Buying New Homes vs Older Homes

Buying New Homes vs Older Homes

Buying a home involves a lot of decision making - and one of the first questions you must answer before starting a home search is whether you want an established home, or a brand new one. There are pros and cons to both, and you should consider the answer carefully before you start your real estate search. Here are a few things to consider on each side:

A New Build

The prospect of moving into a brand new home, built exactly the way you want it, can be exciting; but make sure you choose wisely. The builder you select must be reputable, or you will regret your decision for years to come. Luckily, there are safeguards and standards in Ontario that help prevent new home buyers. Tarion helps ensure that buyers are protected from unscrupulous builders. Choose a reputable builder that has some established neighbourhoods; go visit them. Talk to others who have purchased new homes so you have an idea of what to expert. Here are just a few pros and cons of buying new:

Pros

* You get to live in a brand new home, where everything is fresh and clean, modern, and energy efficient

* You get to customize your home to suit your lifestyle and tastes (create a bigger bathroom, for instance, or a walk-in closet.)

* Your neighbours are moving in around the same time you are, which can create a closer friendship, since you all having something in common.

Cons

* You'll need to pay the builder in installments, set out in the contract. This means you'll have to save up lump sums of money (and there is no negotiating in the price.)

* It is common for builders to get delayed in the construction process for numerous reasons. Don't be surprised if your move-in date changes at least once.

An Existing Build (Resale Home)

If you have a particular neighbourhood in mind, then you will probably be choosing a home that already exists. When choosing, be aware of your present and future needs. For example, if you're staring a family or have young children, you may want to be close to parks and schools. If your children are older, being close to a college or university may be a bigger priority. Here are a few pros and cons of buying a resale home:

Pros

* You'll be buying into an established neighbourhood, with established infrastructure

* You can negotiate on the price you pay for the home

* Your move-in date is set out in the contract and most likely will not be delayed

* Older homes are known for their character and charm

Cons:

* Depending on the age of the home, you will spend more on maintenance

* It is more difficult and costly to customize an existing home to your suitability

Buying real estate can be a confusing process, but it doesn't have to be. Do your own research and give us a call to help answer your questions and guide you in making an informed decision.  Our team is here to help and we look forward to the opportunity of working with you, to get you and your family into your dream home!

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