1. Unparalleled options and comfort
Today's new homes include advanced products and technology. New homes are equipped with modern appliances and amenities. For example: security systems, luxurious master suites and bathrooms, and open floor plans.
2. Energy Efficiency
Homes built today are as much as 50% more energy efficient than homes built before oil prices skyrocketed in the 1970's. Extra insulation, efficient heating and cooling systems and insulated doors are just a few of the fuel efficient features built into new housing.
3. Warranty Protection
A new home comes with a 1 yr. warranty for workmanship and materials, a 2 yr. warranty on major systems (a/c, electrical, and plumbing), and a 10 yr. warranty on all major structural defects.
4. Quality of Life
Owning a home is still the American Dream, and you deserve to live that dream. A new home is one of the smartest purchases you will ever make. It provides shelter as well as a place to eat, sleep, relax, and entertain friends. You will probably spend more than half of your life at home, so your home will naturally have a very important effect on your quality of life and mental attitude.
5. Personal Wealth
If you are paying rent, STOP! Buying a home, new or existing, makes good financial sense. With most mortgages, you gradually increase the proportion of the house you own while decreasing the amount you owe the lender. As your equity builds, your personal wealth increases.
6. Leveraging
A house can allow you to increase your wealth through a process called "leveraging". Suppose you buy a $100,000 home with a $10,000 down payment, and a $90,000 loan. If your home increases in value to $110,000 over the next few years, you would own equity of more that $20,000. Therefore, you would have more than doubled the original amount that you staked in your home. What other investments allow you to earn so much so quickly?
7. Low interest rates
Interest rates are so low that many people are refinancing their present mortgages. Instead of just getting a new loan, why not just get a new home and reap all of the other benefits of a newer, more modern house.
8. Tax Treatment of Appreciation
If you deposit your savings in a bank account, you must pay taxes on the interest you earn. With a house, you don't have to pay taxes on the appreciation unless you sell it a buy a lower priced home or move into a rental unit. And don't forget that you can deduct your property taxes and interest on the loan.
9. Nest Egg for Later Years
With low interest rates and the popularity of 15 and 20 year mortgages, many people can buy a home now and still have it paid off well before retirement age. Many people count on their home as a source of income in later years either from selling the home or using it as a rental property while the move to a smaller residence. And, of course, many prefer the peace of mind in knowing their home is paid for and that they don't have to worry about monthly payments.
10. Delay Can Cost You Dearly
Don't rush into a home purchase without exploring as many options as possible, but once you find a home and financing that fits your need, don't put it off! If you are tempted to gamble that interest rates will remain low, or that housing prices won't go up, remember that the stakes of your gamble are high and the odds are stacked against you. Despite our best efforts, the costs associated with home building increase on a daily basis. Plan to build the home of your dreams now and make the decision to improve your quality of life with a new home!
