New Construction on the Downturn, but New Homes are Still A Great Option
New home sales may be facing a year of record lows, according to The Los Angeles Times.
Home builders are seeing projects and revenues shrink for the fifth straight year, as the real estate market stagnates and a glut of unsold homes hinders recovery. Many experts do not feel a significant home building increase and subsequent economic recovery will occur until foreclosures have been contained, the news source explains.
However, those who are looking to purchase a home may want to look into building new rather than buying a previously owned house, according to U.S. News & World Report.
While custom built homes may have a more expensive price tag, they offer consumers options that older homes simply cannot. For example, new construction allows homebuyers to tailor a property to their specific needs. New homes are also increasingly more energy efficient, meaning that individuals will save on home energy without having to make renovations, the news source explains.
With the addition of green appliances and the benefit of tighter building codes, homeowners may also face fewer repair and maintenance issues after they move in, which can be essential when it comes to saving money. Additionally, many new homes come with a warranty that covers buyers for up to a year on any repairs that do need to be done, according to the source.