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Real Estate Tips
Buying Land and New Construction >Buying New or Buying Old

New homes typically have a higher sales price than comparable existing homes, and buyers are usually willing to spend more on a new home because of lower maintenance costs. Builders' warranties on new homes, when combined with a new roof, appliances, and major systems, usually make major repairs unnecessary and help to counter a slower initial rate of appreciation.

Census Bureau Housing Surveys suggests that operating costs are lowest for brand new homes and slightly higher for relatively new existing homes. Operating costs per square foot of living space are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace.

New homes require fewer expenditures for routine maintenance. The cost of maintenance first increases with age, then declines, so you will generally spend less maintaining a home built before 1960 than for a home built between 1970 and 1975.

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Real Estate Trivia
Q 
What is the least affordable metropolitan housing market in the United States?

A 
California's Los Angeles-Long Beach-Glendale is currently rated as the most expensive metro area in the nation.
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Steve Sundberg

Steve Sundberg
Coldwell Banker Primus

226 Broad St
Lake Geneva, WI 53147
Steve's Cell : 262-215-0782
Office: 262-348-1100
Fax: 262-348-9053
stevesundberg@NUMBER1EXPERT.com

Representing Buyers and Sellers. Marketing your home in WI and IL.

ABRMLSREALTOR


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