Purchasing New Construction Can Be Smart for First-Time Homebuyers
February 12, 2023
New construction homes do typically cost more than pre-owned homes, so it’s easy to understand why first-time homebuyers sometimes don’t even consider new construction. Yet the reality is that there are a number of reasons why a newly built home may be ideal for a first-time buyer. From reduced maintenance to potential long-term savings, it is worth talking to your Columbus GA Realtors about exploring the option of new construction.
While the higher price is one of the reasons people avoid new construction, you’ll find that many home builders offer financial incentives to purchase one of their new homes. As well as incentives, they often work with lenders who may be able to offer lower interest rates. These lenders are also usually familiar with various FHA and VA loans and other options that may make purchasing a new construction home more affordable.
What first-time buyers need to remember is that there’s more to the cost of a home than the mortgage. Upkeep, repairs, renovations, and more can make a pre-owned home more expensive in the long run than a brand new home. Plus, if you’re unfamiliar with the responsibilities of homeownership, a new home can help ease you into the experience.
With a new home, the appliances and systems that come with the home are new and typically under warranty. The home itself usually comes with a warranty, as well. For the first few years you’re in the new home, you shouldn’t have any major costs or repairs, and should something go wrong, it’s likely covered by the warranty.
Similarly, because new homes are built to stricter codes, homes today are often more energy efficient. However, check with the builder and make sure they offer proof of their Home Energy Rating Score. With a solid score, you could see significant savings in utilities, which can help offset a slightly higher mortgage. It’s important to be able to afford the mortgage, no matter what, but these energy saving features will be a financial bonus for years to come.
When you start with a new construction home, you’re unlikely to need to do any renovations. In fact, depending on whether you build from scratch or purchase a home that is partially completed, you will be able to choose a lot of the finishes and details that ensure you are happy with the home from day one. Even if you purchase a move-in-ready new home, they’re built to reflect current needs and styles.
Ultimately, there are a variety of factors that offset the extra cost of purchasing new construction. These benefits can be significant for a number of years, leaving you time to rebuild your savings and also get used to the costs that come with owning your own home. New construction is a great way to ease into homeownership, so it’s worth considering. If you’re in the market for a home, even as a first-time homebuyer, talk to our Columbus GA Realtors to discuss the possibility of purchasing a truly brand new home.Tags: new homes columbus, new homes georgia, Real Estate Jobs Columbus GA
Categorised in: Local Info, Market Tips, New Home Tips, Purchasing New Construction Can Be Smart for First-Time Homebuyers, Uncategorized
This post was written by Rose Anne Erickson
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