A common misconception for first-time homebuyers is that, just like in shopping for a car, new will always be more expensive than resale. And while that might be true at first glance between listing prices, there are many other aspects to consider in determining the total cost of your home at the end of the day.
The truth is, for many first-time buyers, the benefits of buying new greatly outweigh the risks you run on a resale home. Take a look at a few ways buying new construction can set you up for success as a first-time homeowner and start planning out your budget today! Homeownership can help secure your financial future, and move-in day might be closer than you think.
Lower Upfront Costs
Did you know that standard closing costs run as high as 20% of the total value of the home? Although many lenders are now permitting lower percentages, you’ll still be stuck with a sizable down payment when you go to purchase a resale home. Even at just 5% closing costs, a $200,000 home will require $10,000 upfront.
On the other hand, most new homebuilders will cover at least some closing costs, freeing you up from putting down a big down payment. We proudly offer a complete closing cost coverage incentive that rotates through many of our active communities.
Contact a Sales Manager today to see which new home communities we’re currently offering big savings with closing cost assistance.
In addition to financing, a resale home might add extra expenses needed to make your home livable. You might need to buy all new appliances or add smart home technology to bring your home up to the modern era. But when you buy new from Brookfield Residential, you’ll receive our state-of-the-art kitchen and laundry appliance package. Our acclaimed My Command package also comes standard in many communities.
No Insider Experience Required
The deals, negotiations and posturing is often the biggest obstacle to overcome when buying a resale home. It’s a complex process that requires an experienced Realtor and a little luck to guide you through unscathed. Even then, you never know if you’re missing out on a better deal, if you could’ve bargained more or missed a key flaw in the home during the inspection.
Many who have gone through the experience and come out the other side agree that one of the clearest benefits of buying new construction is the ability to avoid all that nonsense entirely. It’s a direct and clearly-mapped-out process. You pick your homesite, home design and desired options and you get a clear price at the end of the day. Or, if you choose a Move-In-Now Home, it’s already built and upgraded and you only need to agree to the price.
Still need to secure financing? We’ve got you covered. Our preferred lenders are members of major regional and national financing networks, so they can help you secure the most competitive rates available. Plus, they can help you pre-qualify for financing before you start your home search. That way, you’ll know exactly how much you can afford when you begin your search.
Worry Less with a New Home Warranty
One of the most stressful steps of buying a resale home is, without a doubt, the home inspection. After jumping through hoop after hoop to find a home you like within your price range and getting the seller to agree to your offer, this step will make or break your future in this home. The inspector might uncover termite or moisture damage, structural issues or rusty pipes. In an instant, weeks of hard work and soul-searching go by the wayside and you must begin anew. Or even worse, they miss a pivotal issue during the home inspection and the problem only rears its ugly head once you move in.
Even so, disaster can strike when it’s least expected. But you’ll be safe from any unforeseen issues with our signature two-year builder’s warranty and 10-year limited warranty from Professional Service Warranty Company. That way, your most important investment will be protected and you can sleep easy knowing you won’t wake up to massive maintenance and repair bills.
Ready to start your new home search? Get preapproved with our preferred lenders so that you can clearly define your budget for your first home. Use our mortgage calculator tool to find out what your monthly payments will look like.
Start identifying your preferred new home communities and learn how our Empower innovation features will make the process easier than ever. We’re here to help every step of the way, so don’t hesitate to contact us if you’d like a guiding hand to help you get started.