Are you in the market to buy your first home? Make sure you are looking at all of your options in order to find the right home for you at the best price–this includes new builds! Keep reading to learn all the benefits of new construction for first-time home buyers.
Builders can help first-time home buyers with financing
When beginning your home buying process, you must first figure out your budget because, down to the core, price matters.
Contrary to buying an existing home, a new construction home can save you money through incentives. These incentives are used to attract buyers to development projects and frequently come in the form of financial compensation, such as buydowns.
Many builders are also able to offer financing through their mortgage company or lender affiliate, through which they have programs to help reduce the amount of cash a buyer must have to be able to close on a home.
Builder lenders are typically knowledgeable about FHA and VA loan options, which are low- or no-down payment loans and can be a huge benefit to first-time home buyers working to secure a mortgage.
Customizing your home is cheaper than renovating
Another one of the benefits of new construction for first-time home buyers is the potential to customize the home. This means you can add the technology and designs that meet your specific taste on the front end.
Financially, doing this may be more money-conscious since renovating an existing home can often be more expensive than building a new one.
New construction homes require fewer repairs and typically have warranties
A first-time home buyer can also save money with new construction because of lower maintenance expenses, since the elements of the home are all brand new.
For example, in older houses, you may have to replace appliances, update plumbing or even replace the HVAC system. Whereas, if something in your new home ends up needing to be replaced, it is likely covered by the warranty within a certain time frame.
New construction can save you money on utilities
Homeowner expenses don’t just stop after your down payment and mortgage—you must also take utilities into account.
Built to the latest building codes for efficiency, new construction homes have the ability to save first-time home owners money by having lower costs for heating and cooling.
Summary
Now that the benefits of new construction for first-time home buyers are fresh in your mind, are you ready to get started on your dream home today? Contact Ryan Roberts, your local real estate expert who is equipped to help you step-by-step in this process.
And finally, continue reading our blogs for more real estate tips and news.
