Resell or buy new?
One decision that should not go undiscussed when entering the home buying process is the big question of should you buy a previously owned home or have a new home built?
Older homes can fit well with certain situations. For those with an extensive commute, old homes are most common in city centres, which may make the daily trip more approachable. Previously owned homes boast trees and plants that have had the time to mature and create a nuanced landscape, whereas new constructs have freshly worked earth with very young trees planted. And typically, the base price of a pre-owned home is lower than the base price of a new construction. However, new home purchases can benefit you in surprising ways that redeem these miniature drawbacks. Buying new is a choice that remains pertinent for most all buyer’s situations.
When you buy new, everything in the house is designed to be completely updated and energy efficient. With a new water heater, HVAC system and light fixtures, you will immediately see savings on your energy bill compared to your current home. Plus, many items like your roof and windows will come with warrantees, ensuring that you will have to wait quite a while before needing to telephone a repairman. And at those points in the summer where the temperature does crest over 30°C, having a new, perfectly functioning air conditioner is nothing short of divine. Older homes built under looser building codes will likely involve a lot more investment of time and money just to update to code (re-wiring, foundation work, or worse).
What if you find that you want to make additions or changes to the floorplan? With a new construction, it’s as simple as getting in contact with the builder – at the earliest stage, if possible. As opposed to a previously owned home, during new home construction, you will be able to dictate the style of floor plan you want, add rooms or move walls, and request upgraded building materials in lieu of the builder’s default supplies. In an older home, carrying out any of these tasks is ten times more complicated and likely necessary in order to modernize them to meet your optimal living space goals. This freedom and involvement is the kind of power that buying new will get you.
One final important advantage to buying new is the timing when it comes to buying. In the previously owned housing market, locations are hotly contested between home buyers. There is a very small window in which your offer may be outbid by others looking for a similar living space to you. You will be fighting both time and other bidders when going for an older house. Buying a new home offers you more control over the schedule of when you move, from buying to building to finally getting the key to your new home’s front door.
Both housing options have their perks and drawbacks, but in many cases, buying new beats out others as the number one choice!
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