With the spring market in full swing and temperatures beginning to rise, many homebuyers are thinking about what type of home they’d like to purchase.
When searching for your perfect home, there are a number of important factors to consider, including desired location, affordability, lifestyle, and current and future needs. Do you prefer suburban living or a city centre? How important is your proximity to work, schools, amenities, etc? These factors will help you determine whether you want to purchase a newly-constructed home or a previously-owned (resale) home.
Following are some of the characteristics of both options for you to take into consideration during your decision-making process.
This option provides the freedom for you to customize all of the elements you need and want in your home. Typically, you have a number of floor plans to consider and you can select upgrades such as flooring, cabinets and electrical features to suit your personal taste. If low maintenance and energy efficiency are important to you, then this is definitely the route to go as all of the materials, fixtures and appliances will be new, built to the most current building codes and covered by warranties.
It’s important to note, however, that this option may take some time to build, you could be living in a construction zone for a while, and community amenities such as schools and stores may not be completed for an extended period of time. In addition, keep in mind that upgraded features will cost you more, so be careful not to get too carried away with the bells and whistles!
Perhaps you prefer a home with older character, on an established, tree-lined street. There are many positive aspects of buying an existing home, such as the absence of noisy construction, you can move in within a short period of time and you’re generally close to shopping, schools, public transportation, etc. Also, you actually see the house you’re buying (ie, not just a floor plan) and there is almost always flexibility in terms of price as you have the opportunity to negotiate with the current owners.
On the other hand, a resale home typically involves more updating, repairs and general maintenance. They tend to be less energy efficient, which may negatively affect your utility bills, or you may have to invest quite a bit of money to make your older home more eco- friendly. Also, any interior design or structural changes could be costly and time-consuming, so make sure you build a maintenance/reno fund into your budget.
Whether you choose new or resale, there are different types of homes to consider, including single-family detached, semi-detached, townhouse or condominium – each with its own special features. Look for the option that fulfills as many of your requirements as possible and be sure to work with a qualified mortgage agent to help you through the financing process. Have questions about whether buying new or resale best meets your needs? Answers are a call or email away!