When it comes to buying new, you can customize your home, choose the finishes, paint colours, features and landscaping.
A resale home on the other hand is someone else’s vision and project, while new is personal. Resale homes often also require updates and sometimes costly repairs. Though new homes usually have a slightly higher up-front cost than resale homes, they usually don’t require updating and renovating.
Repairs not only cost money, but cost time as well. Finding time to work on a house and having the skills to do it yourself is often complicated and time consuming or money consuming. Very few jobs require fewer than a couple of hours of work.
Joe Vaccaro, president of the Building Industry and Land Development Association (BILD) and CEO for the Ontario Home Builders’ Association says “when you buy new, you buy for you” (2015, April 21). Many people prefer buying new because they get to pick out their own finishes to meet their needs. Buying new also allows you to see your home come through all of the stages of construction so you know it’s built to your expectation. Moreover you can easily find out about the builder’s reputation and whether or not their quality of build matches what you expect in a home. When it comes to resale homes, the quality isn’t easily distinguishable.
Vaccaro says that more thought and details are going into creating new master-planned communities, with attractive streetscapes and features such as walking trails, ponds and other amenities. For that reason and the many others mentioned, new homes tend to hold their value just as well as resale homes if not more.
Credit: By Tracy Hanes, Special to the Star. The benefits of buying a new home. (2015, April 21). Retrieved from http://homeownership.ca/