|
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- Building materials are outdated and may be expensive to replace |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) |