1. Improved quality of life. People spend more than half of their time at home. It makes good sense to seek a well-designed, cost-efficient residence.
2. Energy efficiency. New homes are more energy-efficient than homes built even 20 years ago. Additional insulation, dual pane windows, and advanced heating and cooling systems are just some of the features that can save hundreds of dollars each year.
3. Annual tax deductions. A home is one of the best tax shelters available since you can deduct mortgage interest and property tax from federal and state income tax returns.
4. Tax treatment of appreciation. As a home owner, you don't have to pay taxes on appreciation unless you sell the home and later buy a lower-priced one or rent.
5. Increasing your personal wealth. With most home purchases, you gradually increase the amount of house you own while decreasing the amount you owe.
6. Less upkeep and repair. With a new home, you have less out-of-pocket expense in the first 5 to 10 years.
7. Warranty protection. Many new homes come with warranties on workmanship and materials, so you can rest a little easier when making your purchase.
8. The options and amenities you want. New homes feature modern appliances and fixtures designed to add value and ease of living.
9. Delay can cost you. Once you find a home and a financing package that fits your needs, you shouldn't delay your purchase in hopes of a better deal.
10. Mortgage rates are low. Current mortgage rates are historically low, so take advantage.
Loan Officer's Guide 4.16
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