Consider the Reasons to Buy A New Home
Why Purchase a New Home?
Buying a new home is one of the smartest purchases you can ever make.
1. Tax Implications: One of the main reasons is that homeownership has many positive tax implications. Because of changes to the tax code passed in 1997, these tax implications are much more favorable for most homeowners today than in the past. Additionally, first time buyers also benefit from a special provision which allow them to withdraw up to $10,000.00 from their IRA accounts if the money is used for a downpayment on a home – penalty free.
2. Warranties: New homes usually come with a one-year warranty on workmanship and materials. Under the Louisiana Home Owners Warranty Law, new homes are also warranted for two years for mechanical (heating/cooling, electrical, etc.) and five years for structural/foundation. New homes also include manufacturers’ warranties on appliances, heating/cooling units and many others.
3. Low Maintenance Costs: New homes come with everything new, including appliances, carpeting and other features. People who buy older homes could find themselves paying for maintenance, repair and replacement from the day they move in. And most new homes come with siding, windows and trim that require little maintenance, saving their owners much hassle and expense.
4. Energy Efficient: New homes consume half as much energy as homes built prior to 1980. New homes have better windows, better heating and cooling equipment, better air filtration systems and better insulation. Energy efficiency benefits the environment, your health and your wallet.
5. Safety Features: Better heating systems, built-in smoke detectors, better equipped electrical power systems and better wiring systems all decrease the risk of fire in a new home. And new homes come with features such as safety glass, that reduces the risk of injury.
6. Low and Simplified Financing Opportunities: There is a broad range of affordable financing options.
7. Low Interest Rates: In 2002, interest rates are lower than ever. There was never a better chance than now to get the best “bang for your buck”. Affording your dream home is now easier than ever before.
8. Value: New homes have a long life expectancy; therefore, they have higher appraisal and more favorable resale values than older homes.
9. Health: Much has been learned about the health risks of certain home building products in recent years. For example,
asbestos and lead have been eliminated in building materials. New systems for controlling radon gas where it is a problem can now be installed.
10. Others: Home Site Selection, Light-enhancing and spacious floor plan options, a choice of interior and exterior finishing, amenities galore and size are just a few other pluses to add to this list. But more than anything, the pride of new home ownership should really be at the top of this list. Purchasing a new home is the single largest investment most people will make in their entire life. Take your time to look at all of the selections, consider all of your financing options, decide on your location preference and then make your move into your new home and enjoy!