Why new houses cost more and is it worth it?
By Cameron Bagherpour, Construction. Development. Investment.
Why do new houses cost more than existing (old) ones? And is the premium worth it?Here are the major things that I see making the cost of new homes higher than their used counterparts.First the good news: EVERYTHING IS NEW ON A NEW HOME! This is obvious but it's the #1 reason for new home cost. Everything from the foundation and frame, roofing and paint, siding and landscaping, electrical, mechanical & plumbing, kitchen, bathrooms and flooring - everything is brand-spanking new. New homes even have that new-house smell!What do you get for it being new? Typically you get a one-year builder warranty included in your purchase. This means if anything goes wrong with your new home in the first 12 months, the builder will come out and take care of it. This is a really nice feature. Despite al...