Should You Buy a New or Existing Home?
by Tim King, President
North Coast Building Industry Association (NCBIA) www.ncbia.com
A home is one of the most significant purchases a person will make in their lifetime. There is no question that the cost of purchasing a home has been challenging recently. Yet, despite some affordability hurdles, many individuals continue to buy a house to invest in their future. According to a National Association of Home Builders (NAHB) analysis, in the fourth quarter of 2022, nearly half (46%) of prospective home buyers were actively engaged in the purchasing process.
There are many important decisions to make when it comes to buying a new home based on price, location, and type. One of the buyers’ first decisions is to purchase a new or existing home. Older homes may offer charm or maybe in a preferred location, but existing homes generally need upgrades, costing homeowners more money in the long run.
An NAHB analysis of recent census data found that a third (35%) of owner-occupied homes were built before 1970. Building standards have changed a great deal over the decades, almost as fast as technology has evolved. Due to this evolution, new homes can accommodate today’s advanced technology and be customized to meet an individual home owner’s need. And knowing that the house was built by a qualified professional to adhere to the latest safety codes gives the owner added assurance.
In addition to being built to the most recent safety codes, today’s homes are more energy efficient than ever. With innovative materials and construction techniques, new homes are built to be much more energy efficient than homes constructed a generation ago. As a result, not only can they be more affordable to operate, but new homes also are significantly more resource-efficient and environmentally friendly.
New homes also have adapted to modern home owner’s needs. The pandemic changed the way most individuals live, work and play. And new homes available on the market today are designed to accommodate a variety of lifestyles, from busy on-the-go families to flexible spaces ideal for spending more time at home. Home builders offer a variety of floor plans and amenities to complement everyday family activities.
For more information on purchasing a new home and to connect with home builders in our community, contact the NCBIA. We are your local not-for-profit trade association representing member companies involved in all aspects of home building, remodeling, and other aspects of services available to help you in the future as well as more information on the above topic. So, you can see it is for your protection that you use a NCBIA member. If you are unsure that your contractor is a member of the NCBIA or you are looking for a list of NCBIA members, you can visit our website at www.ncbia.com or call 440-934-1090. We also have a job posting board (under the industry tab).
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Homeownership is truly a cornerstone of the American way of life. North Coast Building Industry – Come Build with Us!