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How to Decide Whether to Buy a New or Resale Home

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Featured image: Pacesetter Homes Bentley Showhome in Meadowview

Your choice of home is an important one. Most people spend the majority of their time in their home. The mortgage payment is also usually the biggest payment of the month. Naturally, people take a lot of time to find the home that’s right for them.

One of the biggest decisions is whether to buy a resale home or a brand-new home. Each style has its own unique advantages and disadvantages, so there’s no single style that’s right for everyone. 

Carefully consider all of your options before making your final decision.

Your Unique Style

Many people simply have a style of home they prefer. Some people love the wood details in older homes, while others prefer the sleek lines of modern designs. New homes tend to have the open-concept floor plans that appeal to families with young children. Introverts, however, might appreciate the way older homes have many small rooms. It’s easier to get away for some peace and quiet. There’s a good chance you already know which type of home you prefer, but it’s still smart to think about the disadvantages of that style and whether or not you can live with them.

Decide Whether to Buy a New or Resale Home Kitchen ImageLocation, Location, Location

The type of neighbourhood you want to live in can play a big role in determining which type of home is better for you. For instance, resale homes tend to be in well-established neighbourhoods. The trees along the street provide plenty of shade as you take a walk to a coffee shop on a Saturday morning. It’s also easy to walk to that coffee shop, as resale homes are often in places with easy access to local businesses. Furthermore, the homes that resale homes tend to be closer to the downtown area, and they may offer better access to public transportation.

On the other hand, brand-new homes are usually in suburban neighbourhoods on the outskirts of the city. You may not be able to walk to nearby stores, but they’ll probably only be a short drive away. Even commute times from Edmonton’s bedroom communities are probably shorter than you expected. New communities are also being designed to have just about anything you could want. There are probably walking trails throughout the neighbourhood and a playground for the kids. You don’t always get these community amenities in an older neighbourhood.               

The DIY Factor

Are you handy? Even an older home in great shape tends to need more work than a brand-new home. These changes can be anything from swapping out an outdated light fixture to completely remodelling the kitchen. These types of homes are often a good value for those who can handle the work on their own. 

However, those who can’t handle the projects will have to hire professionals for all of these updates and fixes. That can get expensive. Brand-new homes simply don’t have these types of problems.

Your Budget

For most people, budget is the biggest concern. It’s important to select a home that is comfortably in your price range. In most cases, a resale home will be significantly less expensive than a brand-new home of the same size. However, new homes can save you money on utility costs and repairs. If the new home is only a bit more expensive than the resale homes you’re looking at, the new home is likely to be the better deal even though it has a higher initial cost. Think ahead and consider both current and future home needs.

The People in Your Neighbourhood

Having good neighbours can make or break your experience no matter where you choose to live. In a resale home, you often get a mixture of different types of people: retired couples who have lived there for years, families with teenagers, and families with babies. Many people love having this diverse group of people, but it isn’t always ideal when you’re looking for neighbourhood friends for your children to play with.

Decide Whether to Buy a New or Resale Home Pond ImageNew communities tend to attract people in the same stage of life. For instance, a townhome community might appeal to single professionals; a community with smaller, affordable homes might appeal to young families; and a community with large, luxurious homes might appeal to people who are more established in their careers and probably have older children. You’ll want to find an area that fits your style to make the most of your community.

Finding What You Want

Determining your needs versus wants will keep you within budget. You need to find a home that completely fulfills your list of “needs” first and foremost and then think of incorporating “wants”. For some people, their needs are heavily focused on location, and the looks or design style don’t matter much. These people might do well with resale homes. 

Other people are extremely particular about how they want a home to look. These people would do better with new construction because they can design things exactly how they want. If you can’t find what you want in a resale home, it’s time to consider new construction. 

Choosing the perfect home for your family can take a lot of time, but it’s worth the effort. Take a look at both resale and new homes to see what you’re likely to get in each style within your budget. As you do this, one style is likely to start standing out more than the others.

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