OKANAGAN REAL ESTATE COMPANY

When trying to decide whether to buy an old house or a newly constructed one, many question comes to mind,  start by educating yourself and knowing  the pros and cons of each

Real estate agents don’t like to call a house a “used” house. It makes it sound too much like a used car, doesn’t it? But when you’re buying a home you only have two choices: new or used. Real estate agents prefer to call a used house as an existing home which sounds a lot nicer!

If you’re deciding between buying a new house and buying one that someone else has owned, you’ve got to think through some of these big issues.

Frequently existing homes have a touch of character with own charm and details, they are usually located in a more established  neighbourhoods with mature trees and desirable landscaping and may be closer to city services such are schools, libraries, hospitals, shopping centers and public transportation.

Older home may have better quality materials and workmanship that are too costly for newer homes, and may come with window coverings and appliances which are often included with the home.  If you are lucky, you may still get an updated kitchen and bathrooms if the home has been renovated.

However, existing homes are generally less energy efficient and hence are more costly to heat and cool, they may need updating and require expensive repairs,  sometimes it may be difficult to find or match the older building materials.

Think about how much renovation you’ll need to do to an existing home. If you can buy an existing home that’s been totally renovated in a great neighbourhood with a good school district that might be a better choice than moving to a newer neighbourhood with an untested school district.
 

On the other side, buying a newly-built house tends to cost more than an existing home, unless you buy way out in a rural community, where land is cheap. Of course, then you might go broke from buying gas to get to your job.

And it isn’t just about getting to your job. You’ll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids’ school, your house of worship, and other places you go by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it might be impossible to buy a new home in your neighbourhood of choice, unless you buy a lot, hire a developer and build your own house — which gets back to the money thing again.

With new constructions you get warranties and guarantees on appliances. Dangerous building materials, such as lead and asbestos, will likely not be a problem. A new house will meet modern safety and building codes and usually use building materials that offer improved insulation and therefore reduce your heating bill.

You may be able to upgrade or customize such features as floor coverings or paint colors and sometimes the floor plan. New homes often have more closet and storage space and most importantly don’t require  much maintenance.

New homes though have their own disadvantages; higher taxes could be required to bring water, gas or electrical services to a still under-populated area. Resale could be difficult if the entire neighbourhood is not yet complete, and you may have to cope with construction noise, dust and mud. New neighbourhood  frequently  lacks the relaxing appearance of mature tress and your subdivision may require costly landscaping

You can make the case for and against buying either a new home or a “used” home. It’s great to live in a brand new home, but there’s nothing like the feel of an established neighbourhood. The bottom line is price: it depends on what you want to spend, where you want to live, and what kinds of amenities you’ll want to have.