Which is the better choice for you: buying a new home or purchasing an existing one? A new construction home presents a wealth of benefits to today’s buyers. When you factor in all the features and today’s prices, you can save money by building a new home near Raleigh, NC. 

What does it cost to own a home?

The purchase price of a home is the cost to acquire that property. Before you decide to buy any house, you must consider the cost of owning it. Repairs, replacing systems and appliances, renovation, and maintenance show the total cost of ownership. This knowledge allows you to decide on the more affordable option in the years ahead. 

Start by creating a budget the covers all of the following expenses:

• Mortgage: Use a mortgage calculator to determine your principal and interest (P&I). This is the basis of your monthly payment.
• Private mortgage insurance: If you’re making a down payment that’s less than 20% of the purchase price, you’ll probably need to pay for PMI, regardless of whether the home is now or used. When your mortgage balance drops below 78% of the home’s original value (not current market value), you can terminate the PMI. It doesn’t automatically go away.
• Property taxes: They vary according to the location, size, and age of the home; on average, your annual taxes fall between 0.5& and 2% of your home’s assessed value (which is lower than the market value, and determined by your municipality’s assessor). Cosmetic changes don’t raise your property tax, but structural ones will. Keep this in mind if you’re planning to renovate. Often, the property tax is included in the monthly mortgage payment; otherwise, you pay either annually or bi-annually to your municipality’s tax collector.
• Homeowner’s insurance: The cost to insure a new home is usually less than an older one, because repairs can be more expensive on these existing homes that were built to a different standard than the current one.
• Utilities: Energy efficient homes conserve electricity, water, and heating fuel, which lower your utility bills. If you buy a home and upgrade its energy efficiency—like installing solar panels—you might be eligible for a tax credit.
• HOA or CDD: This monthly fee is set by the developer or Homeowners Association.
• Maintenance: Estimate 1-4% of the home’s value (not purchase price) for home maintenance. For a new construction home, it’s safe to estimate on the low end because your home’s structure, systems, and appliances are covered by a warranty.

Estimate these costs for any home you’re considering. This checklist provides a good representation of your total cost of ownership—and could help you make a smart decision on buying the right home for you!

Is a new home or a resale home a better value?

According to a 2023 Axios study, “For the last 10 years, prices for new single-family homes have been on average about $60,000 more than existing home sales. In May (2023), that differential was less than $15,000.”

In the past year, that gap has closed. As of July 31, 2024, the median price for an existing home in the United States is $422,600. The US Census Bureau reports that the median price for a new home in June 2024 was $417,300. That means you can buy a new home, spend less, and still get more for your money!

How does this happen? There’s a limited inventory of resale homes on the market, which drives up the price. Builders create inventory with their new construction homes. They also build homes that are modern, more energy efficient, and present a higher value.

When you buy a new construction home, you gain these benefits:

• You make all the choices. From the location—including the homesite—to the floor plan and every interior and exterior detail, you pick what you want.
• Everything is covered by a warranty so you have the peace of mind that you won’t incur costly repairs.
• Your new home is built to the latest construction standards, from materials to methods to systems, which includes energy efficiency, indoor air quality, and sustainability. With the high level of energy efficiency, you save money on utilities, too.
• The home is modern. You have the latest in design trends, including layout, countertops and cabinetry, lighting, plumbing, and smart home automation.
• It’s move-in ready. There are no repairs or renovations to be done, which saves both money and time. 

At New Home Inc., we can show you how to save money by building a new home near Raleigh, NC.

Our rate buydown is a money-saving finance option

An interest rate buydown is another opportunity to lower your cost. This lending option allows you to buy discount points (paid at closing) that offset the difference between the interest rate you’ve qualified for and a lower rate. You can purchase the points yourself, but some builders—like New Home Inc.—will actually pay the interest rate buydown. And, while some of these plans only reduce your rate for the first one or two years, we cover the cost to keep your rate low for the entire term of your loan.

With an interest rate buydown and the other benefits of choosing new construction, now is a good time to buy a new home.

New, modern homes for sale near Raleigh, NC

Raleigh, NC, is one of the hottest housing markets in the country—currently #2 in the US. The quality of life is a big draw.

How much does it cost to build a new home in Raleigh. NC? New homes in Raleigh are affordable, compared to the rest of the country. And you can do even better if you move just outside the city.

New Home Inc. is developing communities of townhomes and single-family homes for sale near Raleigh. We’re building in appealing and affordable suburbs, such as Lillington, Fuquay-Varina, Smithfield, and Willow Spring, NC. 

Our approach to new construction extends beyond the average. We adhere to homes that are “Future-Proof”. They aren’t just designed for today, but the way you will live in the future. By thinking ahead, we have come up with these innovations: 

• Smart home automation is here to stay, and will only expand. Don’t you want a home that doesn’t need to adapt to your technology but includes it? We leverage the technology for your security (with a video doorbell and smart lock), convenience (smart home network panel), and energy efficiency (smart thermostat).
• Protect your package deliveries with the Smart Door Delivery Center, a fully enclosed, climate-controlled space between your exterior and interior front doors. Using a one-time code, the delivery person is authorized entry only to the delivery space. The door automatically locks afterward.
• You need more prep and dining space, so we include an oversized kitchen island with seating on three sides, not just one or two.
• Our floor plans also feature a separate service pantry—which we call a “messy kitchen” adjacent to the kitchen and separated by a door. The messy kitchen can be outfitted with cabinets, countertops, a sink, dishwasher, mini fridge, or other features to make it more useful to you. You can use it to store small appliances, servingware, and other things you use occasionally. Even set up a beverage station to keep that activity out of the main flow in the kitchen.
• We build according to the requirements of the ecoSelect Home Efficiency Program. Certified by a third party to ensure objective, professional analysis, each home is built with energy efficient lighting, low-flow water requirements, high efficiency HVAC, and advanced air sealing and insulation.
• Breathe easy knowing your New Home Inc. home has a whole home air filtration system to improve indoor air quality. The filters capture microparticles that can collect in a well-insulated home. So, you get the benefits of both energy efficient insulation and high indoor air quality.
• An electric vehicle charging station rough-in is included in your garage. Having this pre-installed makes it easy to finish this feature whenever you’re ready.
• CAT6 cabling is wired into every home, delivering stronger, more reliable connections without dead zones. CAT6 cabling is an important feature for households with multiple people using a variety of devices that put high demand on your network and connectivity.
• Our pet-friendly spaces include a grooming station option and a nook built into the wall under the stairs, so your four-legged family member has a place to call “home”, too.

We have move-in ready homes for sale near Raleigh, or you can choose the community, homesite, and floor plan so we can build exactly what you want!

Is a townhome right for you?

A townhome offers the perfect alternative for some homebuyers. The included maintenance offers the advantage of a lock-and-leave lifestyle. You don’t have to worry about lawn care and other chores. Modern townhomes offer spacious interiors with all the features you’d find in a single-family home. 

If you’re looking for new townhomes in Raleigh, you can find more affordable options outside the city. We have new townhomes for sale near Raleigh at Springwood Townes in Fuquay-Varina, NC. This thriving Raleigh suburb earned an “A” from Niche.com, with high marks for diversity, schools, and family-friendliness.

Springwood Townes is located near Downtown Fuquay-Varina, so you’re close to the wide variety of shops, restaurants, recreation, entertainment, events, and services there. If you’re eager to move, New Home Inc. has a great selection of quick move-in townhomes. You can also choose the townhome floor plan for us to build yours here. In this way, you can choose all the interior selections 

Get your dream home for less

New Home Inc wants to make it easy for you to buy the home you want in the Raleigh area. Our floor plans include single-level and multi-story home designs, from 1,471 to more than 5,000 square feet. Our 3-story townhome floor plans range from 1,706 to 2,268 square feet of interior living space.

Contact New Home Inc. to plan a tour of our communities, furnished models, and new homes for sale near Raleigh.