SHOULD YOU BUY A NEW OR EXISTING HOME?
A home is one of the most significant purchases a person will make in their lifetime. There is no question that the cost of purchasing a home has been challenging recently. Yet, despite some affordability hurdles, many individuals continue to buy a house to invest in their future. According to a National Association of Home Builders (NAHB) analysis, in the fourth quarter of 2022, nearly half (46%) of prospective home buyers were actively engaged in the purchasing process. Additionally, Realtor.com recently ranked Chattanooga in the top 10 housing markets positioned for growth in 2023.
As Chattanoogans begin their search for homes, one of the buyers’ first decisions is if they should purchase a new or existing home. Older homes may offer charm or might be in a preferred location, but existing homes generally need upgrades, costing homeowners more money in the long run.
An NAHB analysis of recent census data found that a third (35%) of owner-occupied homes were built before 1970. Building standards have changed a great deal over the decades, almost as fast as technology has evolved. Due to this evolution, new homes can accommodate today’s advanced technology and be customized to meet an individual homeowner’s need. And knowing that the house was built by a qualified professional to adhere to the latest safety codes gives the owner added assurance.
In addition to being built to the most recent safety codes, today’s homes are more energy efficient than ever. With innovative materials and construction techniques, new homes are built to be much more energy efficient than homes constructed a generation ago. As a result, not only can they be more affordable to operate, but new homes also are significantly more resourceefficient and environmentally friendly.
New homes also have adapted to modern homeowner’s needs. The pandemic changed the way most individuals live, work and play. And new homes available on the market today are designed to accommodate a variety of lifestyles, from busy on-the-go families to flexible spaces ideal for spending more time at home.
For more information on purchasing a new home and to connect with home builders in our community, contact the Home Builders Association of Greater Chattanooga at HBAGC.net.