By: Elizabeth Porter
Often times, people are intimidated to check on the price of a new home. Those renting are not sure if they can even afford a mortgage and current homeowners may think new construction homes are out of reach, financially. Buying a new home can actually be a big money-saver. I too was a little nervous once I started house-hunting but as I learned more about the buying process, the decision to build a new home turned out to be the most affordable route to go. Let me explain….
- Savings & equity: Once you decide to purchase a home there are a couple options to consider, a pre-construction home or a completed home. If you choose a completed home, the seller is expecting you to close within 30-45 days. Pre-construction on the other hand, gives you more time to save up your down-payment. Not only do you have longer to save up, your price is locked in and equity is building.Many markets are improving 2%-5% monthly.New construction locks you in at today’s prices and when your home is complete (approx. 6-7 months) you close well below market price.
- Lower insurance premiums: Welcome to years of lower annual homeowner’s insurance costs. New home insurance policies often times cost about half the price of an older home of a similar size. New construction homes are built to higher quality standards, designed to better withstand local weather conditions and are loaded with high-tech equipment giving you lower risks of house fires. Mention “new construction” and insurance companies provide major discounts. Cha-ching!
- Lower monthly utility costs: High monthly utility bills can be attributed to either an equipment malfunction or inefficiencies within the home. High water bills can be caused by leaky sinks and toilets….both are very common in older homes. With years of wear and tear, fittings are looser and could need replacement. Unless you live with a plumber, this adds up to expensive repairs. How old is the HVAC system in the home you are living in? What about the water heater? How is the insulation in your home? All these add up to major energy losses each day, leading to extremely high utility bills.
- Property tax savings: Have you heard the terms unimproved property and improved property? Unimproved property aka vacant land is taxed at a lower amount than the same property with a new home on it. When you close on your newly completed home, you will pay much lower each month until the property appraiser re-assesses your property, adding the building value. This can be a little honey hole of extra cash those first several months of homeownership.
- Less repairs + more peace-of-mind: If you have an older home, you already know you should have a savings account for home emergencies. With a new home, you’ll have peace-of-mind knowing there is far lower chance of a major malfunction and most issues that pop up in the early years as a homeowner. With Adams Homes, you get a one-yearbuilder warranty, two-year mechanical warranty and 10-year structural warranty.
If you are ready for lower costs to own, lower monthly costs and peace-of-mind, give us a call. Youdeserve a new home. We offer new homes for sale in more than 150 communities across the southeast.
Have questions about building a new home? We have answers! Contact us:Contact Us