Many people choose new construction for their home purchase. West Lafayette and Lafayette both have seen quite a bit of new construction in the past few years. In our market, and depending on the price point, new homes typically have a similar sales price compared to existing homes, and buyers also usually realize that a new home will have lower maintenance costs. Builders' warranties on new homes, when combined with a new roof, appliances, and major systems, usually make major repairs unnecessary. A Realtor that is experienced with the process of new construction can help ensure you get the best deal.

Census Bureau Housing Surveys suggests that operating costs are lowest for brand new homes and slightly higher for relatively new existing homes. Operating costs per square foot of living space are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace.

New homes require fewer expenditures for routine maintenance. The cost of maintenance first increases with age, then declines, so you will generally spend less maintaining a home built before 1960 than for a home built between 1970 and 1975.