Worried About Home Maintenance Costs? Consider This
If you’re hesitant to buy a home because of upkeep worries, here’s some information on new home construction and existing homes in Miami, including Edgewater, Doral, Coral Gables, and Coconut Grove.
Newly Built Homes Need Less Upfront Maintenance
If you can afford it, a newly built home could ease your worries about maintenance costs. Brand new homes won’t have the wear and tear you may see in an existing home, meaning fewer repairs. As LendingTree says:
"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."
Plus, many builders offer warranties covering major expenses. 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 builder’s warranty. When something happens to these systems, you contact the builder or their warranty company."
Existing Homes Can Still Have Great Perks
Existing homes can have warranties too. Your agent may help negotiate with the seller to add one as a concession on your contract. If they won’t, you could purchase one yourself. An article from Forbes explains:
"During a real estate transaction, a home warranty policy can be purchased by the buyer or the seller."
There are benefits for both parties. According to MarketWatch:
"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’re interested in a home warranty for peace of mind, lean us, your Miami Real Estate experts. We'll 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 local market conditions.
Should I Buy New or Existing?
While less upfront maintenance is a great perk for new construction, existing homes have benefits that new homes can’t provide.
Existing homes have character and charm that’s difficult to reproduce. The quirks that come with an older home may make it feel more homey. Additionally, existing homes usually have more developed landscaping and a well-established sense of community. It can feel more inviting than new construction, which is often a blank slate. 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 what’s most important to you.
Closing Thoughts
Whether you choose a newly built or an existing home, you may ease some of your maintenance concerns with a home warranty. To weigh your options and determine your top priorities, connect us with, your Miami Real Estate experts.
