Worried About Home Maintenance Costs? Consider This

If you're hesitant to buy a home due to concerns about maintenance costs, it's essential to understand the differences between newly built homes and existing homes. Here's some insightful information to help you make an informed decision.

Newly Built Homes Require Less Upfront Maintenance

Newly built homes often come with the advantage of needing less immediate maintenance. Since everything in the house is brand new, from the systems to the appliances, there's less wear and tear compared to an existing home. As LendingTree explains:

"Since the systems, appliances, roof, and foundation are new, you're less likely to pay for major or minor repairs within the first few years of homeownership. That can make a big difference for first-time homebuyers who are adjusting to owning rather than renting." 

Additionally, many builders offer warranties that cover significant expenses for new homeowners. First American notes: 

"The new systems in your home, like plumbing, electrical, and HVAC, are typically covered for one to two years by your builder's warranty. When something happens to these systems, you contact the builder or their warranty company."

Existing Homes Can Still Offer Great Benefits

It's important to note that existing homes can also come with warranties. Your real estate agent might help you negotiate with the seller to include a home warranty as part of the contract. If the seller isn't willing to provide one, you can always purchase it yourself. Forbes highlights: 

"During a real estate transaction, a home warranty policy can be purchased by the buyer or the seller."

A home warranty can benefit both buyers and sellers. MarketWatch explains:

"A buyer's home warranty benefits both buyers and sellers, as it helps the seller close the deal while providing the future homeowner with peace of mind that they'll be covered if a system or appliance breaks down. Sometimes, a seller will pay for the first year of the home buyer's warranty to sweeten the deal, but it depends on the real estate market."

If you value the security of a home warranty, your agent can negotiate on your behalf. However, the willingness of a seller to provide one will depend on local market conditions.

Should You Buy New or Existing?

While new construction offers the benefit of reduced maintenance needs, existing homes have unique advantages. Older homes often possess character and charm that are hard to replicate. These homes typically feature more mature landscaping and established communities, offering a more inviting atmosphere than a new home, which can feel like a blank slate. Additionally, buying a new home might require waiting for its construction to complete. 

In Conclusion

Whether you choose a newly built or an existing home, a home warranty can alleviate some of your maintenance concerns. To evaluate your options and determine your priorities, consult with real estate professionals. They can help you navigate the market and make the best decision for your needs. 

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