There are many reasons to purchase a new home, as opposed to purchasing an older home. When you purchase a new home, there’s nothing to repair. You can just relax and enjoy your new investment. You would be surprised how much money you could save by not having to remodel rooms in your home. The following are the average costs of remodeling different rooms in an older home:
- Bathroom Remodel: $16,552
- Deck Addition: $10,350
- Kitchen Remodel: $58,367
- Family Room Addition: $83,118
- Basement Remodel: $63,378
Many older homes have no warranties on the existing appliances. The replacement costs for these appliances could be very expensive. A new HVAC system can run around $5,000. A water heater, refrigerator and over can all be over $2,000.
Another way to save money are with your homeowner’s insurance. You can save up to 15% by owning a new home as opposed to an older home. Also, new homeowners generally pay lower taxes over the first 2 years.
When you’re ready to move, newer homes have a higher resale value and appreciate more than older homes.
A 10-year old home will cost approximately 580% more in annual maintenance and improvement than a newly built home. A new home costs around $25 per month to upkeep compared to $100 on an older home.
It’s not just about the money, but also your time. You will spend significantly less time repairing, upkeeping, remodeling and dealing with issues in a new home than you would in an older home.
When looking at all of the time and money that you’ll be spending on an older home, buying a new home just makes more sense.
To learn more about the advantages of owning a new home, check out the Start Fresh, Buy New website at http://startfresh.newhomesource.com.