New Vs. Re-Sale Homes
06 Sep 2017
It is generally believed that new homes will cost buyers more than purchasing a re-sale home. However, that is not always the case.
Older homes do not comply with modern building codes and may require costly renovations and more frequent maintenance checks (windows, roof, wiring, plumbing, asbestos removal, etc.). Older homes may also be more expensive as they tend to be located in central downtown hubs, whereas newer homes are built farther away from downtown cores, on undeveloped lots of land.
Below we explore the pros and cons of purchasing a re-sale home versus a brand new home.
Which home would you choose?
Renovations & Repairs
When purchasing an older home, it’s important to investigate how long ago the water heater, roof, windows, and any other important house fixture was inspected, repaired, or replaced. Homebuyers may also buy an older home with the intent to renovate. However, renovation costs are likely to surpass original budgets, as it is difficult to tell if larger problems with plumbing or wiring exist behind walls.
As older homes aren’t built to modern code standards, homeowners may face unexpected and potentially harmful house hazards such as mould, asbestos, animal intrusion, and more. Other potential complications include poor foundation and insulation, pipe bursting or leaking, and sloped floors.
No Initial Design Control
When purchasing an older home, you are buying a home designed by someone else. This leaves you with little control over floor type, carpet colour, cabinet style, ceiling texture, and other design elements – without having to completely renovate.
While older homes can be costly in repair and renovation, or due to their closeness to downtown areas, older homes can sometimes be more affordable and are ideal for those looking to flip a house.
When it comes to older neighbourhoods, potential buyers have the advantage of being able to research the area to understand what other homes are selling for, what the crime rate is like, what schools exist, and other factors that may contribute to making a purchasing decision.
Older homes tend to have more character, especially Victorian-style or historic homes. However, while the character of an older home can be pleasing to the soul and eye, it may be costly to your bank account, nor be the best investment.
Mature Nature Growth
Many older neighbourhoods have the advantage of large, deep-rooted, beautiful shrubbery and trees that have grow over the years. However, should you not like the overbearing trees that have overgrown on your older property, or if you need to make room for a home extension or in-ground pool, removal can be extremely difficult and costly.
With new homes come property transfer taxes, additional lawyer fees, real estate fees, and more. Before buying a new home, it’s a good idea to do your research to determine how much you’ll need to save for extra new-home costs and fees.
For those who love aged architecture and the history of older homes, a brand new home may not offer the same feel and character they may be looking for in a house. New homes are also unlikely to have established landscaping and greenery.
Some new homebuilders bite off more than can chew and are unable to deliver on time. While most new homebuyers expect delays to some extent, anyone with a hard moving deadline may find this risk unappealing.
Newer homes are built with builder’s warranty to ensure new homeowners are protected against any defects that may present themselves in their new home. Warranty offers keep home building companies competitive and responsible for a home well built.
As new homes are built with new windows, roofs, and water heaters, you won’t have to make any costly home repairs, nor purchase any replacements for years to come.
Want a Jacuzzi tub in your master bathroom or hard wood floors in the dining room? Most builders can accommodate their building plans to deliver on your desires. When purchasing a new home, you’ll have the option to pick and modify your cabinets, flooring, layout, and more.
New homes are built and designed with the latest technology and materials available. This can include higher energy efficiency, better insulation, dual pane windows, and more.
New homes are required to meet all necessary building codes. With pressure to meet specific standards, you can rest assured that your new homebuilder will provide you with a safe and code-complying house.
In addition to having all new everything, there is a very real emotional draw to purchasing a brand new home. Symbolizing a new start or a new chapter for a couple, family, or individual, a brand new home can offer sentimental appeal.
At Bradley Homes, we understand that deciding between buying a re-sale or new home can be challenging. We also know that when making a purchase as large as a house, you want to make sure you’re making the right decision for your family.
That’s why we offer transparent purchasing that includes the lowest deposit in Canada. We also impose no hidden real estate fees, pressure-tactics, or lot levies. Our seven-year new home warranty comes with the purchase of your Bradley Homes home, and we also offer continued customer service and flexible financing.
In other words, we make buying a new home mystery-free, safe, and easy.
To learn more, contact us today at 1-866-404-6142.