New homes actually cost less to maintain.
Does the price of a resale seem tempting when compared to the purchase of a new home? Sale price isn’t the only consideration. Maintenance costs should be on the list, too.
You know, for example, when you buy a used car, you might not know how well the previous owner(s) handled upkeep. The vehicle might look clean and shiny, but it’s what you can’t see that will cost you.
The same is true when buy a home. A person who understands how to stage a home will add a coat of paint, add curb appeal, and maybe update the fixtures and kitchen countertop, but these are cosmetic changes. What about the hidden costs, like electricity, home insurance, and repair?
The American Housing Survey (AHS) reported that new homes are the better bargain when it comes to long-term maintenance. According to the 2009 study, 26% of homeowners spent $100 more per month for upkeep, while 73% of homeowners with new construction (four years old or newer) spent less than $25 on this routine maintenance.
With more energy-efficient construction techniques and materials, new homes are also saving money on utilities. The 2011 AHS found that owners of new homes were spending 68 cents per square foot on electricity. Compare that to 81 cents per foot on older homes, and owners of older homes are paying almost 20% more.
In addition, home insurance costs about 25% less for new homes.
When you add it all up, new homes offers long-term value, including the peace of mind that comes with those items that can be expensive to replace, like the roof, plumbing, electrical, and other systems. And, ohh, that new house smell!