Home Insurance and New Builds
One of the most important steps you can take in your financial security and future is purchasing a home. More than 65% of Americans are homeowners with that percentage steadily increasing since the year 2016. The housing market has been rising along with the cost of homes and the demand for more inventory. Purchasing real estate is one of the most crucial financial decisions someone can make. It seems that the pandemic and some financial insecurity put this into perspective for a lot of Americans.
Recent Housing Trends
In the year 2020, we saw a steady increase in home buying in ages below 35. This is a trend that has not been seen since the early 2000’s, according to statista.com. With more homebuyers than ever before and a common interest in leaving large cities, there has been a shortage of home inventory and an increased demand for homes of all types. Townhomes and condos are becoming the new starter home for the majority of Americans, who are currently struggling to buy a home. Does this sound like you? Keep reading to learn all about your options and how to save money where it counts!
Factors to Consider in Home Buying When buying a home there are a lot of things to consider, gone are the days of being able to buy a home with minimal concerns. The average home buyer in today’s market should expect to pay over asking price by 5 to 10% and be willing to waive any potential problems with the home. These issues can range from a cracked baseboard costing $20 to water damage reaching over $20,000 in damages. Seems like an insane request but the market has such high demand for inventory and desperate buyers that the sellers are able to place their demands and make a profit in less than a week. So how is anyone supposed to confidently purchase a home over 40 years old and still have enough cash to fund potential fixes? That’s where new builds come in.
New Builds There is a new trend in starter homes and convenient city living. Young buyers are looking for a safe investment that won’t break the bank of their financial future. New builds and their safe and youthful communities are driving new buyers away from the older homes with unknown damages. There are a lot of benefits when choosing a newly built home. Firstly, you can choose every single detail with confidence and never have to fear the quality of the construction being done. You can read reviews and look at the builders statistics to ensure your investment will be well handled. Secondly, you have access to additional lenders and insurance options. Your new home builder will often offer you an incentive to choose their lender and for a lot of first time buyers, it is an easy decision. Another benefit new home build add is their access to home insurance options, usually accompanied by a nice bundle offer. But is it too good to be true?
Home Insurance for New Builds Whenever you are considering home insurance, it is in your best interest to shop around and look at your rates, regardless of what the builder offers. Even if you end up choosing the builder, you will have peace of mind that it is the best offer on the table. After all of the paperwork and buying discussions things like insurance can seem overwhelming, leading to a quick decision rather than a well researched one. The home buying process is known to be one of the most complicated and confusing processes people go through.
Insuravita has spoken to several first time home buyers and prospective home buyers to learn about the pain points and where we can help ease some stress. Insuravita offers new home buyers an exhaustive list of all of their options. Let us do the research for you and rest assured that your new investment is in good hands. We can guide you in all directions from insuring a single family home with property to a townhome or condo where you just need to insure specific aspects of the home. Remove the questions and just get clear answers at Insuravita.