New or Previously-Owned
Homebuying or Homebuilding?
A choice you will need to make is deciding between a new home, one that has been previously owned (a “resale” home) or one that you will build yourself. Take time to carefully consider each option.
Is the home built and ready to move into, or will you have to wait for the construction to be completed? If the move-in date gets delayed, how will that impact your plans and finances?
How is the condition of the home? Are any major repairs or renovations needed in the short, medium or long term? If so, can you add the cost of the repair or renovation to your mortgage?
Build Your Own
Building a home is a great way to get exactly the size, style, features and quality you want. It can also be a significant investment of time and energy.
Why Buy a New Home?
1. Avoid having to renovate or make repairs. Since everything is brand-new, it may be years before you have to update or repair major features or systems.
2. Opportunity to customize the home. With a new home, you can ensure yours has the style and features you want.
3. Amenities of living in a new community. Newer neighbourhoods may offer community benefits, such as playgrounds, pools, clubhouses and walking trails.
4. Energy efficiency. Many new homes include energy efficient features and appliances as part of the design.
Why Buy a Previously Owned Home?
1. Better price. You may be able to negotiate a better deal with a seller versus a developer, especially if they have to move within a set time frame.
2. Better overall value. When you negotiate with a seller, they may agree to include a home warranty, appliances and other items with the deal.
3. Charm and character. Older homes may offer unique architecture and features, as well as have a lived-in charm about them.
Whatever you decide, talk to your lender or broker about financing options for building, renovating or making major repairs.