5 Ways New Homes Save You Money

By: Elizabeth Porter

11172015Often 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….

  1. 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.
  1. 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!
  1. 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.
  1. 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.
  1. 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.

10192015 home buyer photo

Have questions about building a new home?  We have answers!  Contact us:Contact Us

5 thoughts on “5 Ways New Homes Save You Money

  1. While it can sometimes be expensive, I think building a house would actually save many people money in the wrong run. It can also help you customize your house the way that you want it so you don’t have to worry about changing anything. Thanks for sharing!

  2. I never would have guessed that a new home could be so beneficial. I really like how you explained that “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.” I have never bought a home before but Ic an imagine how helpful buying a new one can be since it will ensure that fewer problems occur with your appliances.

  3. It’s true that, typically, everyone automatically puts the idea of a new home out of their minds because they believe they can’t afford it. I think it’s great that you gave some information on how this could actually be a more cost effective option for people. For example, I hadn’t thought about the repair and replacement side of a house, but while I was reading that paragraph, it clicked for me, and it made sense to me that a new home would give more peace of mind because you are not as worried about repairing or replacing old or damaged things. Thanks for sharing! I will keep these things in mind from now on.

  4. I had never considered how a new house would end up costing less in utilities! That is a huge incentive to look into new construction because it would also lower the chances that you’d need to pay for repairs. That’s been one of the biggest expenses in my old house, so I will definitely be looking into something new when it comes time to move again!

  5. Thanks for the information on ways a new home can save you money. I agree that one of the best parts about buying a new home is that you have more time to save up money for a down payment. I would imagine that buying a new home can be a little more expensive in the beginning but it can save money in the long run because you will have to do less renovations.

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