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When you're on the hunt for a new home, there are many decisions to make. The biggest decision of all is new house vs. old house—which one should you buy?
As of early December 2022, there are more than 4,000 new construction homes available on Zillow in Utah. While you may think you could get a better deal on an older home, there are many factors to consider.
Here are five reasons that in the current market, buyers should consider purchasing a newly built home.
1. Lower maintenance costs
When buying an older home, you should expect to do upgrades and replacements regularly. On the other hand, a new home should be worry-free for the first few years.
In a recent article for Rocket Mortgage, Katie Ziraldo writes, "Based on the American Housing Survey, 26% of homeowners spent $100 or more per month on maintenance costs. But that number is significantly lower in homeowners who purchased homes built within the last four years. In fact, 73% of these homeowners spent less than $25 per month on these costs."
In a tough market for buyers (hello, inflation and interest rates!) every penny counts. If you don't have cash reserves for emergency repairs on top of regular monthly repairs, then a new home may be the way to go. Plus, knowing you can expect lower overall maintenance costs from a new home goes a long way towards ensuring peace of mind.
2. Modern, personalized floor plans
Do craftsman homes seem cramped? Colonials just drive you kooky? If the quirks and charms of older homes aren't for you, you're better off buying a new home where you have an updated floor plan. Modern homes tend to have open and airy layouts—focused more on how modern families live—rather than older traditional designs.
Some builders offer multiple plans for the buyer to choose from. Woodside Homes, a company building new homes in West Jordan, American Fork, Bluffdale, Syracuse and West Haven, offers many spacious layouts in each development. Buyers can choose from up to 16 floor plan options to find one suited to their unique lifestyle and priorities.
3. Efficiency wins
Energy efficiency is more than just a buzzword—it's a modern necessity that saves money and makes your home a healthier place to live! To achieve that desirable Energy Star program approval stamp, new builders must meet certain criteria in their home materials. This could include better insulation, Energy Star appliances, and better doors and windows, according to energystar.gov. These energy and money-saving features help to retain heat in winter and keep the house cool in summer.
New homes boast green appliances like water heaters, air conditioning units, washing machines, and kitchen appliances. This all adds up to lower energy bills. Buying energy-star-certified kitchen appliances is a great place to start, but the bulk of your utility bills is taken up by heating and cooling systems—meaning that is where you will save the most money if you have a new house with up-to-date HVAC and windows. Saving cash, and preventing energy waste? Win, win!
4. Fresh and clean
Two huge things current buyers are looking for are safe homes and homes that are move-in ready. With a modern home you don't have to worry about lead paint, asbestos insulation, or other safety hazards. New construction houses are built with healthier materials and painted with low-VOC paint that provides better indoor air quality.
Many people simply love the clean slate that stepping into a brand-new residence offers them. No walls to repaint, renovations to make, or carpets to switch out. Starting from scratch in a newly built home is more of an emotional factor, but no less important for some of today's buyers.
5. Financial incentives from builders
Buying a used home means you're bargaining with its owner who has sentimental ties to the house. Buying from a builder means that they may be more willing to work with you based on the current market. In fact, builder incentives have become much more common in a cash-strapped market. To get more buyers in the door, some will offer promotions such as free designer upgrades or reduced closing costs.
Woodside Homes is currently offering qualified buyers a chance to lock in a 4.99% interest rate. Compare that to the current average rate for a 30-year fixed mortgage, which is more than 7%. Not only is the rate guaranteed, but Woodside Homes also offers the option to refinance for free if rates drop within the next two years.
Buy a new home from Woodside Homes
Woodside Homes helps families build a life they love. For years, the builder has been committed to going beyond just the process of designing and building beautiful homes. They focus on simplifying the home-buying process and helping you make the right choice for your priorities and lifestyle. This commitment extends to using the best materials and energy-efficient features so your home will be a safe and healthy haven for years to come.
With home profiles to choose from like Healthy Homes, Work + Space, Conscious Comfort, Home Oasis, and Soothing Spaces, home buyers get more choosing power than with your average builder. Your home will be personalized to your lifestyle and priorities! Visit woodsidehomes.com to see available floor plans in Utah communities.
