The Bohnker Group
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If one of the main reasons you’re hesitant to buy a home is because you’re worried about the upkeep, here’s some information you may find interesting on both new home construction and existing homes (a home that’s been lived in by a previous owner).
Newly Built Homes Need Less Upfront Maintenance
If you can afford it, you may find a newly built home could help ease your worries about maintenance costs. Think about it, if everything in the house is brand new, it won’t have the wear and tear you may see in an existing home – and that means it’s less likely to need repairs. As LendingTree says:
Plus, many builders also have warranties on their homes that would cover some of the more major expenses that could pop up. As First American explains:
Existing Homes Can Still Have Great Perks
But it’s worth mentioning, that it’s not just newly built homes that can have warranties. It’s an option for existing homes too.
Your agent may be able to help you negotiate with the seller to add one as a concession on your contract. But you should know that not all sellers will be willing to do that. If they won’t, you could purchase one yourself, if you’d like to. An article from Forbes explains:
And there are benefits for both parties when it comes to a home warranty. According to MarketWatch:
If you’re interested in a home warranty for peace of mind, lean on your agent. They’ll negotiate on your behalf to see if a seller would be willing to cover one for you. Just remember, the likelihood of a seller throwing one in depends on conditions in your local market.
So, Should I Buy New or Existing?
While the need for less upfront maintenance is a great perk for new construction, there are some things a newly built home can’t provide that an existing home can.
For example, existing homes have a lot of character and charm that’s difficult to reproduce. The quirks that come with an older home may make it feel more homey. And, existing homes usually have more developed landscaping and a well-established sense of community. So, it can feel more inviting than something that’s a blank slate, like new construction often is. Not to mention, if you go with new construction, you may have to wait for the home to finish being built based on where it is in the process. It all depends on what’s most important to you.
Bottom Line
Whether you choose a newly built or an existing home, you may be able to ease some of your concerns over maintenance with a home warranty.