Torn Between New Versus Older Homes

Categories: Real Estate News
Tags: No Tags
Comments: No Comments
Published on: January 11, 2012

Home buyers are often faced with the question of “Should we buy a new home or an older home?”  There are, of course, pros and cons to either option. Consider some of the following when deciding on which option suits you the best:

New Home Advantages

  • Modern designs accommodate current lifestyles. For example, some new homes will have larger rooms, an open concept, or more closet space
  • Newer technology in materials and construction, therefore more ecologically sound – may translate into lower heating costs
  • If the home is being built, you may get to choose all the finishes and many builders will customize for a bargain
  • Often your neighbours will be new to the area as well – the common situation can a ‘neighbourhood friendliness’

New Home Concerns

  • There are only specific areas where new homes are typically built
  • You may have to put up with immediate area construction until the remainder of the lots are completed
  • First years may include waiting for landscaping, fencing and amenities
  • The first year in a new construction may result in issues (for example settlement cracks in walls)

Older Home Advantages

  • A wider range of areas and homes from which to choose from
  • Existing landscaping, fencing, mature trees
  • Better ratio of house to lot size
  • Existing schools and amenities

Older Home Concerns

  • May need some updating
  • May not have a master bedroom large enough for a queen or king bed
  • May not have an ensuite bathroom
  • Potential challenges may not be apparent upon purchase (for example: leaky roof)

If your preference is a new home, then consider:

  • Buying a home that is 2 – 4 years old.  That way you benefit from the advantages and minimize the disadvantages of both
  • Using a realtor even if you’re buying directly from a builder.  Your realtor can negotiate to ensure you get the features you want for the best possible price!

Linda Giovanniello is with CENTURY 21 First Canadian Corp. in London, ON.

No Comments - Leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

August 2019
« Jun    

Welcome , today is Sunday, August 25, 2019