Home buyers are often faced with the question of “Should we buy a new home or an older home?” There are, of course, pros and cons to either option. Consider some of the following when deciding on which option suits you the best:

New Home Advantages

Modern designs accommodate current lifestyles. For example, some new homes will havelarger rooms, an open concept, or more closet space

Newer technology in materials and construction, therefore more ecologically sound – may translate into lower heating costs

If the home is being built, you may get to choose all the finishes and many builders will customize for a bargain

Often your neighbours will be new to the area as well - the common situation can a 'neighbourhood friendliness'

New Home Concerns

There are only specific areas where new homes are typically built

You may have to put up with immediate area construction until the remainder of the lots are completed

First years may include waiting for landscaping, fencing and amenities

The first year in a new construction may result in issues (for example settlement cracks in walls)

Paying HST on new construction

Older Home Advantages

A wider range of areas and homes from which to choose from

Existing landscaping, fencing, mature trees

Better ratio of house to lot size

Existing schools and amenities

Older Home Concerns

May need some updating

May not have a master bedroom large enough for a queen or king bed

May not have an ensuite bathroom

Potential challenges may not be apparent upon purchase (for example: leaky roof)

If your preference is a new home, then consider:

Buying a home that is 2 - 4 years old. That way you benefit from the advantages and minimize the disadvantages of both

Using a realtor even if you're buying directly from a builder. Your realtor can negotiate to ensure you get the features you want for the best possible price! 

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Robin Smith

Robin Smith

Sales Representative
CENTURY 21 Northumberland Realty (1987) Ltd.
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