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Top Myths About Buying a New Home

February 17, 2023

There are lots of misconceptions and misunderstandings when it comes to purchasing a brand-new home. It is the goal of each of our Grant & Company sales professionals to make the decision to buy a new home easy and fun.  Here are five common myths and truths behind new construction:

1. Financing new homes is hard.
New construction homes can actually be easier to finance than an existing property. Grant has approved mortgage lenders who are experienced at financing new construction.  They understand the process of a new build and truly make the process of financing a new home easy and seamless.  In most cases, downpayment requirements are less than new Buyer expect and our preferred lenders offer competitive interest rates and buydowns for lower monthly payments. 

2. There's no way to inspect a new home.
At Grant, we invite homebuyers to join the Builder on a frame inspection while it's being built after the initial framing and walls are complete. Buyers also participate in a Homeowner Orientation and Homeowner Acceptance tour before they close on their new home.  Also, local governmental officials will inspect a property before occupancy is approved.

3. New homes all look the same.
There are usually plenty of opportunities for homebuyers to customize a new construction home. Every exclusive Grant home plan features two or more front looks as well as a vast array of color combinations for brick, LP siding, and trim paints.  Existing homes are the ones sold "as is."

4. Pre-owned homes are better.
Tougher building standards, improved codes, and more energy-efficient features mean that new homes keep getting better.  Today’s new home is much improved over a home built years ago, including lower utility bills, more efficient use of interior space and improved outdoor living spaces  Plus, new homes are covered by a one year builder warranty that protects the buyer for the first year of ownership.

5.Renting is always better than buying a new home.

Another one of the most common real estate myths is that homeownership is more expensive than renting. This isn’t always true, and even if it were, it’s a shortsighted perspective on homeownership. A significant benefit of renting is that the tenant is not responsible for the property’s mortgage, insurance, taxes, and maintenance costs. These combined costs of property ownership might exceed market-rate rent for an equivalent property, but that may change over time. Rents can rise more quickly than mortgage payments and taxes.   It's also important to note that you’re building equity in your home as you pay off a mortgage month to month, and if your home appreciates in value, you can realize those gains when you sell your home. Once a tenant pays rent, that money is gone.

A Grant sales professional is the perfect person to help guide you through the new home purchase process – from choosing the right floor plan to directing you to the perfect lender, Grant sales pros know all the ins and outs of purchasing a new home and they want to help you make a good decision for you and your family.