Market matters: Now might be the right time to buy new
If you are looking to capitalize on today’s low interest rates and attractive pricing, one of the many questions facing you is: new or used? Here are some reasons why new may be the answer.
There are a lot of home choices in the marketplace today.
If you are looking to capitalize on today’s low interest rates and attractive pricing, one of the many questions facing you is: new or used?
Following are some reasons why buying a new home could be your best choice now.
Energy-efficiency standards. New energy codes are creating approximately 17 percent more efficiency per home, according to the National Association of Homebuyers. Today’s new homes are more tightly sealed than in the past, which keeps heat — and cool air — inside instead of escaping. Windows are at least double-paned, and new, green appliances help reduce monthly utility bills.
Fewer repairs and less maintenance. New homes are engineered for less maintenance. Composite exterior materials often replace wood, and few homes are built with wood or shingle roofs these days.
Tangible intangibles. Extra landscaping and some of the personalized items that you’ve always wanted might be possible when purchasing a new home, especially if construction is not yet finished.
Financing. Interest rates are rising a bit, but they are still at historic lows. Almost all builders have preferred lenders who will strive to offer the best available financing programs.
Warranties. Established builders want to protect their names and reputations. In addition to offering appliances and other mechanical warranties, a builder will often go the extra mile to repair items and keep the customer happy.
Bill Hurme is a past president of the New Home Council and is president of TeamBuilder JLS. Market Matters is the council’s weekly column offering insight into the housing market. For more information on homebuying, visit thenewhomecouncil.com.