What does your perfect home look like? Is it a brand new house with gleaming floors and flawless finishes, or a sprawling family home in an established neighbourhood waiting for some TLC and your personal touch? Every buyer has something different in mind, and whether you choose to buy brand new or a re-sale, both have their own advantages. It’s up to you to determine where your priorities lie.
Buying a Home in an Established Neighbourhood
Advantages – Older neighbourhoods offer mature streets, larger properties and more privacy. In most cases, the yard is already landscaped, and there is plenty of room for parking. Amenities such as schools and churches have already been established, so most of your basic necessities should be located nearby. Older homes offer unique character and charm.
Disadvantages – Older homes may need some updating, and that will require you to set aside some funds for renovations. You will also need to budget for other maintenance costs, in case the home requires a new roof, furnace or air conditioner. It’s wise to get a home inspection so there are no unexpected surprises after you move in. In most cases, you are buying the home “as is”, and there are no builder warranties to protect you down the road.
Buying in a New Neighbourhood
Advantages – Of course, the biggest advantage to buying brand new is you get a home that no one has lived in before. There is no need to set money aside for renovations as all finishes will be complete and up-to-date. Most of the important elements of the home are protected under warranty.
Disadvantages – New homes usually still have a few things left to do outside. You may need to invest some money in landscaping, and you will probably need to build a fence to create a sense of separation between you and your neighbours. Schools may not be in place yet at the time you move in, so your kids might be required to travel a little farther every day.
New or old, the perfect house should feel like “home”. Keep an open mind during your search, and explore all your options before you decide on the best choice for you.