New Home or Resale Home?


To Buy A New Home Or Resale Home?
 

The decision between buying a new or resale home is more than a dollar-and-cents debate: it's a decision about lifestyle. Some people love the gleam of a modern place, while others love the classic touches of an older home. Below are some comparisons to help you make up your mind.

 

  Resale Home New Home
Location - Best option if you desire a more established neighbourhood
- Greater access to urban transit
- Closer to neighourhood infrastructure, such as houses of worship, schools, stores and community centres
- Best option if you value a brand-new, safe community
- Usually found on the outskirts of town or in the suburbs, so commuting may be a factor
Purchase
price
- Typically less expensive per square foot than a new home
- Price is negotiable
- Usually more expensive per square foot than a resale home
- Price is not negotiable
Other Costs - You'll always spend more on maintenance with a resale home
- Costs to comply with current building codes must be added to any remodelling plan
- Building materials are outdated and may be expensive to replace
- You have to pay extra for every upgrade
- Built to current building codes
- Energy efficient, so upkeep and maintenance is usually minimal
- If under warranty, most defects or deficiencies are covered
Character - Often found on streets lined with established trees among unique homes from across several decades
- Inside you can find architectural details such as vaulted windows, high ceilings, built-in cabinetry
- Offers open, updated living space with clean, modern designs
- Any architectural flourish, such as high ceilings, is considered an upgrade (and you'll have to pay)
- If your home is one of the first built, be prepared to live in a construction zone for a while
Move-in
dates
- You can negotiate your possession date, which can make your move more convenient - Possession dates are inflexible for buyers, although often delayed by builders
Your
neighbours
- Older neighbourhoods often have a mixed bag of residents, from young families, to renters, to seniors - Often attract a more homogenous buyer group (developers will target a specific clientele, such as retired seniors or new families)

 

 

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