Buying a Home

Whether you’re thinking of remodeling or buying new, Tidewater Builders Assocation offers a wealth of resources to help with your decision.

Click here for a new home buyers checklist, remodelers checklist or choosing a qualified remodeler.

Convinced that now is the time to buy a house? Then consider all the advantages of buying a brand-new home.

Affordability. Today’s low mortgage interest rates make now a great time to buy. With long-term rates at historically low levels, you can purchase more home for your money. The tax benefit of owning a home, coupled with favorable interest rates, makes home ownership more advantageous than ever. Today’s financing options make new homes as affordable as used ones.

Personal wealth. Buying a new home makes good financial sense. With most mortgages, you gradually increase the proportion of the house you own while decreasing the amount you owe to the lender. As your equity builds, your personal wealth increases.

Annual tax savings. Home ownership is one of the few remaining tax shelters available. Owning a home is an excellent way to save through deduction of mortgage interest payments and real estate taxes.

Tax treatment of appreciation. The current tax law allows most taxpayers to avoid taxes on the profit from the sale of a primary residence. Appreciation realized from the sale of your home is exempt from capital gains taxes if the selling price is less than $250,000 ($500,000 if married filing jointly) and if the home was used as a primary residence for at least two years. Consult your tax adviser or the IRS (publication 523) for details.

Low maintenance costs. New home buyers avoid the maintenance, repair and replacement that older homes require, usually from Day 1. Everything is new, from the appliances to the carpeting. Today’s construction materials, such as siding, windows and trim, are more durable and will require far less maintenance over the years.

Warranty protection. New homes usually come with warranties on workmanship and materials used, and many home builders offer insurance-backed structural warranties for 10 years. New homes also include manufacturers’ warranties on appliances, including air-conditioning and heating systems.

Unparalleled options and comfort. Today’s homes feature modern appliances and amenities designed to add value to a home, plus make life a little easier.

Energy efficiency. New homes consume half as much energy as homes built prior to 1980. Extra insulation, efficient heating and cooling systems, double-glazed windows and insulated doors are just a few of the fuel-efficient features that can save you hundreds of dollars each year. Energy efficiency benefits the environment, your health and your wallet.

Safety features. Better heating systems, built-in smoke detectors, better-equipped electrical-power systems and better wiring systems all decrease the risk of fire in a new home. New homes also come with features, such as safety glass, that reduce the risk of injury.

Size. On average, a home built today has 700 more square feet of living space than does one built 20 years ago. They have more windows, more closet space, more spacious garages, larger kitchens and more bathrooms.

Home-site selection. Prospective buyers can find a piece of land of their choosing and build a house to suit their needs, providing a level of customization not available from existing homes. You can choose where you want to live and the type of house, as well.

Spacious floor-plan options. New home buyers can choose from hundreds of floor plans to find one that matches their lifestyles.

Most modern floor plans are for homes described as “open,” “bright” and “airy.” Many builders are using designs that bring as much light as possible into the home with strategically placed windows, skylights and sun spaces.

A choice of interior and exterior finishing. New home buyers can decorate and landscape their homes before moving in. They can choose carpet colors, wall-coverings, paint colors, lighting fixtures, trees, shrubbery, etc. to suit their own tastes.

Character. Today’s new homes are unique and reflect the tastes and style of their purchasers. In time, a new home reflects the character and charm of the family that lives within its walls.
Psychological value. Being the first person to cook in a custom-designed kitchen or the first to use a whirlpool tub is very gratifying. The first-owner title just feels good.