When it’s time to buy a new home, you may be wondering whether to build a house from the ground up or choose an already well-loved home.
It’s not always an easy decision. While the financial aspect of purchasing a home certainly plays a large part, so do lifestyle and convenience factors. Which house is the best for you — a new build or an existing home? Let’s look at some of the factors that will play into your decision.
The appeal of a new build home
There are a number of compelling reasons people choose to build a new home, or to purchase directly from the builder.
That new home look and feel
Many people choose a new home for its beautiful and contemporary look. These homes often feature clean, modern designs with open-concept kitchens, new appliances, large rooms, and current colour trends.
Beyond their visual appeal, new homes are built to the current building code standards for efficiency, safety, and performance.
A new community
Newly built homes are often in brand-new, planned communities in suburbs or bedroom communities. Along with new roads and sidewalks, there may be multi-use pathways and new green recreational areas or playgrounds for families.
New home developers often market and cater to specific groups, such as urban professionals, families, or retirees. All the homes in a neighbourhood might be the same: starter homes, single-family homes, or townhouses. New developments are designed for neighbourliness, and residents are often a single-generation group.
Buying a brand new home
New homes are normally more expensive than resale homes with a non-negotiable price set by the builder. You may have to deal with a more complicated contract that protects the developer. If you buy land and build from scratch, you may need to get a construction loan.
Some significant advantages of buying new are that you get to choose the builder, homeowner’s insurance is lower, and financing may be available through the builder, making it easier to obtain a mortgage.
No large expenses anticipated in the short run
During your first years in a brand new house, your ownership costs should be minimal since everything is new and is unlikely to break down for a while. The house will come with a warranty, but you should be aware of the specified guidelines and time limits.
The appeal of an existing home
Some people simply prefer to go with a home that’s been lived in and loved by previous owners before them. Here are a few reasons why.
That old home character
Many people choose to buy a resale home because of its charm and character. The appeal might be a unique facade or interior architectural details such as vaulted ceilings or built-in cabinetry. Or perhaps it is a feeling of nostalgia that reminds someone of childhood or pleasant experiences from the past.
A neighbourhood with a history
Resale homes are typically in more established neighbourhoods with strong community connections. Here you’ll be able to walk to neighbourhood stores, schools, and local gathering places or find easy access to urban transit. Your neighbours will be a multigenerational mix of families and individuals.
Purchasing an older home
The price of a used home can be tens of thousands less than a new home, it’s negotiable, and the taxes are lower. Your homeowner’s insurance will be higher than a newly-built home, but you’ll know the long-term property value upfront.
A bonus when you are in the process of buying a resale home is that sellers are usually more patient than home building companies and the move-in date is negotiable.
Room to make it your own
Older homes will very likely require maintenance in the first years, but that means you can make improvements to suit your taste. Keep in mind that if you choose to remodel a particular aspect of your house, you may be required to update related parts to current building code standards.
New build or existing home?
The decision to choose a brand-new home or negotiate for a resale home rests on some very personal choices. Spend time considering what is most important to you, and then figure out what your budget will allow.
Let me help you start the process. Contact me today to start a conversation about your next home!