To buy a new home or a used one? Today that’s often the question.
New American Homes, the owner of the Newport Cove waterfront community on the Chain O’ Lakes near Antioch, IL. has been bothbuilding and remodeling Chicagoland homes for a quarter century. The company cautions buyers to study the complete cost before making a purchase.
Here are some things to consider:1. A new custom home, like a new automobile, is less expensive to operate. Repair costs are minimal.
2. Most new homes are under warranty.3. The products that go into today’s homes – windows, insulation, heating/cooling systems and appliances, for example – are significantly more energy-efficient than their counterparts of even a few years ago. That translates into lower energy costs. 4. There’s the advantage of being able to design the spaces you want (more or fewer bedrooms, perhaps a spa or home office). This allows you to more efficiently use the space you own and not pay for rooms you never step foot in. 5. Finally, in new homes, you can pick your own finishes, be it cabinets, gourmet appliances, flooring or trim, so your home has the amenities and style you desire.
Buying a used home – or, in today’s market, a foreclosed home – is usually less expensive – initially. However, many foreclosed homes have not been well-cared-for and do not include today’s energy-efficient products, so expect maintenance and utility costs to be considerably higher. The cost to remodel is often (and this surprises many homeowners) more expensive than building new, not to mention the time and mess involved. If you expect to make “a few changes” to the used home you plan to buy, be sure to understand the cost of these changes before you sign on the dotted line.