Homebuyers ask lots of questions. And one common question is whether to buy a brand new home or an existing one.
My name is Rod Martens with Three Rivers Realty and today we’re looking at the pros and cons of buying a brand new house.
If you were to make a guess, would you say that home buyers prefer newly built homes or existing homes?
Polls show that around 40% of homebuyers favour having a new home built, and 60% prefer an existing home.
There are clearly a lot of great things about a brand new home. There’s something exciting about the idea of living somewhere new that no one‘s ever lived in before. Add to that, the amount of customization and choices, from flooring to paint colours, which are all put in directly by the builder.
For people who are fans of modern layouts and styles, newly built homes feature big kitchens, impressive ensuite bathrooms and spacious walk in closets.
Since everything has been freshly built you won’t need to renovate anything for sometime, and you’ll have new appliances, a new heating and cooling system, a new roof, and a new water heater and this will last a long time.
And since everything will be new, you’ll get the latest and greatest in energy efficiency which means lower utility bills.
Sounds pretty great doesn’t it? But there are a few downsides.
When you move to a neighbourhood that’s been freshly built, you’ll notice that there may not be a lot of trees, as the area may need years to mature.
Another thing people may take issue with is the cost of upgraded features. You’ll be given the option of having a base model with the option of getting add-ons, but this can be costly.
And speaking of cost, brand new homes can cost up to 20% more than a similar existing home. With that 20%, you could use that money for investments or renovations for an existing home.
Another potential con could be distances. Some new neighbourhoods could be built at a distance from schools or grocery stores, commute times and gas prices could add up.
You also may be living in a constant construction zone, which can be inconvenient.
And finally many people consider new homes to have less charm than older homes or character homes. But if you’re someone who loves ultra modern style and that shouldn’t be an issue at all.
So there you go, that was the pros and cons of buying a brand new house. If you want help finding the perfect home for your family give me a call today at 506.608.0509 or email me today at rod@threeriversrealty.ca.
Thanks so much for reading.