Questions About Homes You Must Know the Answers To
The choices that mortgage house hunters are faced with is either buying a previously owned home or a foreclosed one, or buying a brand new home which is much more expensive when it comes to dealing with it per square foot. Although these two options have their own selling points, you will actually get more benefits if you choose to buy a brand new home in order to have a place where you can comfortably settle down for good.
There are two selling points if you opt to buy a previously owner home. Pre owned homes are cheaper and so you have a lower monthly amortization. There are, however, other expenditures that you have to think about in a pre-owned home like repairs or replacements in the future. The other selling point is to disregard the house but dwell on the value of the property which is a good real estate investment in the long haul.
But if your intention is to really settle down for good, choosing a brand new house has numerous selling points that are often overlooked because what stands out more is the high cost of downpayment if any and a higher monthly amortization cost.
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The first selling point in buying a new house is that you can have an input when it comes to its design, layout, choice of color, type of flooring, etc. Participation of buyers in the process of designing the new house is oftentimes allowed by the home builders. With a used house, however, the process is first to demolish it and build on the old structure which is quite restrictive because the patterns have already been emplaced.
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Also building codes dated back where not as conscious as today in mandating energy efficient standards. Home builders must adhere to these regulatory codes since there is a higher energy risk at present. What this means is that newly constructed home need to adapt to better develop innovations beginning with higher efficiency insulation , doors, and widows like the one we now see which has double, triple and quadruple panes, which were unthought-of of before because energy was cheap and abundant to keep one’s home warm during winters and cool during summers. Today, with the new energy efficient HVAC designs, we can greatly reduce our energy bills. Today new homes use high efficiency stoves, refrigerators, washing machines, water heaters which were unlike what they have years before.
When the house is new, expect to have fewer and minor repairs since everything is practically new and even have warranties so no need to shell out anything until the next year or two.
Buying a new home can also benefit you from the mortgage financing perks that builders give in their efforts to sell as many houses as they can.