The allure of buying a new custom home has never been stronger. Builders have really upped their game in recent years offering contemporary designs and exotic luxury finishes. But is buying a new home a better option than buying a resale home that has been well maintained and renovated ? Here are some pros and cons to each scenario for you to consider.
Buying a new home satisfies the urge to have “it all right now”. No need to wait for that renovated kitchen or washrooms. With a new home you have instant gratification of knowing you are the first person to live in the home. You get to enjoy all the bells and whistles of a new home including: Smart Home wiring, 9 foot ceilings, heated floors, designer finishes and the list goes on….
But before you enter into a state of permanent bliss with your new home; here are some things to consider: Did you do your homework: What is the track record of the builder ? Are you protected with a Tarion New Home Warranty ? Is HST included in the sale price ? Are appliances, window covers and light fixtures included or are these an extra cost ? What about landscaping ? Ask the hard questions now before you buy to avoid disappointment.
Are you starting to feel that maybe a new home is just not for you. That you prefer the charm and character of a resale home that has some age and patina going for it and has already settled nicely into the surrounding streetscape. Resale homes with traditional architectural styles such as: Georgian, Colonial, Tudor and Arts and Crafts, definitely have their own allure such as: antique hardware, wainscotting, archways, uniquely shaped windows, built-in bookshelves, wood burning fireplace, and more …
But if you are considering purchasing a resale home do not expect everything to be perfect. You need to have a home inspection in order to check and see if the HVAC system, wiring and plumbing have been modernized and if they are up to current standards. What is the condition of the roof and is there proper insulation. Is the basement dry ? Again; ask the hard questions before you buy.
To be sure there are many factors to consider when deciding to buy a new or resale home. In the end it all comes down to what feels right, not just in terms of the home but also your budget and the available housing stock in the neighbourhood that you wish to buy into.
David Dunkelman, Broker: Royal Lepage Johnston & Daniel Division. Email: david@
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