The Right Home

New home or resale – which suits you best? 

Looking for a home is an exciting time, with so many different types of properties from which to choose.  A good way to narrow down your search is to weigh the benefits of new vs. resale homes.  If you're planning on buying a home in the new year, here are some key things to keep in mind:

Costs – A new home may involve a range of extra costs such as landscaping, appliances, window coverings, a security system, and GST/HST.  For older homes, their individual charm often goes hand in hand with increased maintenance – it is wise to create a budget and timeline for anticipated and unanticipated repairs.  

Customization – In a new house, you can often have input into the flooring, blinds, cabinets, appliances, paint colours, etc.  In an older home, you rely largely on the previous owner's tastes, unless you plan some remodelling projects (include any renos into the overall cost of your home).

Landscaping – Older homes tend to have well-established trees, gardens, and lawns.  Most new homes may have smaller trees and sparser vegetation, but may also have irrigation systems. 

Energy efficiency – New homes feature more advanced materials such as triple glazed windows, thicker insulation and more efficient appliances to lower energy costs.  Older homes, unless they have undergone a retrofit, usually cost more per square foot to heat or cool, which should be added to your monthly expenses. 

Neighbourhood – Many new subdivisions offer centrally located playgrounds, clubhouses, as well as jogging paths for residents.  More established districts typically have better access to urban shopping venues and city restaurants.