Buying a new home is an exciting milestone in life. Whether upgrading from your current residence or moving into your first new home, there are several expenses to consider when making this purchase.
Raleigh is known for its world-class universities, robust economy, and southern charm. The city, Durham, and Chapel Hill comprise the research triangle region.
Budget
The first step to buying a new homes for sale in Raleigh, NC is setting your budget. Rank your priorities, then work with a real estate agent to find homes that meet your needs. Include all your costs, including down payment and closing fees.
Down payments are one of the largest expenses for new homeowners. Millennials have struggled to save enough cash for a down payment due to the economy and student loan debt.
Other monthly expenses include property taxes, insurance, utilities, and routine maintenance. Often, it is more cost-effective to buy a house with upgrades like energy efficiency and solar panels that will save money on bills in the long run.
These features can also increase your home’s resale value and curb appeal. A good mortgage lender can help you calculate your true cost of ownership. When choosing a home, it’s important to factor in all these expenses, your potential commute, and your lifestyle.
Location
When you buy a new home, it’s important to consider the location. Look for neighborhoods near your preferred commute times, shopping, and entertainment. It’s also worth checking the quality of schools, particularly if you have children.
As the capital of North Carolina, Raleigh is a thriving city with an incredible economy and top-rated schools. It’s part of the research triangle, Durham and Chapel Hill. It is home to high-tech companies, public and private research facilities, and renowned universities. The area has outdoor adventure, cultural attractions, and southern charm.
New Raleigh homes offer easy commuting to downtown and the surrounding suburbs. In addition to a convenient location, many communities feature luxurious amenities like pools and clubhouses. You can find many home designs, from new-construction townhomes to craftsman, colonial, and farmhouse-style homes.
Look for features that fit your lifestyle and budget, like open floor plans and energy-efficient appliances. Once close to closing, schedule a walk-through of your new home to ensure it’s ready for move-in day.
Schools
If you are a new home buyer with children, finding a community zoned for great schools is important. It will ensure your kids get a top-notch education and may increase your property value over time.
Raleigh is known for its excellent public school system and is a top place to live for families. The city is also just a short drive from the beach and many lakes.
The cost of living in Raleigh is very affordable for a family, with housing prices 30% lower than the national average and utilities and transportation expenses 4% lower than the national average. It makes it a great choice for millennials looking to become homeowners.
The city also has many townhomes and condos for those who prefer not to have a yard. However, when choosing a condo, be aware of HOA fees and policies to ensure that you can enjoy your lifestyle. HOA fees can be a deal breaker for some buyers.
Amenities
The state capital of North Carolina, Raleigh, offers new home buyers a city with a strong local culture and a robust economy. As part of the renowned research triangle area, this thriving community is close to various high-tech companies and international corporations, with top universities nearby.
Residents can enjoy the outdoors with plenty of recreational activities and a wide range of parks. There are also various dining and shopping options in downtown Raleigh, including boutique shops, pubs, and restaurants serving microbrews and southern food.
The city of Raleigh-Durham is a popular choice for new construction homes, with many communities offering easy commutes to downtown or the research triangle park. Once you’ve completed your final walk-through and your lender has given the go-ahead, you’re ready to sign your closing papers and enjoy your new home!
Energy Efficiency
Many buyers purchase a new construction home due to the energy efficiency built into them. The builders incorporate solar panels and a higher building efficiency design to minimize utility bills and reduce carbon footprints. Additionally, a new construction home’s energy efficiency can make it eligible for certain incentives and rebates.
Buying a new home can be expensive, and if you are a first-time buyer, it’s important to consider your options carefully before deciding to buy. Getting pre-approved for a mortgage will help you understand your financing options and determine how much home you can afford. It will also show sellers that you are a serious buyer and will not default on your mortgage.
Living in Raleigh has a lot to offer, from a high quality of life and affordable cost of living to an awesome job market and amazing weather. It’s no wonder that Raleigh and its suburbs were recently ranked as the number one place to live in America!