When buying a new home, inevitably you’ll have to decide between a resale (previously owned) home or a brand new home build. While both have their pros and their cons, the right decision will come down to which one best suits your wants and needs.
Here are a few things to consider:
Affordability
For many home buyers, choosing between a resale or a new home build hinges on affordability. Resale homes tend to come with a lower upfront price tag, making them more attractive to buyers on a budget. However, it’s important to remember that while a new construction home may cost more upfront, they may be less expensive than a resale in the long run.
Why?
For starters, everything in a new home is untouched. As such, you won’t have to worry about repairs, upgrades or maintenance. They’re also incredibly energy-efficient, which pays dividends on your utility bills. Last but not least, new construction homes come equipped with a 10-year new home warranty, which ensures you’re protected from builder and material-related defects.
Personalization
Personalization and customization are often the main attractions of new construction homes. Pre-construction homes are especially flexible when it comes to designing your home exactly the way you want it. From home theaters and gourmet kitchens to wet bars and spa-like ensuites, you can custom-tailor to suit your unique lifestyle.
Buyers wishing to avoid a longer decision process may opt for a spec home. In this case, construction has already begun, but they may still have a say in design elements such as flooring, countertops, cabinetry and other finishes.
Conversely, resale homes have been built to someone else’s tastes. Of course, you can always choose to renovate, but you’ll be faced with limitations in terms of layout and floor plan. Additional costs may also present themselves regarding older appliances, systems and repairs related to general wear and tear.
Maintenance
As we mentioned above, new homes come with new home warranty. This delivers the ultimate peace of mind for new homeowners, who can rest easy knowing they won’t have to worry about repairs or maintenance for some time. Should any warrantable defects arise, they will be covered and your new home builder will take care of them for you.
In a resale situation, you never really know what you’re going to get. Even with a home inspection, major problems can reveal themselves soon after moving in. Older homes are also more work (and more costly) in terms of upkeep, especially when it comes to appliances and systems and other important elements such as roofing.
Moving In
Resale homes generally offer faster move-in times than new construction homes. After navigating the home’s sale you may have to wait a week or two prior to taking possession, but this is pretty minimal compared to waiting for a home to be built. That being said, new home builders will often have new home inventory on hand. Known as “quick possession homes” these brand new models come equipped with the latest finishes and features and are 100% move-in ready.
Community
As resale homes are older, they are generally located in established communities. This makes them ideal for buyers in search of a home near existing schools, shopping centers, services, restaurants and entertainment venues. Other perks include mature trees, landscaping and a lack of construction.
New home communities also have their advantages. New communities mean new amenities and, while they may still be under development, new amenities increase your home’s value. Land developers like Landrex also choose their developments carefully so as to build out all-inclusive neighbourhoods offering families everything they need to thrive in one convenient location.
For more information, see our previous post: The Safety and Benefits of a Growing Community.
Resale Value
Finally, brand new homes typically offer better resale value. Here again, as new amenities crop up in and around your new home neighborhood, your property value increases. You’re likely to get just as much as you paid for your home (if not more) when it comes time to sell.
Newer homes are also perceived as less work and maintenance and also come with more modern features, putting them in higher demand with buyers. Oppositely, buyers are inclined to pay less for a property knowing they’ll have to undergo renovations, repairs and/or upgrades in order to be comfortable.
Are you considering buying a new home in or around Edmonton? We can help! Check out any of Landrex’s exciting new communities (and the builders therein) by clicking the button below.
