New Home vs. Resale – What you Should Know!

The search for your perfect  home is both exciting and overwhelming but the good news is you’ve got options!  There is an increase in the expansion of new residential developments across Ontario, giving buyers the opportunity and choice of purchasing a new build construction or Resale.  I’m here to share some pros and cons to both options by taking you through a few key considerations to keep in mind. 

Maintenance 🛠 

New homes come with considerably less maintenance than resale homes. They’re made with new material, use modern designs, new appliances, and up-to-date safety features. But be prepared for the dust and dirt that comes from living in a newer under construction development – you may require frequent car washes.  Resale homes will most likely require some work both aesthetically and in terms of home safety. But this doesn’t have to be a con! Opting for a resale home gives you the opportunity to renovate and do some home improvement work that is customized to your family and family’s lifestyle.  

Cost 💰 

There are a number of considerations to make when it comes to the cost of a new home vs a resale.  New homes will have additional costs that can sometimes be forgotten about such as installing an Air Conditioning unit, Central Vacuum, Auto Garage Opener and remotes, window Treatments, Fences, Landscaping, Lighting Upgrades, Painting, New Appliances and the list goes on.  Resale homes, however, tend to be less expensive in the long run. Along with the fact that there is a strong possibility a resale home will be larger in square footage and land, there is also far more room for negotiating both the price and terms of sale with a resale home. When all is said and done, you may wind up spending much less than you anticipated, which means that a portion of your budget can go to fine tuning and personalizing. You know – the fun stuff! 😉 

Location📍

While you may not think that location plays into this, let me tell you why you could be wrong. If you’re looking at a home within a metro area, you’re most likely going to be met with far fewer new build options. So, if you’re looking to settle in an area a bit further out of the downtown core, then you’ll find much more new home options. A new home in a developing area also means that schools and local amenities are also newer, and you’ll be immersing yourself in a community that is still coming together and lending your voice to the development of the neighbourhood.