Advantages of Investing in New Homes

1. Advantages of Investing in New Homes It’s easy to see why many homebuyers and investors are in the market for new homes in Orchard Park, NY. This neighbourhood has a high liveability score—it’s #12 in the State of New York and ranks better than 95% of areas in the US. The cost of living is relatively low and luxury homes are still affordable. There are also some very good local builders and developers here. You are probably already convinced that Orchard Park, NY is a great community, and now you are ready to buy. If you really invest in new construction homes instead of resale homes? It’s important to understand how each type is different so you can make an informed Resale properties are typically purchased directly from the previous homeowners who have been living in them (or have been leasing them to tenants). New construction properties, on the other hand, are purchased directly from the developer or builder. They have never been lived in before, so they are 100% brand-new. There are many advantages to investing in new homes in Orchard Park, NY. Smaller Deposit Builders usually require a smaller deposit to secure newly-built and pre-construction property contracts. The rate is also often negotiable—a huge advantage for real estate investors who want to minimize their out-of-pocket expenses until the closing date. Warranty Coverage Unlike resale property, new homes in Orchard Park, NY come with a what’s called a ‘builder’s warranty.’ This is required by law. These warranties usually cover workmanship, materials, and all electrical, heating, plumbing, and air conditioning systems for 2 years. You also enjoy a 10-year warranty for major structural elements including the basement walls and the foundation. Resale properties almost never include a home warranty. In some cases, you might be covered by the warranty purchase by the previous homeowner. The problem with such warranties is that they carry limitations. They are never as extensive as warranties on new homes in Orchard Park, NY. Lower Maintenance and Repair Costs Older homes may no longer satisfy current building codes. They are also less energy efficient. Worse, some of them many contain hazardous construction materials such as lead paint or asbestos. decision.