10 Reasons Why A New Home Is Better Than A Used One
1. Instant Equity - In many cases and at various times builders like Franciscus Homes will pay the closing cost & prepaids. This gives the buyer instant equity of approximately $3.5% to 5% of the sales price of the home. On a $250,000 home that could be as much as $12,500 more home you could buy if it’s included.
2. Homeowner’s Warranty - Most builders include some kind of ten year warranty with the home. Not to mention instant attention to move in blemishes that makes for a more enjoyable home buying experience.
Just about everybody in this country pays taxes, but nearly 70% of Americans pay less tax just by owning a home. In addition to making an investment in homeownership and watching their equity appreciate year after year, homeowners get the additional benefit of paying lower taxes.
As a homeowner you can deduct mortgage interest and property taxes when you file your yearly Income Tax Return and itemize those deductions. For example, if you purchase a Franciscus home for $250,000 with a 30-year mortgage at 6.25% interest and your real estate taxes are approximately $2,500 per year, your itemized deductions would be $15,625 for interest, plus the $2,500 for real estate taxes.
If you’ve been thinking about buying a new home this year and still have not made your mind up…..don’t delay much longer. Supply and demand often helps dictate the price of a new home and the incentives that builders and sellers are willing to use to attract buyers.
In an effort to reduce the oversupply of homes built for the burgeoning demand for housing in ’05 and ’06, builders in their “irrational exuberance” to stay ahead of the curve produced an inordinate number of new home starts in late ’06 and ’07. This oversupply of new homes in all price ranges put significant downward pressure for pricing. Builders, faced with an abundance of unsold homes, were forced to create new and exciting incentives to achieve sales goals.
In spite of the warnings of the so called "experts" who say "think twice before buying a home in today’s market", we say "now may be the best time to buy a home"...particularly if you’re thinking about one of Franciscus’ new offerings at Bridgewater in Isle of Wight. Here’s why…..not only are these homes award winning designs for every lifestyle imaginable, but they’re priced in the low $200’s with qualifying incomes starting as low as $44,000 per year. And that’s not the best part.
1. Instant Equity - In many cases and at various times builders like Franciscus Homes will pay the closing cost & prepaids. This gives the buyer instant equity of approximately $3.5% to 5% of the sales price of the home. On a $250,000 home that could be as much as $12,500 more home you could buy if it’s included.
If you’ve been thinking about buying a new home this year and still have not made your mind up…..don’t delay much longer. Supply and demand often helps dictate the price of a new home and the incentives that builders and sellers are willing to use to attract buyers.
