subject: Buying Resale Or A New Home Is A Big Decision [print this page] One of the biggest issues confronting prospective home buyers is if they should focus on properties currently being built or whether a resale house may be a smarter choice. Naturally there are a lot of pros and cons for both sides of the subject, and ultimately a number of lifestyle choices must be factored into the decision. Here are a few details that you'll want to keep in mind as you analyze the pros and cons of new homes versus previously-owned property.
Continually an important element, location will have a significant bearing on the type of property you purchase. Most older neighborhoods obviously contain older homes "near the heart of the action" because they were constructed around the downtown area as is it developed. As well, builders chose the best possible places for early residences and monopolized many of the more striking regions to produce those attractive archetypal communities.
A newer property is generally on the outskirts of metropolitan areas or in rural areas where land is cheaper and there is just more of it. This means that commuting costs should be factored into the cost of new home ownership. However, if trips downtown are not an a thing you often do, the advantages of residing in the suburbs involve modern schools, wider roads, master-planned communities and large shopping malls.
An older home's layout might not make the most efficient use of space, therefore renovating is usually required at some point unless the previous owner has recently done some work. On the other hand, a few very popular qualities such as basement family rooms, attics, converted garages and wrap-around patios are built in older houses. Naturally, a resale home quite often is in need of on-going work from the first day because of its age. This is where the services of an agent will be of use since they frequently take real estate training courses in how to approach the issues of older properties.
New property designs frequently include modern features such as family rooms, gourmet kitchens, spa bathrooms, and workout rooms. A few floor plans that look good on paper are not always easy to live with on a daily basis. New property warranties do offer purchasers a reprieve from most significant repair bills for a number of years.
Older landscapes have a better chance of having mature trees, established plants, security fences and paved walkways. Older neighborhoods have larger plots with more space between houses. The yard may have covered patios, greenhouses and garden sheds which are incorporated into the purchase price. As an sample of these types of attributes you can review the Oakville Ontario real estate market and its many resale properties.
New home landscapes have often been impaired by the goings on of the builder and the dirt they generate, so a considerable sum of time and money may need to be invested in yard work up front. Places such as Hamilton real estate are experiencing this in many new communities as the city proceeds to expand. Obviously, you may wan to to create an ecologically sensitive landscape that will reduce the upkeep and watering.
In the long run, deciding between a new property and an older one will be a decision based on your lifestyle preferences. Examine all of the implications of both possibilities to pick out any stumbling blocks and inherent values with regards to the age of the home you buy.
