Advantages of Buying a Brand New Home
Many people prefer buying a new home because of the numerous benefits that come with the home. When considering buying a new home, it is important to be aware of the many advantages a new home offers. The following is a list of the reasons why people are choosing new homes:
Reasonable Mortgages: With today’s low interest rates and competitive housing prices, it is a great time to purchase a new home.
Quick and Smooth Sale: When you buy a new home, you can complete the purchase within two weeks of the house being completed. There is less red tape because everything is new.
You Know the Homebuilder: Homebuilders take great pride in their work. They know that building a poorly constructed home can ruin their business. They strive to build the best homes. If you have questions, you will be able to talk directly to the company that built the home.
First Residents: When you move in everything is clean and new. You will not have to spend hours cleaning grease stains, tobacco stains, and other dirt. There will not be any damaged walls or scratched surfaces. You will also not have to paint
Community Orientated: New homes tend to reflect community spirit. This includes location and extras such as patio decks, porches, and a pleasing backyard. The homes are usually close to schools and parks
Energy Efficient: New homes can use up to 50% less energy than homes built in the early 1980s.A new home will be more energy efficient, have better quality insulation, and have a more efficient heating system. New homes are built to meet modern regulations.
Mobility: New homes are built to meet mobility standards making access easier for people with mobility problems.
High Quality Construction: Progressive technology has resulted in homes that are stronger and more solid. Such items as roofing shingles and windows are a better quality and last longer.
Low Maintenance: New homes will not require updating or modernizing. Modern materials used in the construction of new homes results in a home that does not need updating. The only maintenance you will have to do is cleaning.
Security and Safety: Many new homes are equipped with wiring for security lights and alarm systems. They will also have high quality locks for windows and doors. New homes are also built to meet modern safety standards. This includes the newest smoke alarms and fire resistant materials.
Greener: New homes will produce less carbon dioxide and are equipped with water efficient fittings. These homes are often constructed on previously developed land so forests were not cut down.
Budget Efficiently: With a new home, you know what your housing costs will be so you can make a budget.
Warranty Protection: New homes will often come with NHBC Buildmark Warranties. For eight years, the home is covered for any drainage and structural defects. Your builder will explain how the warranty works.
Modern Rooms: Many new homes will have added features such as walk-in closets. They will also be fitted for modern appliances
When you move into a new home, the chance of any unexpected problems popping up is greatly reduced. With a new home, you know who built it and how it was constructed. You will be able to choose your own interior design and select certain designs such as cabinetry and layout. You also know exactly how to operate and maintain your homes systems and equipment. If you have any questions, the homebuilder will have the answers. You basically get a brand new home that easy to maintain, healthy, and comfortable. You are your family will have less worries allowing more to create wonderful memories.
Importance of the Location When Buying a New Home
No matter what type of real estate you are looking into buying, location is key. This is true for a new home as much as it is for a business location or a previously owned home. As you are choosing the place for your newly constructed home, here are some things to consider.
Scope out the Neighborhood
Just because a neighborhood is new does not mean that it is the right neighborhood for you. Do you want certain amenities, like a community fitness center or swimming pool? Is living in a secure, gated community important for you, or would you rather look for a neighborhood with a park for your kids? If you have kids, consider the schools they will have to attend in that neighborhood. Are they close enough to walk to if you want that option? Where is the bus stop if your kids will be riding the bus? Are the schools well rated academically, and do they have the extra curricular activities your kids want? These questions will help you find a neighborhood that will meet your familys needs.
Keep in mind that many neighborhoods have homeowners associations. These post rules that you must follow as a homeowner in the community. For instance, the type of fence you can use for your yard or the type of home business you can operate out of your home may be regulated by the homeowners association. You will also have to pay dues to the association if there is one. Find out all you can about the association for the neighborhood you are considering.
Consider the View
While you may not be looking for a home with a view, you do need to think about what you will be looking at outside of your windows each day. If you live in a naturally beautiful area, look for a home with a natural view. Watch out for lots that will eventually give you a view of a retail area or a busy street. These may not be appealing to you. If the land around your new home’s lot is not yet developed, find out what it is zoned for. This will help you imagine what your future view may be.
Accessibility to Major Roads
While you may not want to live on the backside of the interstate, you do want to choose a lot that makes your commute convenient if you have one. Access to major highways or interstates, particularly if you live in an area where commuting is common, makes your home more valuable when you look to resell it. Consider your daily drive when you choose your homes location.
Accessibility to Major Amenities
What is it that your family needs to be close to in your town? Do you need to be close to the grocery store or drug store for those midnight diaper or medicine runs? Do you have someone in your home who has a gym membership and needs to live near their favorite gym? Make sure the home you buy is located close to the towns amenities that you use the most frequently. If you need access to city amenities, such as the public library, make sure your home is located within the city limits.
Considerations When Buying Land
If you decide to buy a plot of land and build your own new home, you have some special considerations to make. For instance, you need to make sure that you will be able to set up your utilities. If sewer access is not available, you need to make sure that you are able to drill a successful well. Buying land before doing the necessary research could be an expensive mistake.
As you can see, buying a new home does not necessarily mean your location will be ideal. You need to make several considerations as you shop for land or a newly built home. By taking these things into consideration, you will be able to find your dream home in an ideal location for your familys needs.
Has Home Building Declined Along with Construction Loans
Has home building declined in recent years? The answer to that question is yes. In fact, is has reached its lowest rate in 17 years.
When you have built your home, one thing you have to deal with is the property taxes and this could range from $1,000 to $10,000 depending on where you live. Take note that this does not yet include mortgage expenses if you have not paid yet for the house in full. The only consolation is that you pay for this on a fixed term.
First, get in touch with the local builders that have constructed houses similar to the size, quality and features that you want. By talking to them, you get a straight answer as to how much it is going to cost for the entire project plus what materials they will use.
If you are employed and you are told that you have to relocate, it will be hard to move right away since it takes time to sell a house.
You will also have to include inflation because building a home increase from 3% to 6% annually. With this information, only look at homes that were built within the last 6 months.
Dont forget to put a 10% additional allowance to your budget when you make your estimate because plans change and in most cases, you and you contract will encounter unforeseen circumstances. Naturally you have to deal with the situation otherwise there will be delays when everything will be finished.
Believe it not, the cost per square foot is higher for a small home than a big one. Why? Because the cost of items is spread over and a two story home if that is what you want has a smaller roof and foundation. The same goes for plumbing and ventilation.
If you signed a warranty with your contractor, any problems will be taken cared of by them without any additional charges.
Many people that it will take between two to three years for the market to stabilize so business will be back to normal by 2011. So again, if you have the money, there is a lot of houses that are now available in the market to buy and when these are sold, equilibrium is achieved and there will be a construction boom once again.
There is no doubt that the current financial crisis is the cause of the decline in home building. The good news is that things will change for the better in less than 5 years so in the mean time, those who are paying for a home should sit tight until the bailout and any other remedy the government is trying works. As for those who are renting, be patient because now is not the right time to consider building a home.
This will enable you to establish good credit with the bank when you need to apply for a loan. That may not happen right now because of the financial crisis but when it is over, you will soon realize that this was very handy.
We mentioned earlier that the second reason for the decline in home building is that people are not earning enough to buy a home. This is true for new families especially those who have children because its hard to do both when you already have children.
There is no better time to own a home or face its challenges than during a decline in home building because both labor and materials are cheap. If you have the money to pay for it, you shouldnt have a problem paying for taxes and mortgage.