WorldExecutivesDigest.com | 6 Reasons to Invest in a New Home Construction | According to experts, the world needs two billion new homes within the next eight decades. It does so because, by that time, the global population could rise to 11.2 billion people. Without new home construction projects, many would end up living in dilapidated houses.
Even if there are existing homes for sale, the majority have been around for decades. For example, over 52 million US homes have existed since 1969 or earlier. While they look alright from the outside, they tend to have many issues on the inside.
So, if you have plans of investing in a home, it’s best you learn the benefits of having a new one built from the ground up.
We rounded up some of the top reasons to invest in such properties in this guide, so be sure to keep reading!
Constructed to Meet the Latest Zoning Laws
Many countries like the US, Canada, and Australia implement strict residential zone laws. The rules vary, but most set restrictions on factors like building height and fences. They also limit the number of structures that you can build on a specific lot.
So long as you hire experienced new house builders, you can rest assured that your home will meet these laws. By contrast, it’s common for existing homes to have zoning violations. The older the home is, the higher its odds of breaching these stringent laws.
It’s possible to correct these issues, but that means spending more time and money on legal fees. This is something you can completely avoid if you hire licensed builders to build a home for you.
Built Under the Latest Construction Codes
Building and construction codes exist to protect both people and the environment. An example is the National Electrical Code (NEC) that all 50 US states have adopted. The NEC helps ensure the safety and effectiveness of electrical systems.
The NEC undergoes revisions every three years, though, with the most recent one being in 2020. Such changes are crucial as they account for the changes in the way people use electricity. However, this also means that a house built in 2019 may already need an update to bring it up to code.
So, if a three-year-old house needs such updates, imagine how many more an older house would require. Aside from the NEC, there are also over 300 fire safety codes and standards implemented in the US. On top of that are the plumbing codes that allow for adequate water supply and safe sanitation.
If you hire contractors to build a new home, you can make sure your house meets all the latest applicable codes. You don’t have to worry about faulty electrical systems that can cause fires. You’ll also feel more at ease knowing that your plumbing system isn’t full of leaks or clogs.
Healthier and Safer
A study found that 4.59 million reported fires occurred in 46 countries in 2018. India ranked first, with 1.6 million cases, while the United States took the second spot, with over 1.3 million fires. Either way, many of these disasters occurred in homes and led to numerous injuries and deaths.
Faulty electrical systems and appliances in old houses caused many of those fires. All these highlights the importance of having a home that meets all building codes.
Another problem with aging residential real estate properties is indoor air pollution. Older houses tend to have ventilation problems, which give rise to indoor mold and mildew. Structural issues, such as water damage, are also more common in older homes.
These concerns usually don’t exist in high-quality, newly constructed homes. Some indoor air pollutants can still be present at times. However, their concentrations won’t be high enough to cause health woes.
More Energy Efficient
Early studies found that homes built after 2000 use 40% less energy than those built before 1950. This proves that the older a home is, the greater its energy consumption. Aside from higher energy bills, this also translates to a higher carbon footprint.
New homes have high energy efficiency since they use new materials. They don’t have issues like air leaks yet, which can waste up to 40% of heating and cooling energy in existing homes. New homes also use better insulation to allow for a tighter building envelope.
You Decide Everything
Of course, this would still boil down to your budget, but you get to make all the decisions if you build from the ground up. You’ll dictate how many rooms you want, where the master bedroom will go, and how big the kitchen will be. You can add as many embellishments as you want or stick to an open floor plan with more free space.
Whatever your needs and wants are, you can have your new home built based on those.
Backed By Mandated Warranty
Many countries, states, and cities require new homes to come with a warranty.
For example, New Jersey mandates all new homes sold in the state to have various warranty types. This includes at least one year warranty for defective materials or workmanship. There must also be a 10-year warranty for major structural problems.
You usually won’t enjoy the same lengthy warranties with existing homes. Especially not if you purchase a very old home.
Maximize Your Investment With a New Home Construction
New home construction can cost more than buying an existing house, but it’s worth the price. After all, a brand new house built to code won’t have hazards like faulty electrical systems. It’ll also be healthier and more energy-efficient than one that’s been around for years.
To top everything off, you can design your home exactly the way you want.
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