You’ve been saving up your pennies to put a down payment on a home. Now seems like an excellent time: real estate prices keep rising and interest rates are still low enough that your monthly payments are still affordable. Maybe you’ve been considering an older home because you seem to get much more for your money. But when you look at all the facts, you may discover why buying a new home is better than buying a used one.\r\n
No Surprise Problems
\r\nEverything in a new home is not only shiny and unused but is backed by a guarantee. You can be assured that no problems are hiding behind the drywall or under the bathroom tile. If a minor flaw does get through, the builder gets it taken care of.\r\nWith a used home, you don’t what lurks behind the unseen parts of a room. You must hire a home inspector to check out the property and even then, he’ll only find major issues. You then need to account for the cost of repairs by using these amounts to reduce your offering price or by paying for them out-of-pocket.\r\n
\r\nSo you settle for a used home even though it doesn’t have the finishes that you want for floors and wall-coverings, or has chopped up rooms. You figure some remodeling can bring your purchase up to date but, do you really know how much a remodel will cost? According to the “2014 Cost vs Value Report” put out by Remodeling Magazine, a minor mid-range kitchen remodel runs about $18,856 while a major redo costs $54,909. A bath remodel runs about $16,128 and even replacing vinyl windows costs $9,978.\r\n\r\nBy and large, a new home minimizes or eliminates remodeling costs. The spaces will already follow the latest decorating trends, so all you have to do is choose materials for flooring and countertops. Many selections are part of the price with some cost just a little bit extra.\r\n
\r\nYou’ve decided to put money into a home because your investment will most likely rise in value during the coming years. While the price of a used home has generally increased, that of a new home has gone up faster. An article on Fox Business points out that newer homes increase their values better because they meet modern standards. Often, the community in which they’re located will also have newer amenities with high-tech options.