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As the country continues to see luxury house values increase, more Americans are considering purchasing a new home. According to the U.S. Department of Commerce, new home sales reached 468,000 in January 2014; a 9.6% increase from 2013.
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For those that are in the market to purchase a home, there are many important considerations to evaluate. One of the first considerations prospective buyers have to consider is whether to buy a new home or an existing home. While many people might immediately think that a new home costs significantly more than an existing home, that isn’t necessarily the case. Here are five important things to evaluate when you consider purchasing a home.
- Repairs and Maintenance
- With a new home you don’t have to worry about the #1 problem for buyers of existing homes: the “hidden” repairs. Those items that appear okay on closing day, but rear up months later to cost you thousands of dollars and tons of
headaches. (ex: mold, faulty wiring, infestation) - Appliances and design features within a new home will not have experienced wear and tear.
- New homebuilders are beginning to implement plans to ensure customer satisfaction. Only Ashton Woods has the “1-5-11” Customer Care Program where representatives are in contact during the 1st, 5th and 11th month after move-in to address any warranty concerns, resulting in a more relaxed and enjoyable atmosphere.
- Most new homes, like those built by Ashton Woods, are purposefully designed to minimize future maintenance needs. This is not the case with homes constructed prior to the implementation of maintenance-minimizing technologies,such as highly durable and eco-friendly composite products.
- With a new home you don’t have to worry about the #1 problem for buyers of existing homes: the “hidden” repairs. Those items that appear okay on closing day, but rear up months later to cost you thousands of dollars and tons of
- Customization
- Not everyone has the same design taste, so make your new home your own. Homebuyers now have more possibilities than ever to design all aspects of their house, from lighting, cabinetry, plumbing fixtures, flooring and much more.
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- New homes also offer buyers more modern home designs which
improve overall liability while maximizing space usage for better energy efficiency. New homebuyers can relish one-on-one design consultations in Ashton Wood’s Design Studio—with over 9,000 square feet of inspiration, the area’s first full-service design studio allows homebuyers to experiment with different colors, textures and upscale design layouts. Building your new dream-house has never been so easy! - As an added bonus, including these unique and modern features will give your new home more value in the long run.
- As a comparison, when renovating an existing home, remember only 58% of the improvement value will be retained when you resell!
- Energy and Cost Savings
- Numerous advancements in energy efficiency have been made in the past few years and new homes are beginning to offer more of these money-saving options. These features include better ventilation, air
filtration and specially engineered windows that seal out the elements and keep your home warmer during the winter and cooler during the summer. - The median year of existing homes built in the Triangle is 1993. Homes that are over 20 years old typically cost 40% more to operate annually.
- Many new homes are specifically designed to accommodate more efficient appliances like washers, dryers, and refrigerators, which use about 15% less energy than models typically found in older homes.
- One advantage Ashton Woods’ buyers receive is the benefit of the company’s partnership with Environments for Living®. By offering earth-friendly home designs, homeowners can save as much as 45% every year on utility bills.
- Standard ‘green’ features in Ashton Woods’ homes include: sealed duct work, 90% efficient furnaces, fresh-air ventilation systems, improved thermal systems, properly-sized HVAC systems, pressure balancing, internal moisture management and combustion safety measures.
- Numerous advancements in energy efficiency have been made in the past few years and new homes are beginning to offer more of these money-saving options. These features include better ventilation, air
*Quick Tip: Assess the energy-efficiency of your current home and see how it measures up to a new Ashton Woods property.*
4. Safety
- Your new home is certain to be up-to-date with
all safety regulations. New homes
are also better protected structurally against natural disasters, so the risk of damage to your property is minimized.
*Quick Tip: New construction allows for flexible floor plans with second or third-story bedrooms that can be customized to maximize the safety of your loved ones. The median price per square foot for new homes is only 4% higher than used.*
5. A New Community
- Purchasing a newly built home comes with the additional benefit of moving into a luxurious community with plenty of neighbors and families in the area.
- The commute to shops and dining is often minimal. New shopping centers,
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restaurants, and the best schools are typically all within a short drive. Many communities also offer amenities not found in older neighborhoods, such as private neighborhood pools and cabanas, playgrounds, sidewalks, rose gardens and much more.
- New communities also have built-in infrastructure for the new technology we depend on every day, like cable TV and high-speed internet.
Ashton Woods 