Buying a new or a resale house

Buying  a new  or a resale  house  is a very personal decision. Here’s what you  should consider before making up your mind.

If you will decide to buy a new property typically you will get more house for your money. But you may have to calculate the cost of an hour or more of travel each way to work. New developments typically are not in the center of the city. Another important factor is that resale homes in most case scenario already have paved driveways, fences, decks and landscaping which  will cost you extra on top of the initial purchase price of a new home.

If you want to live close to public transportation you will generally opt for a resale home. Unless you can get an infill house in an old neighborhood. New homes tend to be in a suburban area which can mean a much longer daily commute.

Maintenance of an older home can be more expensive because of older appliances, plumbing and electrical systems. You may need a new roof or a new furnace. However in many cases all of  that can be already upgraded by a former owner.

In older homes it may be possible to add another bedroom or  an ensuite bathroom because of more traditional layouts. Of course if  renovating is something you like and can accept. In return you may get nicely upgraded home in an older neighborhood. When you buy a home from the plans, you can select the layout you prefer. You also get to choose from a broad selection of paint colours, kitchen cabinets, counter tops, carpet and flooring. However nothing is for free, you will have to pay extra for that customization and that upgrades  typically are pricey.   Also keep in mind that being able to read blueprints plans could be very helpful since the house is not build yet. And knowing location of the house and size of the backyard after completion is crucial.