Brand New Homes: Luxury or Letdown?

Many of us have thought about raising a family in a new home. Recent studies show that nearly twice as many people prefer buying a brand new home over one that has been previously owned. While being the first owner of a house can be a satisfying experience, it is important to know whether it is the right decision for your family.

The Perks of Brand New Homes

I've noticed that a big reason why people buy brand new homes is because of the option for customization. Some people want to be part of the design and building processes to make sure they get exactly what they want. Buying a home new also means you don't have to worry about putting work into it yourself. Unlike previously owned homes, new homes hardly ever come with cosmetic issues. This allows you to move right into your new home without having to repaint trim, replace gutters, or any other daunting tasks. A new home will also have low maintenance costs throughout the year since everything is brand new.

The Pitfalls of New Homes

The main reason people don't buy brand new homes is that they can cost up to 20% more than previously owned homes of the same caliber. Many times, brand new homes are built in brand new developments, which can be far from schools and other neighborhoods. Homeowners may be bothered with the feeling of being isolated from other communities. There is also the possibility of noise and the inconvenience of new construction.

Aside from the financial and locational aspects, many people buying a home simply don't believe new homes have as much character as older ones. Modern architectural styles tend to be a bit more "cookie cutter" than they used to be. Plus, buying a previously owned home allows you to work with professional realtors who understand the market and can give you multiple options.

Buying a home, whether new or previously owned, requires much careful consideration. Consider these pieces of insight before you purchase your next home!

Townhouse or a Single Family Home: Perspective for First-time Buyers

Buying a home is an exciting venture, especially for first-time buyers. In today's market, a big question is whether to purchase a townhouse (attached) or a single family home (detached). The answer, of course, depends on what you're looking for. Keep these points in mind as you consider your options.

Monthly Payments

In many communities, townhouses sell for less than comparable single family homes. A smaller price tag is appealing, especially if it means borrowing less money. But typically, a townhouse comes with monthly homeowner association (HOA) dues that may reach into the hundreds of dollars. Some detached dwellings may also have HOA dues, but most do not. When calculating your monthly payments, add up your mortgage payment and your HOA dues to get the full picture.

Home Maintenance

With a single family home, you're responsible for all the upkeep. With a townhouse, however, the homeowner association is responsible for some or all of the external maintenance. That means that when it's time for a new roof or a fresh coat of exterior paint, your HOA will likely take care of it. A portion of the dues you and your neighbors have been paying will be used for exterior maintenance expenses. Check with the association to see which external repairs they are responsible for completing.

What About a Yard?

Don't overlook the yard when buying a home in Syracuse. A detached home can come with a sizable yard. An attached home may have a small yard, a patio area only, or no yard at all. If you want a huge yard for the kids or for entertaining, then a single family home is likely right for you. On the other hand, if you want just a small outside area that doesn't require much yard work, then a townhouse may be more your style.

Other Considerations

These are important points to think about before buying a home, but there are other considerations:

• Are you comfortable sharing one or more walls with neighbors?
• How much are property taxes and special assessments for each dwelling?
• Will your family fit comfortably in the house?
• If you have pets, are they allowed in the townhouse community you’re considering?
• What might the resale value be for each property type?
• How important is it to have your home close to schools or retail areas?

Weigh your options carefully. Each type of dwelling offers different benefits. Decide what’s important to you, and ask your realtor plenty of questions before buying a home.

Syracuse, NY: A Great Place to Live and Play

Whether you're thinking about relocating to Syracuse or buying a home in the area, you'll soon learn that Syracuse is one of New York’s best places to live. From charming, historic neighborhoods to downtown living, there’s no shortage of affordable housing in Syracuse.

City Overview

Syracuse is known for many things: being home to Syracuse University, being a great place to raise a family (recognized by Forbes in 2010 as one of the top ten places to raise a family), and for a strong sense of art, culture, and history. From our Polish Festival to the Syracuse Shakespeare Festival to the M&T Syracuse Jazz Festival, there is a little something for any audience. Additionally, Syracuse boasts a number of scenic parks, the Onondaga Creekwalk, 40+ museums and galleries, and the Syracuse State Fair. So, ff you're looking for a city with great public transportation, a wealth of real estate options, and exciting attractions and events, Syracuse is the right place for you!

Syracuse Homes

Syracuse has plenty of affordable housing—a large percentage of it available for rent—with homes available to fit the budgets of everyone from college kids to dual-income families. Syracuse offers a relatively low cost of living, with rent prices on par with the rest of Central New York. But rentals aren’t the only housing option; those looking into buying a home will find there’s plenty of inventory as well, especially when looking at listings with John Arquette Properties.

Things to Do

Before buying a home in Syracuse, it’s important to get to know what the community has to offer. There are plenty of parks and natural areas in and around Syracuse that offer beautiful scenery, walking and running trails, sports facilities, and other outdoor recreational opportunities. Plus, Syracuse’s geographic location makes it ideal for road trip lovers, offering access to Niagara Falls, the Adirondack Mountains, and other destinations within just a few hours’ drive. Outdoor adventure lovers will enjoy skiing, sledding, and snowboarding in the winter, and Syracuse University’s athletic events draw residents and visitors alike throughout the year.

Accolades

If you need more proof that Syracuse is a great place to live if you’re thinking about buying a home, listen up! The metro area has made a number of “Top Cities” lists for its security, crime rate, eco-friendliness, and the low stress levels of residents. Most locals would also add that the region is one of the best places in New York, if not the country, to settle down and raise a family.

When you’re planning on buying a home in Syracuse, contact us for the best inventory in the area at affordable prices!