical family lives in their home for 7-8 years, that’s over $9,000 dollars that could go towards vacations, cars, or college!
Hybrid homes also keep your family healthier. With higher quality products, the indoor air in your home carries less dust, pollen, bugs, and humidity. Damaging sunlight stops at the enhanced windows, while durability increases with comprehensive water protection.
Each builder addresses energy efficiency and hybrid living differently – be sure to talk with your representative before signing and make sure you know the options and features available. To see the full scope of a McGuinn hybrid home, click here.
Choices, Choices, Choices
If you’re purchasing a resale home, you’re stuck with whatever decisions the previous buyer and builder made. And depending on what state the home is in, you may be looking at an extensive (and expensive) DIY process to get the home to where you want it.
With a new home, you choose the plan, the location, even the features included in your home! Your first home is truly built just for you. And with a custom home, you have even more flexibility. Depending on the builder, you can choose a pre-designed plan, customize a stock plan, or even bring your own plan and work with the team to design it from the ground up.
If the builder offers build on your lot options, your personalization opportunities just keep on growing. Now you don’t even have to limit yourself to a specific neighborhood – simply pick your own perfect lot, whether it’s one with plenty of acreage or a city lot with quick access to the hustle and bustle of the metro.
Newer Appliances Mean Less Maintenance
An older home also means older appliances. When buying resale, you’re at the mercy of the previous homeowner. If they haven’t kept up on their maintenance, you could be in for a long cleanup process or stuck with the bill of purchasing a whole new set.
A new home, on the other hand, ensures you have brand new appliances. Not only does this mean they’ll be cleaner (no old grime left in the microwave!), but you’ll also rest easy knowing they won’t quit on you out of nowhere.
Take Comfort in Warranties
Perhaps one of the biggest benefits of buying new as a first time home buyer, the new home warranty gives you much-needed peace of mind. Builder warranties often last for a year after the home is built, and cover items like the mechanical, electrical, and structural aspects of your new house.
Ask your builder about their warranty program and the customer service they provide, as each builder has their own process. At McGuinn, we provide you an individual new home warranty program that’s fully explained to you during your homeowner orientation meeting. By making sure you understand everything about your new home, we ensure your satisfaction and a happy home for you and your family.
We can’t talk about buying a new home vs. resale if we don’t address the cost issue. For first time home buyers, there are actually quite a few opportunities available to get you the best savings.
By connecting with a home mortgage expert, you can find the home loan that’s just right for you. A mortgage expert links you with savings you might not have known about before.
Many builders also offer a financing program or have a preferred lender they recommend. Ask your builder about their financing options, and make sure to get pre-qualified if you haven’t already!
At McGuinn, we go the extra mile and offer our first time home buyers the opportunity to attend a mortgage seminar. Completely free, this seminar covers different mortgage options, first time home buyer programs, and more.
If you’re unsure about the financing process, this is the perfect chance to find out more! Keep checking back for our next seminar, or please feel free to contact us.
Buying your first home is one of the biggest financial decisions you can make, so be sure to consider all of your options. New homes can be surprisingly affordable, especially when you consider all the benefits that come with buying a new home vs. resale.
Keep in mind that the benefits to buying new also apply to available or quick move-in homes builders sell, not just their floor plans! Builders will often build inventory homes to sell, which include all the great benefits like energy efficiency, new appliances, and more. If this seems like a better fit for you, be sure to contact your builder and ask about available homes they have nearing completion.
And if you have any questions about the home building process or how to start looking, just give our team a call!