You are about to make one of the biggest investments in your life – buying a home. The decision is not one to take lightly, as there are many factors making each home on the market unique from the next. A major choice is between building new and finding an existing home.
In one corner, a brand new home – built with the most up-to-date technology, backed by a warranty, and complete with that sought-after new home smell. On the other, an existing home – full of character, located in an established neighbourhood, and often with a more reasonable price tag than comparable new homes for sale. It boils down to personal preference, so take a look at a few pros and cons of the two opponents, and see which wins the battle for your heart.
Newly built home:
Pros:
1. New Home Warranty – At North Ridge, we provide our new homeowners with peace of mind knowing that their house is built by a trusted builder who is backed up by the Saskatchewan New Home Warranty Program. On top of that we provide our own Customer Care Warranty where we call our new homeowners every 30, 180 and 365 days after possession to make sure that everything is as good as they expected it to be, and if not, we will take a look at any issues.
2. Everything is brand new and more efficient– You don’t need to worry about replacing carpets, appliances, insulation or anything else! There is peace of mind knowing that there will not be any unforeseen costs associated with replacing or repairing anything in your home in the near future. With the construction industry constantly improving, new homes are more energy-efficient compared to homes before. Who doesn’t love a lower energy bill each month?
3. Choices, choices, choices! – With pre-sale homes, you have the freedom to make your home look exactly the way you want. You also have a wide range of selection on pre-built homes that speaks more to your expression of style and way of life. On top of that, you can enjoy the freedom of choosing your builder. The opportunity to investigate and carefully select the home builder you trust means you can have confidence in your decision.
Cons:
1. Unestablished neighbourhood – Most new houses are built in new neighbourhoods that are still construction areas. It can take several years for a neighbourhood to be completed, with all residences built, landscaping and parks completed, and amenities like schools and stores in place.
2. Incomplete – Many new homes have unfinished basements and, although some neighbourhoods require driveways and landscaping, not all do. Flowers and trees don’t grow overnight!
3. More expensive – As a general rule, a new home is more expensive than an existing home. The home building industry is constantly looking for improvements in the materials they use or the processes involved in building a home.
Existing homes:
Pros:
1. “Move-in” ready home – When you buy an existing home, you typically don’t have to worry about buying the extras, such as blinds for the window, a security system, or a landscaped back yard. Also, buyers who are willing to purchase a fixer-upper in a well-established neighbourhood have the opportunity to make improvements to their homes and increase the value of their property. This can be considered a great way to get returns out of the investment made in a home, a fun project, or both!
2. Layouts – Many new homes are built with an open concept, but with existing homes, there is a wide range of layouts. If you like the formal living and dining rooms, an existing home will likely satisfy you. If you like open concepts, never fear, there will surely be an existing open concept home on the market!
3. Character and Neighbourhood – You can find pre-existing homes from just about any decade in the past century – so there are a variety of styles from several eras to choose from located in established neighbourhoods. It has the potential to be full of history, quirks, and personality, that new homes have not yet acquired.
Cons:
1. “What-if” Factor – What the house has been through in the past will likely be a mystery. Whether it was a past hail storm weakening the roof or a previous owner who did not properly maintain the appliances, there is always a chance that previous events that you do not know about have damaged the house, which can result in unexpected costs.
2. Leftovers – Some appliances or furniture that comes with the house may have been left behind for a reason – it is not in good condition. This leaves you having to clean up someone else’s mess.
3. Compromise – When buying a home, you may need to make compromises in regards to the features you want. Because you did not design the house yourself it is not likely to be the perfect house for you, and making it so may require costly renovations.
At the end of the day, buying a new home and building a new home both have their pluses and minuses. However, if you’ve done your research and planned carefully, the end result is sure to be rewarding no matter which option you choose. To buy a new build or an existing home: you decide!