Are Concerns About Home Maintenance Expenses Preventing You From Buying a House?

If concerns about maintenance are holding you back from purchasing a home, here's some enlightening information comparing new home construction with existing homes (previously owned residences).

Newly Constructed Homes Require Minimal Upfront Maintenance

If it's within your budget, opting for a newly constructed home could alleviate concerns about maintenance expenses. Consider this: with everything being brand new in the house, you can avoid the wear and tear often found in existing homes, making it less likely to require repairs.

"Because the systems, appliances, roof, and foundation are new, the chances of facing major or minor repairs in the initial years of homeownership are reduced. This is particularly advantageous for first-time homebuyers transitioning from renting to owning."

Additionally, many builders offer warranties on their homes, which can help cover significant expenses that may arise. According to First American:

"The new systems in your home, such as plumbing, electrical, and HVAC, are usually under warranty from your builder for one to two years. If an issue arises with these systems, you should reach out to the builder or their warranty provider."

Even Existing Homes Can Offer Fantastic Perks

It's important to note that warranties are not exclusive to newly constructed homes; they are also available for existing homes.

Your agent might assist in negotiating with the seller to include it as a concession in your contract. However, not all sellers may agree to this. If they decline, you have the option to buy one yourself. An article from Forbes elaborates on this.

"In a real estate transaction, the buyer or seller has the option to purchase a home warranty policy."

When considering a home warranty, both buyers and sellers benefit. As reported by MarketWatch, a buyer's home warranty can help close the deal for sellers while providing peace of mind for future homeowners in case of system or appliance breakdowns. In some cases, sellers may even cover the first year of the buyer's home warranty to enhance the deal, depending on the real estate market.

To explore a home warranty for peace of mind, rely on your agent to negotiate on your behalf with sellers. The possibility of a seller including a home warranty largely depends on the local market conditions.

New vs. Existing Homes: Which Should I Choose?

While new construction offers the advantage of requiring less immediate maintenance, existing homes provide unique benefits that new builds may not match. Existing homes exude character and charm that can be hard to replicate. The quirks of older homes often make them feel cozier. Additionally, existing homes typically boast mature landscaping and a well-established community feel, making them more inviting than new constructions that may feel more bare. Keep in mind that opting for new construction might entail waiting for the completion of the home based on the construction stage. Ultimately, your decision should align with your top priorities.

Moral of the Story

Whether you opt for a new build or an existing home, a home warranty can help alleviate maintenance concerns. Consult with professionals to evaluate your options and identify your key considerations.