Why Now May Be The Best Opportunity to Buy a New Home
If you have been considering a home purchase lately, you are not alone. The recent pandemic is causing a surge of homebuyers looking to move from mostly urban areas into the suburbs and exurbs. This makes a lot of sense, considering you can get more home for your money outside of the major cities, and often these homes come with larger back yards and more space to spread out. With uncertainty about potential stay-at-home orders, buyers are looking to be in a more comfortable environment for their families. New home builders are taking steps to make buying a new home safe in today’s uncertain environment. A homebuilder in the North Carolina and South Carolina region recently published a handy 7 Steps to Homeownership guide that can walk you through the process along with all of the precautions being taken.
What Are Mortgage Rates Doing?
All of this coincides with some of the best mortgage rates in the last 50 years. With rates on principal residences now below 3%, new home buyers are saving hundreds of dollars on their mortgages every month. On today’s average home price of $320,000, you can save $295 per month compared to a year ago. Not only are you able to save money every month with today’s low rates, you will qualify for a bigger mortgage too. With prices still rising, qualifying has become a challenge for some potential home buyers, so this is certainly welcome news.
How Else Can a New Home Help Me Save?
If you are buying a new home rather than a used home, you will be surprised to know that new home energy efficiencies can save you hundreds if not thousands every year on your utility costs. If you live in a state with extreme weather in the winter or summer, you will most likely be spending quite a bit to heat and/or cool your home as conditions worsen. New homes are not only better insulated, they often come with a myriad of other energy-savings tech that you just will not get on an older, used home. From energy efficient appliances, to the latest technology in heating and cooling, you will be able to keep your home more comfortable and save on your energy costs.
New Homes Offer Warranties – Used Homes Do Not.
When you buy your home from a new home builder, that builder will warranty your home against defects and a wide array of potential problems. This can save you in the event something goes wrong. At best, a used home may carry a limited 1-year home protection plan, assuming the seller is willing to offer it. If they do not, you could easily get stuck paying for the deferred maintenance that accumulated over the home’s lifetime. A new roof or central AC unit can run $5,000 – $10,000. In a used home, these items can be a ticking time-bomb. If you’re curious to learn more about how a new home warranty can save you on potential problems, check out this warranty offered by a local homebuilder. You’ll often get 10 full years of coverage for structural issues and years of coverage for other important systems.
Don’t Forget About the Mortgage Interest Deduction!
If you are coming into a new home as a renter, you may be surprised to know that the mortgage interest you pay each month can often translate into a valuable tax deduction. Even with recent tax reform laws passed by Congress, mortgage interest is one of the best deductions you can find. Check with your tax consultant to be sure this applies to you, however, when you factor in tax savings, energy savings, and the peace of mind a warranty offers, you may end up paying less as a homeowner than you did as a renter. Now, that is a winning scenario!
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