New homes typically have a higher sales price than comparable existing homes, and buyers are usually willing to spend more on a new home because of lower maintenance costs. Builders' warranties on new homes, when combined with a new roof, appliances, and major systems, usually make major repairs unnecessary and help to counter a slower initial rate of appreciation.

Census Bureau Housing Surveys suggests that operating costs are lowest for brand new homes and slightly higher for relatively new existing homes. Operating costs per square foot of living space are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace.

New homes require fewer expenditures for routine maintenance. The cost of maintenance first increases with age, then declines, so you will generally spend less maintaining a home built before 1960 than for a home built between 1970 and 1975.

	See All Tips In The "Buying Land and New Construction" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Spero Speropoulos
RE/MAX Team 2000
7130 West 127th St.
Palos Heights, IL. 60463
Phone: 708-296-2135
Fax: 708-361-0072
Email: Spero@SperoSells.com

www.SperoSells.com is brought to you by Spero Speropoulos
NUMBER1EXPERT™ in real estate for Chicago SW Suburbs, Palos Area and Oaklawn, Illinois

Read Spero Speropoulos' Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge