Real Estate News

Torn Between New Versus Older Homes

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.