No matter what the economic climate, buying a new home always has advantages. Whether it’s added flexibility, efficiency or modern conveniences, there are many reasons that being the first owner of a home makes more sense than ever.
Additionally, home ownership and housing are essential to the strength and vitality of a nation. They are the cornerstones of family security, stability and prosperity and strengthen our nation’s communities, encourage civic responsibility and provide a solid foundation from which Americans can work to support their families, enhance their communities and achieve their personal goals.
Home ownership and housing are essential to the strength and vitality of a nation. They are the cornerstones of family security, stability and prosperity and strengthen our nation’s communities, encourage civic responsibility and provide a solid foundation from which Americans can work to support their families, enhance their communities and achieve their personal goals.
Housing also is a crucial component in the nation’s economy and in individual financial security. New home construction and remodeling provide millions of jobs and generate billions of dollars in wages and tax revenues each year, in addition to being a key component of building personal wealth and financial security. During the past 50 years the home ownership rate has increased dramatically, reaching a record 67.8 percent. Home buyers can benefit from their new home as a sound investment, providing not only a place to live, but historically a solid rate of return with low risk of loss.
Mortgage interest rates today are hovering at the lowest levels in three decades. With rates this low, home buyers can afford to purchase the home of their dreams, while saving a considerable amount of money over the life of the loan. For example, the monthly principal and interest payment on a 30-year, $100,000 mortgage at 8 percent interest is $734. The monthly payment on the same mortgage loan at 5.6 percent interest rate is $574. That means over the 30-year life of the loan, with the lower interest rate, the home buyer will save $57,492.
Today’s new homes are more comfortable and livable than ever. The typical new home averages more than 2,220 square feet and has 2 or more bathrooms and 3, 4 or more bedrooms. With a wide array of amenities, such as whirlpool bathtubs, gas fireplaces, gourmet kitchen appliances, state-of-the-art home security systems and low-maintenance exterior materials make today’s new homes accommodating to today’s discerning home buyers and their busy lifestyles.
Not only are homes more comfortable and livable than ever before, they are also more energy efficient. In fact new homes built today are about twice as energy efficient as new homes were just 20 years ago.
Home ownership also strengthens the social fabric of our community. By encouraging involvement in schools and neighborhoods and inspiring the upkeep and improvement of the home, home ownership fosters good citizenship. Moreover, a new home is an investment in the future, a durable product that will provide shelter to families for many years.
Before you go to settlement on a new home, you and your builder will “walk through” the house to conduct a final inspection. The walk-through provides an opportunity for you to learn how your new home works and to spot items that need to be corrected or adjusted. Often, a builder will use the walk-through to inform buyers about: