You might be trying to decide between buying an existing home or building a new home. The eight benefits of buying a new home below might help you decide:
1. Get a new home your way.
When you buy a new home, you get to call many of the shots. From choosing the lot, the colors, the materials, the amenities and the fixtures, you’ll end up with a new home that reflects your personality and taste.
2. Your new home will reflect the latest trends.
When you buy a new home you’re more likely to find floor plans that reflect the latest trends. Resale homes won’t reflect today’s trends because they were built when other trends were popular. So if you’re looking for a gourmet kitchen, luxurious bathrooms, theatre room and extensive wiring and outlets for all your electronic needs, new is the wayto go.
3. New homes have low to no maintenance.
With a brand new home you get rooms decorated exactly the way you want, along with other features that eliminate the need for time-consuming and costly home improvement projects later on. Today’s families seek more quality time, and minimizing the amount of work needed after move-in frees up time that can be spent having fun together instead.
4. New Homes are better at conserving energy.
New homes are better insulated and utilize energy-efficient products and materials. Resale homes probably won’t have many of these energy-saving features that significantly lower energy costs.
5. New homes are usually free of environmental dangers.
Many older homes were made with materials that today are highly regulated and, in many cases, are no longer acceptable for residential building. Asbestos and lead paint are a couple of good examples of dangerous chemicals that will NOT be found in new construction.
6. More light in new homes.
Light is a natural energy booster and with a new home you can have skylights, taller windows, transoms, sunrooms, etc. It’s up to you.
7. Tax benefits.
There is one day of the year that many people do not look forward to and that is April 15th. This is the day you find out if you need to pay more money in order to meet your income tax obligations, or whether you paid too much during the previous year and are entitled to some money back. When you own a home, you can deduct two amounts from your income tax worksheet. You can deduct the amount of interest you paid on your mortgage payments, which for the first many years on a mortgage is typically more than you paid towards the principle. Plus, you can deduct the full amount of your property tax payments.
Every year, your mortgage company will mail you a statement that includes these two deductible figures. These figures are then used to reduce the amount of income for which you are required to pay taxes. It’s not unreasonable to pay several thousands of dollars in mortgage interest throughout the year. And this can all be deducted. Property taxes are high in many localities and this deduction can also add up to several thousand dollars.
8. No Annual Rent Increases.
When you rent an apartment or home it’s not uncommon for the rent to increase each time a lease is up for renewal. The landlord, as the actual property owner or caretaker, is free to change the terms of the lease each time it is renewed.
When you own a home, you know exactly how much your monthly payments will be for the entire length of the mortgage. The payments are calculated for each month and are based on the type of mortgage that was approved.
There are fixed rate mortgages, where the same amount is paid every month, typically for a term of thirty years. The term can be less, sometimes fifteen or twenty years, but the monthly payments in this case are generally higher. There also are adjustable rate mortgages, where the interest rate changes after a fixed period of time.
Buying or building a new home might just be right for you.