With more and more houses getting older and older, how could this aging trend affect Vero Beach home buyers in the future? The Department of Housing and Urban Development's American Housing Survey (AHS) shows that the median age of homes in the United States is now around 35 to 40 years old.
The National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case Vero Beach home buyers will be responsible to update their new residence. Even homeowners who aren't selling will need to consider remodeling for structural and aesthetic reasons.
Vero Beach Home Buyers Face Higher Prices
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn't meet the demand of Vero Beach home buyers.
In December 2014, the average cost of a new home was $298,100 while the cost of an existing home was $209,500. Saving that kind of money on a home purchase allows a Vero Beach home buyer to budget for a remodeling project.
Many Vero Beach home buyers opt to save on remodeling costs by doing things themselves. According to a 2013 American Housing Survey, a homeowner can save more than half the cost of a project by doing it themselves. A professional bathroom remodel runs $8,221 versus a do-it-yourself job at around $3,000. The kitchen, one of the most costly remodeling projects to do, comes in at around $15,000 for the do-it-yourselfer and around $35,821 for a professional to do it for you.
Buying an existing home can put first-time Vero Beach home buyers in a better financial position. Instead of renting until they save up money for that brand new home, they can begin gaining equity in their house and enjoy the benefits of having their own place.
Get more tips and articles designed to help Vero Beach home buyers save money on remodeling jobs in the Vero Beach Home Improvements section below our Vero Beach Real Estate Categories in the column to your right.
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