Choices can be difficult, and this is especially true when shopping for a new home. Luckily, an article from money.cnn.com simplifies the home buying process by helping home shoppers decide whether to purchase a new or used home.
When it comes to sales price, new and used homes are not that far apart. While this may come as a surprise to some home shoppers, smaller yards and distance from centrally located areas means some new homes really aren’t that much more expensive.
New home sales grew 20% between 2011 and 2012, and there are many reasons including maintenance costs that some home shoppers may want to buy new. In fact, it can cost as much as $3,000 to replace a furnace in an old home, and $18,000 for a new roof. New homes are also more energy-efficient and have more insulation thanks to new building energy codes. John Milligan, Indiana energy consultant, notes “New construction on average is 30% to 40% more efficient than existing homes.” Home shoppers buying new will save on utility bills, which can add up to significant savings in the long-run.
While there are many benefits to buying new, improvements can be made to old homes that help increase their value. New homes in a development all tend to go for around the same price. If you’re looking for a new home in a new development area, it can sometimes be cheaper to purchase a home before development begins. The further builders are into construction, the higher prices tend to go.
Whether you’re buying new or used, there are many great reasons to consider Irvine homes. The housing market is continuing to strengthen and there’s a lot of great Irvine real estate currently available.