Thinking About Purchasing a Home? Here are 5 Reasons to Build Rather Than Buy
May 26, 2020
There is something about warmer weather that encourages families to consider purchasing a better place to live. Despite the uncertain times, millions of people, in every age group, will decide to build a new home or buy an existing home in the spring and summer months. Plus, research notes that many will choose to move up to a planned community in an upscale suburban location such as ArrowBrooke, located near Denton in North Texas.
Why build instead of buy an existing home? For many, it is the same reason they buy a new car instead of a used one. A previously owned home, like a used vehicle, might be cheaper in the short term, but it comes with many challenges that can be costly over the years. A new home built by one of the quality builders in ArrowBrooke allows for the specific criteria of every individual buyer to be met.
While there are many reasons that NOW is a great time to build a new home in a planned community such as ArrowBrooke, there are five, very important, factors to consider.
#1 Mortgage Interest Rates are at Historic Lows
According to this report, “Mortgage rates swooned to near historic lows in the latter part of May 2020. The 30-year fixed-rate average sank to 3.24 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 4.06 percent a year ago. The 30-year fixed rate set an all-time low of 3.23 percent in late April 2020.
“The 15-year fixed-rate average slipped to 2.7 percent with an average 0.7 point. It was 3.51 percent a year ago. The five-year adjustable rate average dipped to 3.17 percent with an average 0.4 point. It was 3.18 percent a week ago and 3.68 percent a year ago.”
From a mortgage interest rate perspective, this is an excellent time to build a home.
#2 Energy Savings of a New Home are Substantial
A newly built home in a planned community such as ArrowBrooke has the advantage of incorporating the latest technology. As this article notes, “The big advantage of building a new home is you are much more likely to get exactly what you want. For many, this factor alone is enough to choose to build over buying. Still, there are other advantages, too, like the ability to create a more efficient home that meets new energy codes and standards for heating, ventilation, and cooling, plus insulation and air filtration. Better efficiency is good for the environment and can save you money on your utility bills each month.
“Another perk? A new house may literally be better for you. Older homes may contain asbestos, lead paint, or mold. And it can be built with specific materials making it better for the environment. Green appliances/Energy Star rated appliances, and more efficient toilets, plumbing fixtures, and electrical fixtures allow you to build ‘green for a more sustainable home in the long run.”
#3 Maintenance Expenses are Lower in a New Home
Renovation and repairs of an outdated home are the “hidden” costs in the price of buying an existing home. For example, a kitchen that was built 20 or more years ago is inadequate for today’s family needs. Adding more bathrooms, painting, replacing roofs, repairing foundations and the hundreds of other maintenance chores are extremely expensive and are not a factor in a newly built home. Even neighborhoods can become “rough around the edges” and drive the value of a home down.
The new homes in ArrowBrooke are immaculate and designed for the future of growing families. Because the natural terrain of the North Texas area has been taken into consideration – in terms of neighborhood layout, hiking trails and ease of transportation – this community will just get more attractive and valuable as the years go by. This brings us up to reason #4.
#4 The Resale Value of a Newly Built Home is Strong
In this highly mobile world, families move and need to sell their home. While economic conditions can vary from one part of the country to another, the North Texas economy is diversified and one of the most vibrant in the United States.
A new home in ArrowBrooke will likely have exemplary resale value. Denton ISD is rapidly growing and boasts a new, state-of-the-art high school and elementary school that students living in ArrowBrooke will attend, which is a powerful magnet for parents. Plus, the community is surrounded by the high growth communities of Frisco and Denton and these communities are home to professional sports teams, high-technology concerns and a bustling retail and service industries.
#5 The Quality of Life is Better in a New Home and Planned Community
Living in a well-built home, with everything working properly, allows the homeowners to take a deep breath and enjoy a better life. According to this article, “Money and features aside, building a house can lead to a level of satisfaction that you can’t achieve through buying an existing home. There is a definite feeling of an emotional connection to living in a new home that you have created, including that new-home smell. This is your creation that matches your style and personality, that you created from scratch.”
When the feeling of security and sense of community of a community such as ArrowBrooke is calculated into the equation, there is no question that a better quality of life is waiting.
Are you ready to move up to one of the best communities in North Texas? Click here and let’s talk.