Realty Executives Gateway Realty

Should You Buy a New Build or Pre-Owned Home?

Are you stuck wondering if you should invest in a new build or an older home? Look no further because we are going to help you decide by giving you the best information to make your decision.


To start, let’s look at the 4 advantages to buying an older home: 


  1. Some older homes have a bit more charm, a bit more character to them. A uniqueness that new builds just aren’t going to have.

  2. Larger yard - they’re built on larger lots with larger yards compared to homes today.

  3. Established neighbourhood, which includes more mature vegetation, more people that know the area and love the area, and you can drive through an older neighbourhood and get a better feel if you’d want to live there.

  4. Closer to “downtown” areas, things like shopping, entertainment, perhaps your place of work - older homes are more likely to be close to these downtown type places. 


Now let’s go into the drawbacks:


  1. More Maintenance. This really depends on how well the previous owner(s) maintained the property. You should always keep this in mind and perhaps set aside money, this could be 1% of the purchase price. Each year setting aside that amount is always a good idea. 

  2. More expensive to replace wiring or plumbing should you need to. 

  3. Smaller storage, closet and garage spaces (generally). 

  4. It might require upgrades. An outdated kitchen or bathroom - things you have to consider in your budget that you know you’re going to change.

  5. Can have a smaller square footage on average. 


OK, so what are the advantages to buying a new build home?


  1. Little to no maintenance. You’re not going to have to replace anything right off the bat.

  2. Modern conveniences. Extra outlets, etc.

  3. Some builders provide warranty - know the terms and what they cover

  4. More energy efficiency.

  5. Generally more square footage with an open floor plan.


Disadvantages?


  1. New builds are usually very similar in floor plans, called  “cookie cutter” homes.

  2. Immature vegetation - shrubs and trees on the smaller side, need care.

  3. House is yet to settle. Takes time, creates some imperfections in foundation etc.

  4. More distance to the main areas of cities.

  5. Can become pricey quickly.

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