Not everyone will own a home, but the reality is that more Americans have the opportunity to own their own part of the American Dream (homeownership). During 2000, the US homeownership rate reached 67.7%, the highest rate ever. There are other benefits of homeownership like your mortgage interest and real estate taxes will be deductible.
Should you buy a new home versus an existing home? It depends. There isn’t a definitive answer to this question. Here are some advantages of buying a new home:
- Building standards are probably higher (especially the requirement of hurricane ties for homes built in Florida). This results in lower building insurance.
- Energy Efficiency is generally higher. Energy Star appliances, more efficient heating and cooling equipment and energy efficient windows can save you money in the long run). This results in lower utility bills.
- Maintenance costs are lower. Most new homes come with the peace of…
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