New Build or Resale?
Buying a home is one of the largest transactions you will ever make, and with that comes a lot of decision making. Besides deciding where you want to live, what style of house you need, or what your budget is, choosing between a new build or a resale is an important consideration. There are many pros and cons to both a new build or a resale, and doing your research will help you find the best fit.
Maintenance
When looking at buying a home, the maintenance requirements will differ for each type of home. If you are looking at a resale, there is always the possibility that you will need to do some maintenance prior to or shortly after moving in. This could be as simple as painting, but could be as complex as replacing a roof or a furnace. To some, this could be factored into your budget while you are exploring your options. However, some of these maintenance costs could come up unexpectedly. When it comes to a new build, many of these things are covered under Tarion Warranty so you would not be on the hook for paying for some maintenance requests. Depending on what needs to be fixed, you could be in the clear for up to seven years. If you don’t want to have to worry about fixing a furnace or a leak, a new build could be the right choice.
Budget
Your budget when buying a home is a very important factor in choosing between a new build and a resale. Oftentimes new builds are the more expensive option up front because not only do you need to worry about the purchase price, you need to factor in the additional costs like appliances, landscaping, fencing, etc. Resales typically have the majority of those things included within the purchase price. New builds will give you the warranty on some of those additional items, whereas resales may need those items replaced shortly after purchasing. New builds can be more expensive up front while resales can end up being more expensive in the long run. It really comes down to your budget while you are choosing which option works for you.
Community
The community you move into is a very important consideration. If you are looking at new builds, it is most likely that the community will also be newer. This can mean less mature trees, unfinished trails or walkways, empty lots etc. This gives you the chance to grow with your community, but also brings the potential for a lot of growth and change that you may not expect. Resales are often in already established communities, so if you are looking for a neighbourhood that is 100% complete, this might be the better option for you. Location is extremely important so this is a choice you should think hard about.
Timing and Conditions
Timelines can look different depending on if you buy a new build or a resale. Depending on when you are looking at new builds, they may still be under construction which would impact when you can close on the home. This also means that the outdoor conditions of your home could be a little messy. If you move in the fall or winter, there’s the possibility that you won’t have a paved driveway or grass in your yard. This also impacts being able to build a deck, patio or fence until final grading has been completed. Though temporary conditions, it is something to consider when thinking about a new build. It is unlikely that a resale home would have these conditions, but it all comes down to what is important to you and what your ideal timeline looks like. If you don’t mind the wait, then you have the chance to start with a blank canvas and create your dream yard.
Which Option is a Better Fit?
At the end of the day, it all comes down to personal preference and the factors that are important to you. New builds aren’t for everyone, but neither are resales. Since buying a home is such an important transaction, all options should be considered and proper research should be conducted to ensure you are making the best choice for you and your family.