Becoming A Homeowner

Posted on: 27 May 2019

If you are hoping to own your own home, you essentially have two options: you can build a new home, or you can buy a home from another existing owner. Building a home has some advantages, and so does buying an existing house. Here are some things to consider as you make your choice. 

1. Established neighborhoods or new neighborhoods. 

One of the benefits that can come from buying an older property instead of a newly built house is that you can enjoy an established neighborhood without any construction. There will be fully grown trees, more fenced yards, and sidewalks already installed. However, in a new neighborhood with houses being built, you have more control over the landscaping in your new yard, which can be useful if you have big plans for your exterior that requires more accessibility. 

2. Warranties for home components.

New homes usually come with home warranties that cover some expensive components. For example, your roof might have a five or even ten-year warranty, allow with your HVAC system or other home appliances. A house even five or ten years old might not have coverage, so when repairs are needed, you will need to have the money in your budget to cover them. 

3. The initial cost for square footage.

Sometimes, houses that are already built can cost less per square foot. However, new homes can come with other incentives that make them more appealing to buyers. For example, some homes might have a property tax abatement that means you save on property taxes for the first few years of being in your home. That money can make up the difference in cost between the old and new home. Some builders might have preferred financing that allows you to get into a new house without money down, which might not be the case for a house that is already in an established neighborhood. 

4. Choosing your plan and finishes.

When you contact a builder, you can often choose a house plan for a lot of land you choose. Even when the house plans are already being built, if you buy early enough, you can select the finishes for your house, such as flooring and cabinet colors, paint colors, and exterior finishes. This way, you don't have to renovate or make changes to a house to suit your needs. It can be built to suit instead. For people who don't like home projects and want something that is move-in-ready, building a new home is a better choice.