Why Purchase New Homes?
September 2, 2014
Ever wonder what the housing market is like these days? What is in demand? What are the latest custom home plans? These days it is all about the modern luxury homes.
Benefits of Modern Luxury Homes: Luxury homes for sale are expected to increase 29% from 431,000 in 2013 to 557,000 this year because home owners are starting to understand the benefits to customizing their own home. Today’s home buyers who are planning to build or buy a new home cite energy efficiency, and open layout, a warranty, and being able to select appliances, flooring, and paint colors as a main factor for making this choice.
Clearly it is all about the custom home designs that compliment the unique architectural features of most modern luxury homes. Simple, straight lines are a favorite among those looking at new homes. Custom home builders are also noting that “going green” is a big trend.
Why Energy Efficiency?
Of the homeowners who build or purchased National Green Building Standard houses within the past year, 92% said they would go ahead and purchase another green home in the future.
It must be understood that purchasing a green home can be initially very expensive; yet these expenses should pay off over the first decade. Nearly 55% of people who purchased or built a National Green Building Standard home knew their home cost more than a non-green home, but believed the benefits outweighed the cost. And there are certainly benefits!
Modern luxury homes now have standard lighting features that require less energy. Appliances such as washers and driers are more efficient, as well as fridges. Choosing green standard windows will also allow light to enter, but will keep the cold at bay.
More Bang for Your Buck: Trying to maintain an old home is eventually not cost effective anymore; you end up pouring more money into the house as the value depreciates. For routine maintenance expenses, 26% of all homeowners spent $100 or more a month on upkeep costs. Yet only 11% of home owners of new homes spent the same amount. Electricity costs are also much lower in more efficient, newer homes. On a median per square foot basis, homeowners spent 78 cents per square foot per year on electricity. New home owners spent 65 cents per square foot per year. Less problems, less money.
Are Modern Luxury Homes Still Trending? Yes! Due to a growing economy, pent-up demand, competitive mortgage rates and affordable housing prices, the new home market will continue on an upward trajectory through 2015. More can be found here.