You’re looking to change houses but can’t decide if you should buy a new home developement or a resale property. The debate is a difficult one, one that comes down to more than just finances. Architectural charm of older properties versus the modern and updated amenities available in a brand new house – these are all things to consider in your pro/con list. Here are the advantages of buying a new home vs resale.
While resale homes generally are situated in more established neighbourhoods, with walkability to grocery stores, schools and transit, new builds offer brand-new communities with wide roads, up and coming pubs and restaurants, often in urban areas where old buildings have been torn down, and the knowledge that the area will soon be thriving and sought after.
Outside of the initial payment for your home, the costs associated with being a homeowner should be taken into consideration. Generally, with resale homes, those costs tend to go up, as older homes need more work, and more often. Maintenance costs are higher, as well as changing the look of your place. Remodeling a resale home has the additional costs of ensuring your home is up to current building codes, and not to mention higher costs that come with updating out of style fixtures, floors etc.
With a new build, you’ll have the peace of mind that the maintenance costs will be lower and not as frequent as with a resale home. The warranties and longevity of your appliances and home fixtures will be longer lasting.
If you have a specific feature in mind for your new home, having a resale home can make your life more difficult. Remodeling and reconstructing an already existing home is a lot more work and more expensive than working with the builder beforehand to make the changes you wish. While you might not save a ton in either process, the ease of making your home truly tailored to you is much more with a new build.
Depending on your personal preference, resale homes can have quite a lot of charm and character to them. With that being said, they can also feel quite outdated and would require a bit of work if you wished to remodel. New builds are great in that they come fully updated and often exude a clean, airy feel to them, with modern design and a spacious feel.
Another personal preference decision, but neighbours can really make or break your living experience. The bag is quite mixed when it comes to resale homes, as you can never truly be sure who the neighbours are, with a wide variety in each home. Statistically, new build homes tend to attract a similar type of person or family.
The builder knows who will be moving into their homes as they target to a specific type of clientele. This allows you to have a better idea of who will be flocking to your neighboring homes. Depending on what you prefer, this could be a good thing.
Taking these things into account will help you come to a better conclusion when deciding between the type of home to buy. Each has its disadvantages and advantages. Contact us for more information.