Is Buying a New House a Good Investment
So, you’re ready to buy your next house. Congratulations! You may be wondering, is buying a new house a good investment? By considering industry insights and determining must-have features, you’ll be better equipped to answer this question and begin searching for your dream home.
Analyze Needs Versus Wants
One could argue there’s nothing better than owning a brand new home if the budget allows. However, it’s important to first approach the decision from a strictly analytical mindset, leaving emotion out of it. Some questions you may want to ask yourself are:
- What is my 5-year plan? 10-year plan? Do I plan to live in this house forever or rent it out?
- What is most likely to change over this time? Family size, income, job location?
- Do I have a healthy savings account to serve as a home emergency fund?
- Will I have a home warranty or will I cover unexpected repairs out of pocket?
- What work am I willing to put into an existing home? Will I buy a fixer upper or starter home with the intention to upgrade and move later?
- What is most important to me outside of typical home statistics? Friendly neighbors? A pet-friendly community? Proximity to other family members or entertainment?
Consider Pros and Cons of Buying New
If you’re confident you want to buy a home pre or post-construction, you’re in luck. There are plenty of ways to justify this decision.
- Naturally, new homes are more modern than their older counterparts and have many qualities that remain in high-demand among homebuyers such as upgraded appliances, high-tech alarm and speaker systems, and open floor plans.
- You can move in with virtually no To-Do list. You won’t have to spend hours and countless weekends fixing this or painting that. Even better, you’ll avoid gambling on surprise repairs arising the moment after you close.
- You’ll enjoy lower utility bills—sometimes up to 30% as new homes are typically more energy efficient. This also makes for an enticing offer to renters.
- You can customize your home with the builder to ensure you have the right colors and amenities. While everything comes with a price tag, you will have much more control over your new home than you would if you had to negotiate with an individual seller—structurally speaking.
- Luxury and Location. Buying a luxury home in Arizona is generally going to cost less than buying a luxury home in New York. So if you’re set on living in luxury accommodations, it’s important to consider location, to determine what exactly you can afford.
New builds come with their own set of downsides, but whether they’re minor or major is up to your individual wants as a buyer.
- Older homes have more charm. While it’s true that ‘character’ is an industry buzzword often synonymous with ‘a total dump,’ it’s wise to consider the personality of your new home. If you love quaint neighborhoods or historic properties, a new build is probably not the right fit.
- Mature landscaping (fully grown trees, a garden, etc.) can increase a home’s value by up to 20% according to Management Information Services/ICMA. In comparison, a brand new yard might look barren and take years to grow.
- You have more negotiating power with older homes. Because you’re able to interact with another human being who’s eager to sell, you may be able to save thousands of dollars and spend up to 20% less. With a new build, all communication will go through the developer that may have dozens of applicants behind you, ready to buy.
Like any major life decision, only you and your family can determine what’s best. Buying a brand new home isn’t for everyone, but if it fits your needs (and checks off your wants as it likely will), the result will be years of homeownership heaven.
About Our Dove Mountain Community
The Ritz-Carlton Residences, Dove Mountain is a community of luxury custom homes where every detail has been carefully considered, from thoughtful site planning to magnificent home designs that enhance the beautiful desert views and foster a lifestyle that fuses the indoors and outdoors.
The custom homesites give owners the opportunity to design the luxury home of their dreams. However, if you prefer to move in more quickly, there are customizable floor plans, which can be finished to meet your specific wants and needs.
At The Ritz-Carlton Residences, Dove Mountain, you may select from eight custom home floor plans to suit every need and lifestyle, but these suggestions may only be a starting point. Collectively, your wishes combined with the expertise of the competent and creative design staff, allow your residence to emerge as your very own distinctive home, reflecting your family and its lifestyle. Luxury custom homes in The Residences range from just under 1,700 to nearly 5,500 square-feet and are available in two neighborhoods.
Finding out whether or not it is just right for you begins with a call: 877-451-7205.