One of the largest purchases in your lifetime will be the purchase of a home. Buying New verses Resale. There are a lot of factors to consider when you buy such as whether to buy a new or an older home. Both have value and both have pros and cons. Here are some points to consider before you purchase.
New Build
Pros and Cons
- New home has all the latest upgrades and building code compliance
- Price may not be negotiable; depending on the builder
- Unless custom built – many designs are cookie cutter throughout the neighbourhood
- Some flexibility on making changes to design features and upgrades
- Don’t know you neighbours
- In newer neighbourhoods infrastructure may not be in place (schools, parks, public transit)
- Tax rebates may be available
- May need to add fencing, lawn or paved driveway (may not be included in cost)
- Move in date may not be flexible
- New homes come with a warranty
Resale Home
Pros and Cons
- More established neighbourhoods
- Infrastructure already in place
- Price is negotiable
- May need to bring house up to code for wiring, septic, etc.
- Older homes are often unique in design, different architectural designs
- Flexible move in date
- Upgrades to bathrooms and kitchen may be needed
- Established neighbourhoods and community developed
- Many older homes are built to last
- Fencing, paved driveways and decks included in resale
Whether you buy a new build or a resale home, the choice is yours. You need to feel comfortable with your decision and what your lifestyle will look like. Both have amazing value and you will need to check the pros and cons to suit you best.
For more help finding out if Buying New verses Resale is best for you, the Winch Walton Team can help you decide what may be the best route for you to take.
Access the Winch Walton Team for all your Ottawa real estate and free home staging needs.