Is Buying a House Worth It 2022?
Is Buying a House Worth It 2022?
October 25, 2022
This year has seen costs rising in just about every facet of life, with gas and food prices seeing some of the biggest increases in recent memory. This can make it difficult to save money, which is why many people are reconsidering whether or not buying a house is worth it in 2022…
There are several reasons why now is actually a fantastic time to buy a new home! Let's weigh the pros and cons to see if a new home is right for you this year.
Now is the time to act if you've been waiting to buy a new home. Here's why:
Rising interest rates mean your purchasing power decreases
The average 30-year mortgage interest rate is currently 7.06%. In 2021, that rate was at an all-time low of 2.65%. Interest rates are expected to increase even more, and your purchasing power decreases as they continue to rise. This means you won't be able to buy as much house for your money as you could have just a few months ago. If you want to maximize your budget, the time to buy is now!
The cost of rent is increasing
Rent prices have been rising for years, and it's highly unlikely they'll dip any time soon. This makes buying a home an increasingly attractive option for people who are tired of throwing their money away on rent each month. Once you have a mortgage that's locked in, your monthly payments won't increase even if rent prices do.
Buying a new home is an investment
When you buy a new home, you're not just getting a place to live. You're making an investment that will grow in value over time. In fact, the average US home appreciation rate is 3.51%-3.81% per year. So, if you buy a new home for $400,000, it's likely to be worth around $581,369 in just 10 years. That's an amazing return on investment!Buying a New Home vs. Pre-Owned Home
So now that you see the value of buying a home, let's talk about why buying a new home is a better investment than buying a pre-owned home.
As a new construction home builder, we may be a little biased... But with over 25 years of award-winning experience in the industry, we've seen firsthand the advantages of buying new. Here are just a few reasons:
- A new home is built with today's technology and energy standards to save you money and decrease your carbon footprint
- Your appliances and major systems (plumbing, electrical, HVAC, roof, etc.) are brand new so you don't have to worry about repairs any time soon
- Your new home is under warranty, so if something does go wrong, you're covered
- Remodeling a pre-owned home to your liking can be costly, time-consuming, and stressful - but a new home is tastefully designed with the latest trends in mind
- You're the very first owner, so everything in your home is new, clean, and fresh - no need to worry about what the previous owners did (or didn't do) in regard to care and maintenance
Need more persuading? Here are 10 reasons buying new is better.Gemcraft Homes Inventory of Quick Move-in Homes
Building a new home from scratch takes some time, usually around 6-8 months. And different factors can delay the construction process, like getting permits or bad weather.
If you're not interested in waiting that long, don't worry! We have plenty of homes that are already built and ready for you to move in right away. These are called "quick move-in homes."
Explore over 40 quick move-in homes available in our communities throughout Maryland, Pennsylvania, Delaware, Virginia, and West Virginia. From duplexes and townhouses to single-family homes, we have a new home that's ready for you - no matter your budget or needs.