Understanding Buying Preferences

The preferences of new home buyers can vary depending on several factors such as age, income, location, and lifestyle. However, some of the common preferences of new home buyers in recent times include:

Open floor plans: New home buyers often prefer open floor plans that allow for flexible use of space and make it easier to entertain guests.

Energy-efficient features: Many new home buyers are looking for homes with energy-efficient features such as Energy Star certified appliances, efficient heating and cooling systems, and solar panels to reduce their energy bills and environmental impact.

Smart home technology: New home buyers are interested in homes with smart home technology such as programmable thermostats, smart locks, and home security systems that can be controlled remotely via a smartphone.

Outdoor living spaces: Many new home buyers are looking for homes with outdoor living spaces such as patios, decks, and gardens that provide additional living and entertaining space.

These are just some of the preferences of new home buyers in recent times. It is important to note that preferences can vary depending on individual needs and circumstances.

Lifetime Cost of Housing Choices

Renting a home, buying a resale home and renovating or building or buying a newly built home can have significant financial implications over the long term. This is why it is important to consider those options:

Financial Stability:

Understanding the lifetime cost of each housing option allows individuals to make informed decisions about their finances and plan for the future. It helps determine if a particular housing choice aligns with your budget and long-term financial goals.

Affordability:

Comparing the lifetime costs of renting versus buying a home can help determine which option is more affordable in the long run. While renting may seem cheaper initially, homeownership can provide certain benefits and the opportunity for equity growth, making it a potentially more cost-effective choice over time.

Equity and Investment:

Buying a home, whether resale or newly built, can be seen as an investment. Over time, the property may appreciate in value, allowing homeowners to build equity. Understanding the lifetime cost can help assess the potential return on investment and evaluate the overall financial benefits of homeownership.

Maintenance and Upkeep:

Different types of homes require varying levels of maintenance and upkeep. Newly built homes may have lower maintenance costs initially, as they are less likely to need immediate repairs. Resale homes, on the other hand, may require more frequent maintenance and renovations. Considering these costs can provide a more accurate picture of the lifetime expenses associated with each housing option. Renting removes the immediate risk of individual replacement costs, but are ultimately part of the overall rent.

Personal Circumstances:

Everyone’s circumstances are unique, and the lifetime cost of housing can vary depending on factors such as location, mortgage rates, rental market conditions, and personal preferences. By understanding the lifetime cost, individuals can make decisions that align with their specific needs and circumstances.

It’s important to note that the lifetime cost of renting, buying a resale home, or a newly built home is not solely about the financial aspect. Personal factors such as lifestyle, flexibility, and personal preferences also play a significant role in the decision-making process.

To help prospective homebuyers the ability to compare the lifetime costs of a new house, resale house and renting an equivalent house the Regina & Region Home Builders’ Association created a Lifetime Cost Calculator that provides the user the ability to enter there own costs and assumptions to see how the affect the final result.

You can find the Lifetime Cost Calculator here.