With new home sites popping up everywhere you look, this question often comes up when I’m dealing with buyers. Unfortunately there isn’t a definite answer that I can give you as it really boils down to your personal needs and desires. Both new homes and resale homes have advantages and disadvantages. Determining which kind of home will meet those needs and desires is a very personal and individual decision.
New Home – ADVANTAGES
• may able to customize with personalized choices
• possibly have more modern conveniences
• can be more energy-efficient because of better insulation, improved heating and cooling systems
• may have lower maintenance costs because everything is new and many items still under warranty
New Home – DISADVANTAGES
• be prepared for ongoing construction around you and to endure noise, dust and dirt
• very sparse lawn and tress in beginning
• flaws are not evident right away and may take a number of years to be discovered
• additional expenses for appliances, decks, fencing, finishing basement, landscaping, air conditioners etc.
• todays new communities do not provide large lots
Resale Home – Advantages
• moving into an established neighbourhood with its own unique personality
• mature lawn and landscaping, fencing installed and driveway paved
• known for solid construction
• may already have extras like fireplaces, finished basements or swimming pools
• opportunity to see what you are getting upfront without any guesswork
Resale Home – DISADVANTAGES
• usually requires some redecorating or repairs
• utility bills may be significantly higher as older homes may not be well insulated, windows and doors may fit poorly and appliances may not be as efficient
• may need significant remodelling to customize to your liking
When we were looking to move from our condo we knew that we wanted a resale home. In fact this is our second resale home and we are quite happy with our decision. Our main reason was lot size. We wanted a home with a pool and some yard left over for our pooch. As far as the interior, our home is approximately 25 years old and has a traditional floor plan and we decided to make better use of our existing floor space with a reno. The end result is a beautiful open concept main floor that can compete with the newer homes AND a large lot in a mature neighbourhood. Click here to see our reno!
Whether your decision is to buy brand new or resale, the purchase of a home is one of the largest financial decisions you will make in your lifetime, and there are many things to consider when deciding which type of home is right for you.