What are the main pros and cons between purchasing an existing home or buying a brand new one. We’ve put together a list to highlight key considerations for home buyers.
For a new home, you may be able to meet with the builder and lay out how you want it to look. You may not be able to get everything you want for various reasons, but the path for building what you want in terms of both design and features, is more or less straightforward.
With an existing house, renovations will likely play at least a small role in your moving process. However, this can be a daunting task if you want to make any major changes and add any significant personal touches.
Setbacks and DelaysThe possibility of setbacks is another key difference. For existing homes, close and move-in dates may add additional time before a deal is finalized, but once those are set you are generally in the clear.
When building a new home however, delays in the construction are relatively common and timelines are uncertain.
LocationUnless you’re purchasing a tear-down, it’s likely that a new home is being built outside of a side centre. This also means a less developed neighbourhood and landscape, and more construction in the surrounding area.
Although real-estate is always going to be one of the safer investments, the market for homes in a new neighbourhood is less established. If the future value of your property is a concern, an existing home will generally have a longer history of value.
Deciding between and new or an existing home is a difficult decision so make sure to prioritize what means the most to you. Consulting with an experienced real estate agent will always help you to develop a fully informed perspective.