Welcome to the new Sarasota Magazine Home Buyer.
New home building in our region is at a pace not seen since before the start of the Great Recession, with 3,716 residential building permits issued in 2013 in Manatee and Sarasota counties.
What does that mean for you, the home buyer? From Parrish in northernmost Manatee County to Sarasota County’s southernmost city of North Port, happily it means more choices—of home styles, communities, lifestyles and amenities.
And if you’re on the fence about purchasing a brand-new home versus a resale, a National Association of Home Builders study is revealing. Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, NAHB found that a newer home—even a more expensive one—can cost the same or less per year to own and maintain than an older home with a lower up-front price tag.
NAHB took into account the purchase price, mortgage payments, annual operating costs and income tax savings, including utility, maintenance, property tax and insurance costs. This data showed that a buyer can pay 23 percent more for a new home than for a home built before 1960 and still maintain the same first-year costs.
In other words, although mortgage payments may be slightly higher for a new home, operating costs will be lower, meaning the outlay is about the same for a higher-price new home than for a lesser-priced older home.
The new Sarasota Magazine Home Buyer is your trusty guide to the region’s neighborhoods and schools, and an invaluable list of new-home communities and the amenities they offer. It’s produced by the team that brings you Sarasota Magazine—named Florida’s No. 1 Best Overall Magazine in 2013 by the Florida Magazine Association—so you can be sure of its quality and value.
–Ilene Denton, Editor