When it comes to being energy conscious, buying a newly constructed home is the best way to go. Newly built homes often come with energy efficient windows, roofs, doors and even appliances that can save you money in utility bills every month. For example, energy efficient homes may be insulated to reduce spending on heating and cooling each month. Newly constructed homes are held to a much tougher standard for energy efficiency requirements than
homes built over ten years ago. By purchasing a new, energy efficient home, you can help minimize the energy you use for everyday household tasks, benefiting the environment and your wallet.
After you purchase your home, everything feels new to you unfortunately, most of the components in an older home are anything but new. Big ticket items such as air conditioning, furnace, kitchen appliances, flooring, electrical wiring and the air conditioning unit have likely not been replaced or updated. For example, a new furnace typically lasts 20 years and an air conditioning unit 15 years, replacing them can cost you close to $10,000 in total. Buying a newly constructed home gives you the peace of mind knowing that these items won’t need replacing for some time and if they do, most come with warranties.
Safety Features (Especially from Fires)
The technology implemented into newly constructed homes is an incredible advantage including interconnected smoke alarms, radon mitigation systems and more durable building materials and products. Additionally, new homes are constructed to meet modern safety standard codes, eliminating the risk of outdated, hazardous materials such as lead based paint and asbestos.
Tax Abatement for New Construction/Rehabbed Properties
Philadelphia provides a unique opportunity for buyers that purchase new construction/rehabbed properties by providing a ten year tax abatement. This abatement applies to any physical improvement made to a property, requiring you only to pay tax on the unimproved part of the property/land itself. In the case of newly constructed homes, you are only paying 10 20 of the taxes for the first ten years after construction. Purchasing a newly constructed home is the perfect option for some buyers, allowing you to increase your purchasing power due to reduced taxes. A ten year tax abatement is not only beneficial to you now, it can also bring immense resale value to prospective buyers later on.