When it comes to the major decision of building a new home vs. buying a resale home, your best bet is to start by taking a long look in the mirror. Are you the sort of person who feels more comfortable living in the presence of other people’s memories in an older neighbourhood, or do you consider yourself a “pioneer”, preferring to forge your own future while a neighbourhood springs up around you? Still unsure? Maybe a few other considerations would help.
Why owners love their newly constructed homes
Depending on where you choose to live, a new home can offer you much more space for less money, plus you can really tailor it to what you want. You’re in control, with decisions about items like flooring and cabinets, specialized plumbing and electrical fixtures and sometimes even room layout. And of course, when you take possession, everything works right away. Floors gleam, faucets sparkle, and the home even smells new. Plus, the home is likely more energy efficient, with better insulation and more modern conveniences than older homes.
Not only do newly constructed homes mean no renovations required, but you also have the satisfaction of knowing that there is no question about what you’re purchasing. You’ll have the satisfaction of knowing what happened in your home from day one without the threat of hidden problems.
Along the way, you may have had help with your builder providing expert advice and knowledge, from home selection to interior design, while giving you ultimate control over the big decisions. Besides all that, buying new will mean lower maintenance costs – and the Alberta New Home Warranty.
Perfection takes time and patience
It’s no secret that building a new home takes time, could take anywhere from 8 to 16 months (on average) depending on your builder, time of year and whether or not you want to make alterations to the original plan. For the most part, your costs are set up front, but along the way you may face unexpected costs that can add to the overall anxiety surrounding the project.
Then there are the frequent decisions you may be asked to make – something some new home owners love to be in control of, while others may find annoying or even stressful. Finally, after you move in to your new home, you may find yourself waiting again – for trees to grow, for soil to settle so fences can be built, for basements to be developed and for neighbours to get finished with their own projects.
Why owners love their resale homes
With roughly twice the available homes on the market being “previously loved,” selection is a big advantage. Plus, the fact the home is owned by someone else gives you more leeway to offer and counter-offer until you get the price you want. The home itself may have been substantially improved over the years, with additions or interior renovations increasing the livability and reducing the need for you to roll up your own sleeves, meaning you can move in a lot faster.
Choice of location is another reason that many people choose to buy resale. Homes are available in all areas of the city, whether in more established neighbourhoods or in new communities that are still growing, the resale market simply has more locations to choose from.
Many house hunters like the way that older homes look and feel, seeking out the ‘charm’ of certain features that may not be readily available in newer homes, such as exposed beams, decorative moldings or curved archways.
Do your homework before making it yours
As much as it can be a bonus, a renovated older home can also be a headache. If the home doesn’t meet your taste or needs, you may decide to renovate. This means that you may find you have to uproot your family and change your entire lifestyle during re-renovations.
Even if you’re not renovating, there’s almost always something to attend to with an older home. Remember, home building standards and codes have vastly improved over the years, and it’s not unusual for owners of older homes to sink money into updated plumbing and wiring. Also, make sure you have a thorough inspection done before making any move on the purchase; surprises like leaky roofs, cracked foundations or mould build-ups will have you loving your older home a lot less.
New or old? There is no right answer
Getting back to the original question of which one is right for you, the new vs. old conundrum is a personal one. Of course, your own preference and lifestyle requirements may change over time. You may find yourself with a new family addition, a change in relationship or simply a desire for change, so what’s new today could be old tomorrow – and vice versa.
