Are you looking to purchase a new home, but aren’t sure if you should buy one that’s brand new or pre-owned?
Many people shy away from purchasing brand new homes because they’re worried they won’t be able to afford it. However, there are many benefits that come with purchasing a brand new home that is often overlooked.
Plus, purchasing a brand new home is sometimes a more economically sound investment than purchasing an existing home.
Check out this guide to learn about the top benefits of purchasing a brand new home.
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1. Avoid Costly Repairs
One of the biggest benefits of purchasing a brand new home is that it allows you to avoid costly repairs. Even if you do need to make a repair, it likely won’t be serious or costly.
Additionally, you likely won’t need to replace any appliances or major structures in the near future. According to Discover, the average homeowner should set aside 1 percent of their home’s value for home maintenance.
If your home is worth $250,000, this means that you should set aside $2,500 per year for maintenance and repairs. While you should still set this money aside if you buy a brand new home, you likely won’t need to spend that much on repairs during the first few years.
This means you’ll have more money to spend on designing, decorating, and upgrading your home.
2. Promotes Green Living
Another great thing about buying a brand new home is that most new homes heavily rely on green technology.
Not only is green technology better for the environment, but it can also help your bank account by making your home more energy-efficient and reducing your monthly utility bills.
Here are some examples of green technologies that are now automatically built into many brand new homes:
- Energy Star appliances
- Solar panels
- Solar water heaters
- Rain harvesting systems
- Wind generators
- Double pane windows
- Energy monitors
- Energy Star HVAC systems
While you can upgrade to these technologies in an existing home, it’s a lot more affordable to have them already installed from the get-go.
3. Warranty Coverage
Another great thing about buying a brand new home is that a lot of components will be covered by a warranty.
This means that if something were to break or sustain damage, you won’t be responsible for replacement costs in the first few years. Older homes, on the other hand, have many outdated appliances without warranties, which means you’ll have to pay full-price should they break down and need replacement.
Of course, warranties are different for each product, so make sure you understand the warranty policies before buying a brand new home.
Are You Ready to Buy a Brand New Home?
After reading this guide, we hope that you’re excited to buy a home. As you can see, buying a brand new home offers many advantages, and there’s no better feeling than knowing that you’re the first person to live in a home.
Be sure to check back in with our blog for more home buying tips and tricks.