While most first-time buyers assume that opting for an existing property would be the more affordable option, there can be many costs involved after the deal has gone through. Hidden costs such as legal fees may be your first thought, although you may find that you have purchased a property that has not been well maintained over the years. Maintenance and repairs alone can set a buyer back significantly, and in most cases, such costs are usually underestimated, especially if the property’s cosmetic appeal is not too bad. While buying an existing property is not always followed by a series of unthought-of expenses, as some first-time buyers are able to find the home of their dreams without much trouble, investing in a new development is often a great choice, and here’s why.
Modern Features And Design
When opting to invest in a new property, you also have the option of home builders in Arizona that will either find you a new development to meet your budget and preferences. And whether you are having a home built for you or finding an existing new home, you will have the advantage of a house with modern features as well as an overall modern design. Building standards have changed dramatically over the years, and older homes often have underlying issues lurking in the property’s design itself. The advantage of having a modern home means you won’t have to spend a fortune in renovations and upgrades any time soon.
Avoid Potentially High Costs Of Repairs
Older existing properties may sometimes hold the appeal of charming vintage. However, when it comes to forking out a small fortune for repair costs that could have been overlooked during inspections, first-time buyers are often left frustrated. When purchasing a new home, you get what you pay for as the house has not been subject to any wear and tear over the years from previous owners who may have neglected maintenance or opted for DIY repairs that simply don’t hold up the value of the home in the long run. Avoiding potential maintenance will ensure you can save quite a bit of money in the long-term, as well as you can maintain your new home without worrying about any underlying issues lurking in your home.
No Transfer Duties
When buying an existing home, there are hidden costs such as transfer duties, taxes, and others. Fortunately, if you are purchasing a new development, you won’t have to spend on transfer duties, and the tax is generally a lot less. This is because you will be the home’s first owner, and you won’t need to transfer the lease, the utility bills, and so on. Instead, you will save a small fortune in total simply because you are the first owner of the property. This may be an often overlooked benefit of buying a new home as most first-time buyers assume that transfer duties and other hidden costs won’t add up all that much, although every cent counts when making such a large purchase.
A Quicker Moving-In Process
Whether you are moving in as a newlywed couple, a single bachelor, or a family with children of any age, moving homes is a massive effort. While there are several ways to simplify the mammoth effort of moving houses, the benefit of opting for a new home is that the entire moving-in process will be simpler and faster. You won’t have to wait a few months for the previous owner to find a new home, as you can often move in as soon as the house is in your name and the funds have cleared. Therefore, new developments are the most straightforward option for anyone that is hoping to make a move much less stressful. There have been quite a few instances in which the new owner has to wait for the previous owner to move out. In some situations, the previous owner can cause a lot of stress and frustration by holding onto their home for as long as possible, instead of finding yourself in a situation where further legal steps are required to move into your home, opting for a new development removed this possibility entirely.
Safe Neighborhoods
Older homes are generally in older neighborhoods where property values have declined over the years due to safety concerns, home neglect, and various other reasons. On the other hand, new developments are generally built in sought-after areas as all the properties are new and amenities are well-kept. Therefore, by opting for new properties, you will likely find that the neighborhood is significantly safe and the surrounding areas are well-kept as crime rates are lower. This may seem like an underrated benefit, although your home’s value will maintain its worth for several years to come as the home in the area will affect your home’s value as a general standard. Purchasing an older home at a bargain price may seem like a great deal until you realize that your home’s value is declining steadily over the years and selling is a tedious challenge as most experts recommend new developments for this reason.
Safer Construction Process
It’s no secret that older homes can have outdated yet concerning issues, such as asbestos in insulation, structural integrity concerns, and various others. These issues are the result of building standards from back then that were substantially different. However, while fixing up these issues can cost a small fortune, opting for a new home means you will be able to rest assured that the electrical wiring in your home, the plumbing system, insulation, and every other detail meets strict new building standards. Therefore, the neighborhood is not the only safer aspect as the property itself will also be significantly safer when compared to older existing homes.
While older homes indeed hold vintage charm, new homes are the better option for first-time buyers looking for the safer, more affordable option of purchasing a home that meets your personal and budgetary requirements.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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