Prospective home buyers looking at areas where new neighbourhoods are being developed have a decision to make that’s affected by price, availability, features, and style: Do I buy a new build or a resale property? Here are some thinking points when you’re considering which to buy:
Purchasing a preconstruction house or condominium unit gives buyers a chance to personalize it to their needs and their style. The buyer can select layout, finishes, and fixtures. New homes also include the latest technology, which means lots of “smart” and “green” features.
The downsides? A new subdivision will likely still be a construction zone when owners move in, and there won’t be any mature trees or green space. Personality may be lacking, both outside and indoors; a resale home often has unique features that add warmth and style, whereas a new build may feel austere. And then there’s the waiting game. Particularly with new condos, buyers may have to wait for some time before the building is finally ready for occupation.
A previously lived in home has two advantages that new builds find it hard to compete with: location and charm. The neighbourhood is likely more developed; there will be mature greenery, a sense of community and culture, and an absence of the dirt, dust, and noise that accompany a new-build site. A resale home may also have unique features that make it feel special for the right buyer, such as an amazing backyard, a fireplace, crown mouldings, or built-ins.
However, a resale home may also be dated and require costly repairs and renovations to make it suitable for a new owner. Because it wasn’t built with the latest materials and practices, it also may be less efficient.
New or old-both have their advantages. But make it all about you and your family, and your decision will be the right one.