Advantages of Buying a New Construction Home
Why Now Is a Great Time for Newly Built Homes
New build incentives
Newly built homes offer a number of benefits that you won’t find in a resale property. Number one is the comfort in knowing that you’re the very first owner. The entire home will be sparkling clean, you won’t find any “hidden surprises” six months after you move in, you won’t have to spend time undoing the previous owner’s DIY blunders.
Customizations and Upgrades
Even if you’re not custom building your home, you’ll still have some say in its design. You won’t have to make compromises (think: I really love this house, I just wish the master bathroom wasn’t Pepto-Bismol pink!). In this unique time, there’s an increased awareness of health and wellness. With a new build, you can take comfort in knowing the home is built to current health standards. If your health puts you in an “at-risk” category, you can even factor allergen prevention upgrades into your design; customizations that would be far more expensive to retrofit into an existing home.
Total Cost of Ownership
It’s true that new home builds tend to sell higher than existing homes per square foot. However, in the long run, a new build can be a more economical choice. With a new home you know the sewer line is new, the roof is new, the appliances are new – everything is new. On average, new homes won’t need a major repair for at least 7 years, many of which will be covered under warranty. Newly constructed homes are also more energy-efficient, reducing overall energy costs.
Mortgage Rates and Inventory
Before the Federal Reserve began emergency rate cuts in early March, mortgage rates had already started falling. Rates continued to decrease since the Federal Reserve pledged to buy as many mortgage-backed securities as needed to keep the economy going through the coronavirus pandemic. The federal funds rate was reduced to a range of 0% to 0.25% in mid-March of 2020.
Though the Fed doesn’t determine mortgage rates, its actions do influence the mortgage market. You may get great terms on your mortgage right now while home sales, the number of buyers, and inventory have dropped. Keep in mind, that while inventory is low right now, much of that is due to sellers having taken their homes off the market. Construction on new homes has remained steady, and with the market expected to rebound come summer, now is a great time to invest in a newly built home.
You may also be able to work with a new home community and their lending group to find a great rate and awesome incentives. First-time home buyers may also find that new build communities like West Line Village are more accommodating of their closing needs.
Sense of Community
One of the scariest parts of moving into an existing home is moving into an existing community. You may find yourself struggling as the new kid on the block where friendships have already been established, and a way of life already exists. In a new build community like West Line Village, however, everyone is a new neighbor. It’s a chance to build your own community with people of a like mindset.
Explore West Line Village Today
Just a few Light Rail stops from both downtown Denver and Golden, West Line Village is a vibrant, up-and-coming neighborhood. Each townhome in West Line Village is brand-new, thoughtfully designed, energy-efficient, and has flexible spaces for all your needs.
West Line Village is offering in-person home tours and is strictly adhering to current social distancing recommendations. Homebuyers interested in a home preview can also schedule a virtual tour!