Mythbusting: The Truth About New Homes
The thought of whether it’s better to buy an old house or build a new one is daunting, but you are not on your own! A majority of people wonder if new construction is the best option for them.
You do not realize that much of the common knowledge about new buildings floating around out there is more fiction than reality. You must have all the evidence before making an informed decision on whether you can enjoy living in a new construction home.
So to help you make the best decision, we are debunking some of the most popular misconceptions about constructing a new home.
Myth #1: New Homes Cost More
This is, without a doubt, the greatest and most widespread fallacy about new home construction. Many people feel that buying a pre-owned home is less costly. But, as you can customize your home with your designer, you can also customize your budget.
You may cost engineer design choices like scale and shape. You have the freedom to concentrate on the features you actually use and like, rather than spending resources on those you don’t.
Pre-owned homes have limitations. For example, if you choose a big chef’s kitchen instead of the third bay in the garage, you’ll have to pay a lot of money for the modifications. Remodeling costs about twice as much per square foot as new construction.
Another consideration is that pre-owned homes have pre-owned furniture, decorations, and fittings, among other things. When you move into an older home and find a roof leak, broken pipes, or the need to repair your central air conditioning unit, it can transform into a money trap. Many of them may need to be repaired, replaced, or upgraded. This, of course, increases the expenses. Everything is modern, powerful, and what you need with custom builds!
Furthermore, while it may not be top of mind right now, when it is time to sell the house in a decade or two, the return on investment on a new home would almost be much higher. As a result, calculating the “all-in cost of ownership” is a great way to evaluate the choices.
Myth #2: Before I Hire a Contractor, I Need to Buy a Plot
If you’ve inherited or otherwise acquired the land you want to build, the architect will be a helpful guide in selecting the ideal location for your custom house.
Before buying a plot, talk to your builder about the kind of home you want to build. This will save you time and money. Your builder will notice and evaluate features of the land that you might overlook, such as the slope, alignment, view, position of trees or rock outcroppings, and other considerations that influence the site’s suitability.
Myth #3: You Need To Have A High Credit Score To Purchase A House
Only because your credit isn’t perfect doesn’t rule out the possibility of becoming a homeowner. When determining whether you qualify for a mortgage, lenders consider a variety of variables, including your income, property type, properties, and debt ratios, in addition to your credit score. Everything boils down to your debt levels and how it contributes to your salary and credit score. The debt-to-income (DTI) ratio is measured as the amount of the total monthly income used to make monthly debt payments. Mortgage lenders use it to determine how much money you borrow relative to how much money you have coming in.
Myth #4: You Are More Sensitive To The Environment When You Buy An Old House
Although some people think that all of the extra materials used to construct a new home are bad for the climate, this is not the case. On the other hand, older houses have faulty fixtures, old plumbing, and inadequate air-sealing systems, contributing to a highly inefficient household.
When the windows are draughty, pump up the heat, and use all the excess energy on refrigerators and water heaters that aren’t Energy Star approved, the atmosphere suffers. Paints, adhesives, and sealants used in older homes are more likely to contain elevated levels of volatile organic compounds (VOCs), which means toxic chemicals could be emitted into the environment years after installation.
Recycled fabrics and more modern power options will be used to build new houses. High-performance insulation keeps conditioned air in, which means you won’t have to fiddle with the thermostat too much.
Energy Star equipment will deliver higher results by consuming less energy, and high-quality lighting solutions will make your home bright without using too much energy. Low VOC paints and sealants can also prevent the noxious odor and hazardous substances out of the air. These items will make your house more eco-friendly and cozy, as well as help you save money on your energy bills.
So, we hope we were able to debunk those common myths about new homes. Are you ready to take the plunge and design the home of your dreams? Contact us to learn how we can help you.