Worried About Home Maintenance Costs? Consider This

<article class="post-1055256 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1055256"><span class="entry-date">May 21, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Worried About Home Maintenance Costs? Consider This</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Worried+About+Home+Maintenance+Costs%3F+Consider+This&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fworried-about-home-maintenance-costs-consider-this%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Worried About Home Maintenance Costs? Consider This Simplifying The Market" decoding="async" loading="lazy" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240520/20240521-Worried-about-home-maintenance-costs-Consider-this..png" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>If one of the main reasons you’re hesitant to <a href="https://www.simplifyingthemarket.com/2024/05/01/the-perks-of-buying-over-renting/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy a home</a> is because you’re worried about the upkeep, here’s some information you may find interesting on both new home construction and existing homes (a home that’s been lived in by a previous owner).</p>
<h4><strong>Newly Built Homes Need Less Upfront Maintenance </strong></h4>
<p>If you can afford it, you may find a <a href="https://www.simplifyingthemarket.com/2024/05/09/the-top-2-reasons-to-consider-a-newly-built-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">newly built home</a> could help ease your worries about maintenance costs. Think about it, if everything in the house is brand new, it won’t have the wear and tear you may see in an existing home – and that means it’s less likely to need repairs. As <em>LendingTree</em> says:</p>
<blockquote><p><em>“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. </em><strong><em>That can make a big difference for first-time homebuyers who are adjusting to owning rather than renting</em></strong><em>.”</em></p></blockquote>
<p>Plus, many <a href="https://www.simplifyingthemarket.com/2024/05/03/builders-are-building-smaller-homes-infographic-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">builders</a> also have warranties on their homes that would cover some of the more major expenses that could pop up. As <em>First American</em> explains:</p>
<blockquote><p><em>“</em><strong><em>The new systems in your home, like plumbing, electrical, and HVAC, are typically covered for one to two years by your builder’s warranty. </em></strong><em>When something happens to these systems, you contact the builder or their warranty company.”</em></p></blockquote>
<h4><strong>Existing Homes Can Still Have Great Perks </strong></h4>
<p>But it’s worth mentioning, that it’s not just <a href="https://www.simplifyingthemarket.com/2024/04/03/newly-built-homes-could-be-a-game-changer-this-spring/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">newly built homes</a> that can have warranties. It’s an option for existing homes too.</p>
<p>Your agent may be able to help you negotiate with the seller to add one as a concession on your contract. But you should know that not all sellers will be willing to do that. If they won’t, you could purchase one yourself, if you’d like to. An article from <em>Forbes </em>explains:</p>
<blockquote><p><em>“</em><strong><em>During a real estate transaction, a home warranty policy can be purchased by the buyer or the seller</em></strong><em>.”</em></p></blockquote>
<p>And there are benefits for both parties when it comes to a home warranty. According to <em>MarketWatch:</em></p>
<blockquote><p><em>“A buyer’s home warranty benefits both buyers and sellers, as it helps the seller close the deal while </em><strong><em>providing the future homeowner with peace of mind that they’ll be covered if a system or appliance breaks down</em></strong><em> . . . </em><strong><em>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.”</em></strong></p></blockquote>
<p>If you’re interested in a home warranty for peace of mind, lean on <a href="https://www.simplifyingthemarket.com/2024/04/09/the-top-5-reasons-you-need-a-real-estate-agent-when-buying-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your agent</a>. They’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 conditions in your local <a href="https://www.simplifyingthemarket.com/2024/04/19/myths-about-the-2024-housing-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">market</a>.</p>
<h4><strong>So, Should I Buy New or Existing?</strong></h4>
<p>While the need for less upfront maintenance is a great perk for <a href="https://www.simplifyingthemarket.com/2024/04/11/builders-are-building-smaller-homes/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">new construction</a>, there are some things a newly built home can’t provide that an existing home can.</p>
<p>For example, existing homes have a lot of character and charm that’s difficult to reproduce. The quirks that come with an older home may make it feel more homey. And, existing homes usually have more developed landscaping and a well-established sense of community. So, it can feel more inviting than something that’s a blank slate, like new construction often is. 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.</p>
<h3>Bottom Line</h3>
<p>Whether you choose a newly built or an existing home, you may be able to ease some of your concerns over maintenance with a home warranty. To <a href="https://www.simplifyingthemarket.com/2024/04/17/is-it-better-to-rent-than-buy-a-home-right-now-1/" rel="noopener noreferrer" target="_blank">weigh your options</a> and go over what’s the top priority for you, talk to the professionals.</p>
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