A home is one of the most significant purchases a person will make in their lifetime. And there’s no questioning that the cost of purchasing a home has been challenging recently. Yet despite affordability hurdles, many continue to buy houses to invest in their future.
A National Association of Home Builders analysis from the fourth quarter of 2022 shows nearly half (46%) of prospective homebuyers were actively engaged in the purchasing process. Additionally, Realtor.com recently ranked Chattanooga in the top 10 housing markets positioned for growth in 2023.
As Chattanoogans begin their search for homes, one of a buyer’s first decisions is whether to purchase a new or existing home. Older homes might offer charm or be in a preferred location, but existing homes generally need upgrades, costing homeowners more money in the long run.
An NAHB analysis of recent census data found that a third (35%) of owner-occupied homes were built before 1970. Building standards have changed a great deal over the decades – almost as fast as technology has evolved.
Due to this evolution, new homes can accommodate today’s advanced technology and be customized to meet an individual homeowner’s need. Plus, knowing that the house was built by a qualified professional to adhere to the latest safety codes gives the owner added assurance.
In addition to being built to the most recent safety codes, today’s homes are more energy efficient than ever. With innovative materials and construction techniques, new homes are built to be much more energy efficient than homes constructed a generation ago. As a result, not only can they be more affordable to operate but new homes also are significantly more resource-efficient and environmentally-friendly.
New homes also have adapted to the needs of modern homeowners. The pandemic changed the way most individuals live, work and play. And new homes available on the market today are designed to accommodate a variety of lifestyles ranging from busy, on-the-go families to flexible spaces ideal for spending more time at home.
For more information on purchasing a new home and to connect with homebuilders in our community, contact the Home Builders Association of Greater Chattanooga at HBAGC.net.