New Home vs Resale Home: What’s Best?
The summer season can usually mean a fresh start for many people, when it comes to buying a new home. This blog aims to help those who are trying to make the best out of this big decision on what they want to do with their future home, especially because of the costs.
New homes and resale homes both have their pros and cons, so it is all about deciding which pros are the best, and which cons are the least damaging.
In case #1, homebuyers are able to do whatever they like with their new home – and we believe having the freedom to renovate is a big plus, than just having to settle for what you’re given! Bedrooms, kitchen, bathrooms, flooring, front porch, and the list goes on. You can also get a warranty from companies that regulate builders and protect your rights as well.
On the cons side, starting from scratch can involve major risks and high costs, especially with HST and GST taxes, and having to upgrade features once they are setup.
Although properties will be taken care of by the builder, extras such as patios, fences and landscaping will be your responsibility. In a subdivision, you’ll need to cultivate your own garden and hire a contractor to build any add-ons you want. Also, be ready for years of construction after your move-in date – infrastructure can take a long time to take shape in new developments.
Most new developments are in suburban areas, which can mean a longer commute for some individuals. Make sure you own a good car!
In case #2, investing in an already built home can come with many advantages, because most things are already present there. Fortunately, some of the things we desire, such as the landscaping, is already in place — including decks, patios and fencing — and they’re often equipped with appliances, window coverings and finished basements.
Another positive is that these resale homes are already present in established neighbourhoods. The infrastructure and community is already in place, so it’s only about integrating yourself with the people around you! HST is also exempt from taxes.
On the downside, maintaining an older home can be quite expensive, and taking responsibility for the features and appliances that are already there, which you may not even desire! What about the monthly heat and electricity bills?You may want to renovate half of the pieces at the home, which may delay your settling in and ‘ruin’ your summer. Building your own home gives you the power to choose whatever you want from the get-go.
The transport issue doesn’t really change. If your work and children’s school is in the city, you’ll need to drive everyday.