When deciding whether to purchase an already-constructed home or a new home in Michigan, it’s important to analyze the financial repercussions of each decision. While buying a new home may seem like a higher financial commitment than buying an old home at the outset, it often proves to be the more financially sound investment. When you purchase a new home, you will save money in the long run whether you decide to make it your forever home or to resell it. Let’s take a look at the long-term financial benefits of buying a new home in Canton, Michigan.

Financing Plans for Purchase are More Customizable

When you purchase a new built home, you will be able to meet with your builder to review mortgage loan packages and select the financial option that best suits your needs. Builders will be able to recommend several preferred lenders who offer assistance in costs ranging from purchase to refinance to construction lending. Homeowners selling houses, on the other hand, are often less likely to contribute to extra costs like settlement charges.

Customizing while Building Saves Money Remodeling an Already-Built House

Another financial advantage new built homes have over already built homes is the way in which your money is spent during purchase. When you purchase a new home, your money goes straight to building your house the way you want it. When you purchase an old home, you have to first pay for features you may not want and then spend money removing those features and remodeling with new ones. Even after remodel, customization may not be entirely up to your standards because of unchangeable limitations like floor plan constraints.

Energy Saving Devices also Save Money

Perhaps the best long-term investment in buying a new home is the ability to save on utility costs. New homes are built with all the latest technological advancements in energy saving devices, which means homeowners will save money on monthly utilities like heating and cooling systems.

Maintenance and Replacement Costs are Minimal or Non-Existent

One of the best assets of buying a new built home is that builders are required to comply with all the latest codes and are very careful about passing all of the many inspections during the building process. Purchasing an older home, however, is always a gamble since there is a much greater chance of encountering unpleasant surprises after closing. Many older homes require major replacements within the first five years of moving in. These costs may include replacing furnaces, cooling systems, plumbing and electrical malfunctions, roofing, exterior paint, flooring, etc.

Safe Materials Save Money on Replacements and Medical Issues

Another hidden danger in purchasing an older home is not being able to know whether or not it was constructed with hazardous materials like asbestos, lead paint, flammable materials, etc. Even homes that were built without the use of such materials often pose health threats such as mold. Buying an older house may not only compromise your checkbook, but it could also compromise your health or the health of a loved one. New homes, on the other hand, are built to code, and builders are increasingly careful about analyzing materials to ensure they are safe before they install them.

So even though purchasing a new home in Michigan may initially be more costly than purchasing an older home, new homes tend to be more financially beneficial investments in the long run. Even if you decide to eventually resell, the market value of your home will certainly fall above older houses because of its functionality, safety, and lower maintenance costs.