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If you are taking the exciting step into searching for a new home for yourself or your family, then one of the first questions to consider is whether to buy an existing home or build one from the ground up. Many potential new homeowners never even consider this question, because they think building a new home is a far more expensive option. The truth can be quite the opposite, however! Here are 4 significant ways that an existing home can end up costing you more than a newly built one:
A car without a roof lets you enjoy the wind blowing through your hair, but a house without a roof will simply give you a headache. The shingles that make up your roof are meant to last for 30 years. After that, they can degrade and lead to frustrating – and expensive – damage to other components of your home.
When you buy an existing home, you are investing in a roof that will likely need to be replaced before you’re even finished paying for it through your mortgage payments. Just imagine how you would feel if you learned you needed $10,000 for a new roof after living in your home for only 15, 10, or even 5 years! That doesn’t even cover potential expenses if a leaky roof ends up causing water damage to other parts of your house, too.
Just as an existing home comes with an older roof, it also keeps its older appliances. From the refrigerator to the heating and air conditioning and beyond, you’ll be inheriting mechanical components with no warranty or financial protection should they fail.
In the first year alone, you can find yourself having to pay full price to upgrade numerous appliances that were included in the original home purchase price. No one wants to pay twice for a single dishwasher! Yet that is exactly what you may find yourself doing over and over as parts of your home break or fail to meet your efficiency needs.
In fact, speaking of efficiency needs, that brings us to our next unexpected expense…
Modern technology is amazing, especially when you consider the improvements to energy efficiency that can be incorporated into today’s new homes. Homes built as recently as 5 years ago cannot provide the same heating and cooling efficiency that today’s homes can. This is in part because of new requirements now mandated by both local and federal governments, who want the United States to become more energy independent.
Unfortunately, when it comes to homes built more than 5 years ago, you will be taking on monthly energy bills that are much higher than they need to be. Think about how quickly that extra money will add up over 12 months, 5 years, or 20 years! Older homes are simply not insulated as well to retain warmer or cooler air, which means they are effectively hemorrhaging your money as your home’s internal temperature battles against the outside elements.
Potential new homebuyers often begin their search with their ideal dream home in mind. Almost no one ever finds a house matching that ideal 100%. Instead, homebuyers make compromises and choose the home that comes closest to their needs and wishes. Maybe the kitchen doesn’t have as much counter space as you would have liked. Maybe there isn’t a finished basement. Maybe the bathroom tub doesn’t have a sliding door and requires a shower curtain instead. Maybe you wish the master bedroom had a larger closet.
Whatever the compromise is that you end up making, you eventually may come to regret it. When you need to change an aspect of your home for practical or aesthetic reasons, you end up paying for a home remodeler to come in and make the necessary alterations. While remodeling can be a great option for creating your dream home, it will also be expensive. For example, a new kitchen can cost upwards of $50,000! At that point, you end up having to choose between footing the remodeling bill or being stuck with a disappointing home design.
The information provided in this article is meant for educational purposes only. If you would like to learn more about home building as it relates to your unique circumstances, feel free to call Reagan Homes at 860.460.4857 or click here to use our convenient online contact form.
Expert home builder and developer, Dave Reagan of Reagan Homes has been specializing in custom, premier, and high-quality constructed homes for over 30 years. The team at Reagan Homes has an exceptional reputation within the Southeastern Connecticut communities. Expect to be astonished by the continued level of excellence and detail from Reagan Homes in Mystic, CT, Waterford, CT, East Lyme, CT, Stonington, CT, Groton, CT, Old Lyme, CT, Essex, CT, Old Saybrook, CT and New London, CT.
To start your journey towards your dream home in Southeastern CT or to learn more about our home packages, contact Reagan Homes today!
197 Long Wharf Road
Mystic, CT 06355