The Resale Home vs. the Brand New Home

You're looking for a home and can't decide whether to purchase an older home or a new house. Typically, resale homes have an established character, exist in older neighbourhoods, and often have had improvements made by past owners. On the other hand, there is something to be said for building a brand new home into an expression of you, reflecting your personal tastes, style and flair, and containing every modern convenience.

Don't despair! This decision does not have to be a struggle if you carefully review your options and compare them to the type of home that best suits your family's needs. Let's take a look at some of the benefits and features of both resale and new properties that you may want to consider before making a final decision.

A resale property may be better suited to the home buyer who prefers developed landscaping and lush natural surroundings. Mature trees, thick grass and tall bushes take time to grow and fill out and, in most cases, will only be found in established neighbourhoods.

On the other hand, the owner of a new home should expect the yards and green spaces around recently developed properties to appear quite sparse, at least in the beginning. As well, be prepared to endure construction noises, dirt and dust as the neighbourhood is constructed. New subdivisions are typically pre-zoned for schools, shopping malls, recreation centres and parks. Make sure that your Realtor lets you know how this might affect your property. You don't want to wake up one morning and find a fast-food outlet being constructed at the back of your property.

Homeowners in newly developed communities will often enjoy a unique camaraderie with one another as they share the experience of a fresh start. Typically, developers will build homes that target a certain type of homeowner - young families, seniors, urban professionals, etc. Therefore, most families that purchase a new home from a specific builder and in a particular area are usually at the same stage of life and/or facing similar challenges, which often draws neighbours together.

Two further considerations may have an effect on your decision. Typically, in new London subdivisions, homes are constructed on lots with frontages as narrow as 32 feet, and bungalows and raised ranches are often oriented from the front of the lot to the back. So if ample lot size is a major consideration (and you're not building on a custom lot), resale homes may be a better choice. Also, bear in mind that most new London developments, even in the heart of the City, do not have door-to-door mail delivery. You will be picking up your mail from community mailboxes.

As for the home itself, new and older homes often experience very different types of structural design challenges. Professional home inspectors usually detect flaws with relative ease in resale homes whereas problems with new homes may take longer to become evident. By ensuring that a new home as a complete and comprehensive warranty and by hiring a professional inspector, a new home owner can reduce the risk.

New homes generally require little renovation, particularly when you have been involved since the early stages. They are often more energy-efficient because of technological improvements to heating and cooling systems, construction technology, insulation, glass and so forth. These improvements can save owners money in utility costs. Conversely, many resale homes are often prized for their solid construction and old-world craftsmanship, typically found in old homes.

If you are buying in a new development, find out about the number of phases planned and when they are scheduled to be completed. When buying a new home in a new subdivision, it is often better to buy later in the development than to be the first family on the block. This gives the developer time to make improvements brought to their attention by owners and it will give you a chance to determine how the development will mature. Also, if you need to sell before the development is complete, you will have strong competition from those homes that are brand new. Given the option, a buyer is likely to buy the new home as opposed to your "used" home.

Whether you choose to buy a new or a resale home, take your time and consider all the variables. And remember - any home you purchase will be new to you.

Every effort has been made to ensure the accuracy of this information. However, requirements, details and market conditions do sometimes change. Those with specific questions about these details should ask me for confirmation before relying on the information contained herein.