For most people, their home is their biggest investment, and because of it, one must be very careful when making a decision. Perhaps the biggest question you should ask when you’re finally ready to buy a home is whether you should buy a new build or go for a resale home. There are pros and cons to buying a home that’s newly built, and it depends on your specific needs whether it’s the right choice for you or not.
To help you make the right decision, one of the best real estate agents in Toronto shares five reasons you should buy a new build home and three reasons why you shouldn’t:
Why You Should Buy a New Build House
1. You get to be the first to live in the house.
It may not mean much for others, but if you like the idea of living in a new home that’s never been lived in, you’ll only get that from a newly built house.
2. You get a more energy-efficient home.
With the advancement in technologies and modern construction materials, new homes are more energy-efficient than older houses. What it means for you, primarily, is that you’ll enjoy lower utility bills. Of course, you’ll also get a place that’s more comfortable during the hot summers and cold winters. To ensure you’re getting this benefit, have the house checked by an independent home energy rater.
3. You are likely to get a more modern floor plan and design
Most pre-owned homes built from ten years ago or older are often boxy, and rooms tend to be dark and small. In comparison, newly built homes are usually more bright, airy, and more welcoming thanks to their open floor plans and incorporation of tall ceilings and oversized windows.
4. You get to enjoy the latest innovations that come with the house.
Many newly constructed homes are already equipped with useful technology like an alarm and security system, internet and cable wiring, speaker systems, and more. This means you won’t have to deal with installations for these when you move in.
5. You won’t have to deal with maintenance costs for years.
Because it’s a new home (and given that it’s built well), you will not have to face any repairs and maintenance costs anytime soon. You won’t get problematic plumbing, faulty wiring, and HVAC issues for years. Also, if they’re up to code, newly built houses are engineered to reduce the need for maintenance.
Why You Shouldn’t Buy a New Build House
1. Brand new homes are often more expensive than similar resale homes.
You probably already expect this, what with the great new features they offer. But even without the additions, new build homes are generally more expensive than resale homes on a square-foot basis. Also, as local real estate agents will tell you, you are less likely to be able to negotiate the price with the builder than you can with an owner of a resale home.
2. Brand new homes are often found in neighbourhoods that aren’t well-developed.
True, the plan for the area most likely includes amenities like gyms, parks, shops, and more, but they often take years to be ready. So if you want that feeling of an established neighbourhood with access to schools, hospitals, community centres, and more, you’ll be better off with a resale home.
3. Brand new homes don’t offer the same flexibility as resale homes
Unless you’re lucky that your builder can make it work for you and their construction goes as scheduled, you better anticipate delays for your move-in when you choose a newly-built home.
On the other hand, you can include your desired move-in date with a resale home in your negotiations, so it works better for those stricter move-in timelines.
Both newly built homes and resale homes come with their advantages and disadvantages, and ultimately it depends on your specific needs and preferences. So make sure you consider your budget, your taste for aesthetics and features, the location and type of neighbourhood, and other important factors when you’re deciding between the two. It can also help you a lot to speak with one of the most trusted real estate agents in Toronto to know what options you have for both.
Andrew Presta, one of the top real estate agents in Toronto, can provide you with all the information you need on real estate properties for both newly built and resale, so you’ll know what you’re comparing in real life. Get in touch with Andrew today and let him help you find your dream home!