Worried About Home Maintenance Costs? Consider This

If one of the main reasons youre hesitant to buy a home is because youre worried about the upkeep, heres some information you may find interesting on both new home construction and existing homes (a home thats been lived in by a previous owner).

Newly Built Homes Need Less Upfront Maintenance

If you can afford it, you may find a newly built home could help ease your worries about maintenance costs. Think about it, if everything in the house is brand new, it wont have the wear and tear you may see in an existing home and that means its less likely to need repairs. As LendingTree says:

Since the systems, appliances, roof and foundation are new, youre 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.

Plus, many builders also have warranties on their homes that would cover some of the more major expenses that could pop up. As First American explains:

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

Existing Homes Can Still Have Great Perks

But its worth mentioning, that its not just newly built homes that can have warranties. Its an option for existing homes too.

Your agent may be able to help you negotiate with the seller to add one as a concession on your contract. But you should know that not all sellers will be willing to do that. If they wont, you could purchase one yourself, if youd like to. An article from Forbes explains:

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

And there are benefits for both parties when it comes to a home warranty. According to MarketWatch:

A buyers 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 theyll be covered if a system or appliance breaks down . . . Sometimes, a seller will pay for the first year of the home buyers warranty to sweeten the deal, but it depends on the real estate market.

If youre interested in a home warranty for peace of mind, lean on your agent. Theyll negotiate on your behalf to see if a seller would be willing to cover one for you. Just remember, the likelihood of a seller throwing one in depends on conditions in your local market.

So, Should I Buy New or Existing?

While the need for less upfront maintenance is a great perk for new construction, there are some things a newly built home cant provide that an existing home can.

For example, existing homes have a lot of character and charm thats difficult to reproduce. The quirks that come with an older home may make it feel more homey. And, existing homes usually have more developed landscaping and a well-established sense of community. So, it can feel more inviting than something thats a blank slate, like new construction often is. Not to mention, if you go with new construction, you may have to wait for the home to finish being built based on where it is in the process. It all depends on whats most important to you.

Bottom Line

Whether you choose a newly built or an existing home, you may be able to ease some of your concerns over maintenance with a home warranty. To weigh your options and go over whats the top priority for you, talk to the professionals.

Venessa James - Broker Associate    

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS  

Platinum Experience Group - KW Professionals 

(281) 889-8292 platinumexperiencegroup.com

Integrity, Experience, Results