If you’re thinking about whether or not to invest in a new home, there are quite a few things to think about. After all, home ownership, new or old, is likely to be the biggest lifetime investment most of us will make.
A couple of the financial biggies
Over time, house prices tend to rise, making buying a new home a good investment option and right now, with interest rates at an absolute low, you’ll be hard pressed to squeeze any extra interest out of the banks. Meaning, why would you keep your money in the bank?
With such low interest rates, borrowing is far more attractive. It costs you less to have a mortgage and owning your own home gives you absolute peace of mind. A place to invest in, not only financially but also emotionally. Yours to totally love and look after.
There’s nothing like owning your own home to keep your savings safe. While low interest rates mean there’s less incentive to keep your money in the bank, owning a home means it’s forced savings. The bank will be mindful you don’t over commit yourself with the size of your mortgage. You can’t spend your home. so it’s a win, win for you.
These things generally apply to all housing – new or old – so let’s take a quick look at why it makes sense to invest in a new home, not an old one.
It might seem like buying a do-up is a bit of a romantic notion. I mean there’s history and nostalgia that’s difficult to recreate in a new home. Think decorative fireplaces, arty wooden skirting boards and soaring ceilings. However, behind the charming facade, there can be a whole heap of repairs looming, with ancient methods of plumbing, wiring, and heating.
Who knew the hot water pipe would to start to corrode in the concrete slab? Then there’s potential structural issues, depending on the quality of the materials used. No one wants a leaky building. And what about the roofing?
The roof, windows and insulation are the three majors which come up for replacement in an older home.
Roofs in older homes can start to leak while windows are usually single glazing – both offer low insulating properties and energy inefficient outcomes. Who needs a condensation filled home in winter and a sweltering home in summer?
So as a rule, older houses come with more risks, cost more in repairs and maintenance, and are more time consuming. Not to mention the stress and worry of it all.
Rigorous standards apply to new building codes, which means you can look forward to current technology, a warm, dry home in winter and a cool, comfortable home in summer. New builds tend to have more spacious rooms. Many include second bathrooms and larger kitchens. Depending on where you build, you may very well be able to get far more space for the same price as a smaller established house.
Invest in a new home you’ll love and be reassured that this will mean you spend a lot less time fixing things and more time enjoying life with friends and family. You’ll also be the very first to create memories there. Now that is pretty priceless.
Longview Homes build homes of exacting quality, built to last. We have locally owned franchises around the country. It would be our pleasure to take on your building project.
Get in touch with our team or call 0800 100 945 to start your new build journey today.