5 Reasons to Choose New Construction

 Premier Mortgage Consultants Of Cape Coral Florida (Serving All Florida)www.floridalowestrates.com
New construction homeA new home is generally the largest purchase the average person will make. Scouring the market for the perfect house can be exhausting. The fact is that your perfect home just may not exist- yet.
 
Building a home isn’t even on the radar for most because they believe building is out of reach. With new lending programs in place and many more incentives popping up with developers, building a new home has become much more viable in some ways than buying an existing home.
 
Here are 5 reasons to choose new construction over buying an existing home:
 
Customized
The once flooded home market is leaning. It’s becoming more difficult to find exactly what you are looking for at the right price. There is no reason to settle for less than you want. Best chance to get a house perfectly suited for your every need and desire is to customize it. Start from scratch and design every detail from the very beginning. Working with a new construction homebuilder you are free to create your dream home fit you, rather trying to fit an existing house.
 
Efficiency
Building codes have mandated higher energy-efficiency standards since they began to address issues in the late 1970s. The most recent International Energy Conservation Code came out in 2009 and required about 17% more efficiency than three years earlier.
 
New construction homes use energy more efficiently in two ways. First, they tend to have a tighter-sealed building envelope, or the enclosed part of a structure, that helps prevent conditioned air from escaping. Features that create this envelope include higher-efficiency insulation, doors and windows. Second, new construction homes usually come equipped with high-efficiency appliances, HVAC and other electrical systems. Better efficiency reduces overall cost to live comfortably in the home. Less energy used means more money for you and better for the environment, which can result in huge savings over time compared to an existing older home.
 
Maintenance
Today’s new homes are engineered specifically to minimize maintenance requirements. For example, many builders now use composite products for a home’s exterior trim instead of wood, which could rot or need repainting. When you buy a used home, you don’t know what you are getting into. There is no way to know every intricate detail of the new home systems and you may end up requiring a substantial amount of maintenance. Its key is to keep the future in mind; no one wants to be saddled with an abundance of unplanned maintenance.
 

Warranty

Its not to say new home will not have maintenance and break downs. But unlike in a used home, new constructions are generally warrantied. Warranties for newly built homes commonly offer limited coverage on workmanship and materials relating to various components of the home, such as windows, heating, ventilation and air conditioning (HVAC), plumbing, and electrical systems for specific periods. Warranties also typically define how repairs will be made. The duration of coverage varies depending on the component of the house. Coverage is provided for workmanship and materials on most components during the first year. For example, most warranties on new construction cover siding and stucco, doors and trim, and drywall and paint during the first year. Coverage for HVAC, plumbing, and electrical systems is generally two years. Some builders provide coverage for up to 10 years for “major structural defects,” sometimes defined as problems that make a home unsafe and put the owner in danger. A collapsed roof, for example, is a “major structural defect” and would definitely be covered.
 
Financing
One of the newest reasons to choose new construction over buying an existing home is improved borrowing options. Most people believe that securing financing for new home construction is harder to obtain. Up until just recently that was partially true. This past year the Federal Housing Authority released new, lower regulations for their lending programs. Loans for new construction homes are now available for borrowers with credit scores of at least 600, offering up to $271,050 with a 30 year fixed rate. This is a one time close requiring as little as 3.5 percent down. This new accessibility opens new options to those who feel confined to buying an existing home.
 
Further, new-home builders can take advantage of mortgage-financing perks available through their builder. New-home builders — in many cases, the larger ones — have their own mortgage companies, or they will offer paying points or closing costs and buy down certain rates for you. The seller of a resale home is generally not going to do that for the buyer.
 
At the end of the day, you have to weigh your options and choose what is best for your needs. While there may be several favorable reasons to choose new construction over buying an existing home those reason may not apply to you. Whether build or buy, be sure to do your research, calculate the cost both present and future, and find the ideal fit for you.
 
To learn more about some of the available new construction homes in the area, visit TheNewHomeSpot.com

Premier Mortgage Consultants Of Cape Coral Florida (Serving All Florida)www.floridalowestrates.com

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