When it comes to buying a home, there are unlimited options available on the market for you to choose from. One of the toughest decisions can be whether to buy a brand-new build or a resale home. While your budget is definitely important, there’s more to think about than just the cost. Here are some things to consider when deciding to buy new or resale:
Location
Where you want to live may play a big role in choosing a new or resale home depending on what is on the market in your preferred location.
What part of the city do you want to live in? Do you want to be close to family or friends, or a particular school or church? Is public transit important to you? Most established communities (with parks, trees, amenities, etc.) are generally comprised of resale homes – but not always. And while it can be exciting to buy into a brand new community, keep in mind that you could be dealing with construction for a long time and it may take years for local amenities to be built.
Move-in date
Is your move-in date flexible? When buying a resale home, this date is negotiated in your Purchase Contract. While builders will negotiate a project completion date with you, there are many factors that can affect their ability to meet their timelines, like the availability of contractors and supplies, or even the weather.
Style
What style of home appeals to you? Today’s new builds are mostly open-concept with clean lines and front garages, while you may find more variety of architecture and character in the resale market.
When building a new home, you get a say in the layout, design, and features in your home, while an older home may require some updating to suit your tastes. Or maybe you prefer the charm of older, cozier homes.
Price
While it’s often said that resale homes are cheaper than new builds, this is not always true. The price for both new or resale homes will depend on many factors, mainly the current market conditions and demand in the area you’re looking to buy. But both new and resale homes will have additional costs that will affect the total amount you will pay:
When building a new home, you’ll likely find that many of the features or upgrades you want cost extra money. Some upgrades can be unexpected, so be sure to ask your builder for a breakdown of all of the costs associated with each upgrade.
New homes may not include decks and landscaping (or what they do include is very basic). Most resale homes have landscaped yards and the decks are already built.
GST is often included in the purchase of a new build, but not always. Ask for clarification to be clear.
An older home may require some maintenance or renovations. While you may be able to negotiate some items in the Purchase Contract, keep in mind that over time, things will need replacing in an older home.
There are tons of beautiful new-build and resale homes, so why limit your search to just one or the other? Your Realtor can help you decide what features matter to you the most and then find you both new builds and resale homes that meet your needs.
Written by CIR REALTY
