Buying old or new?  What’s best for you?

Buying a home is an exciting time. Whether you're looking for a townhome, apartment or detached home deciding what you want to buy is an important decision. Part of this decision is deciding if you want to purchase a resale or new home.

The time is right for buying. Low mortgage rates and government incentive programs account for housing affordability.

When looking for a home, a realtor will be able to assist you every step of the way in your search. You'll want to look at and compare homes that are both old and new before making a decision.

Depending on what type of home your looking for, the area, the price range and other amenities, there are advantages to buying both older and new homes. Here's a look at both.

Why buy an older home?

  • With an older home, you often get the advantage of improvements made by previous owners.

  • You can see what you are getting and don't have to try and picture the completed home from a set of blueprints.

  • If there are any structural faults they are clearly seen and can be or have been corrected.

  • The neighbourhood is built up and its character has been established.

  • The landscaping is in place and trees are mature.

  • There are generally fewer immediate move-in costs, because basic features such as window coverings and lighting fixtures are already installed.

Why buy a new home?

  • You have more flexibility with a new home in customizing your décor and landscaping to suit your tastes. You get fresh, unblemished walls and you can usually choose the type of flooring, carpeting and cupboards you want.

  • With most new homes, you generally get much more storage space and larger rooms.

  • Today's minimum standards for plumbing, electrical, insulation and heating systems are higher than ever.

  • Traditionally, land values tend to increase during the first few years as neighbourhood services develop and the subdivision nears completion.

No matter what type of home you choose - old, new, or in-between - be sure you examine all your options first, so that you and your family are happy with your final choice. Your realtor will assist you in finding the right home for you.