When you’re buying a home, one of the first big questions to narrow your search is: new build or resale? There are pros and cons on both sides of the equation and your personal tastes, finances, and requirements around location, will likely play a key role.
You do pay a premium for a new build, but in this case, you get what you pay for. Here are a few key advantages to buying new.
Customizing comes easy
Most reputable builders have extensive design studios and experienced designers on staff who will help customize your home before you move in. You can select custom tile, backsplashes, flooring, lighting fixtures, hardware, and dozens of other options, and it’s all working and installed from the moment you move in. No demolition. No coordinating with contractors. No messy renovations.
You get the newest features and appliances
Even the standard issue, pre-upgrade appliances are new, which means that in addition to having more desirable features, they are at the beginning of their lifespan. That means you typically don’t have to worry about them for at least several years.
With many resale homes, particularly older ones, the appliances are often at different stages in their lifespan and paying for repairs can be as expensive as replacing them altogether.
Efficiency
New homes have higher energy standards and use higher quality building materials. As a result, new homes have more streamlined heating and cooling systems, more efficient water and lighting fixtures, better insulated windows and doors, and design that is more conducive to keeping your home well-lit and well-heated/cooled.
That also means lower utility costs and that the ongoing environmental footprint of your home is smaller than a similar, older home.
Peace of mind
Water damage, leaks, mould, cracks, critters, faulty electrical, blocked plumbing, bad shingles—the list of the things that need to be on your radar when you buy a resale home is long. Of course, not all resale homes have problems, and not all new builds are free of imperfections (although that doesn’t stop us at Kingsmen from striving for perfection in both construction and customer service). Still, the odds of seeing problems in a new build are dramatically diminished, which means you don’t have to do anything to fix it.
Financing and warranties
While newer homes can be more expensive, mortgages tend to be easier to get because home insurance is often a requirement. Insurance also tends to be cheaper because newer homes are built to higher standards with safer materials.
New homeowners are also eligible for a smaller down payment, sometimes as low as 5%, and builders often offer financing and payment structures that stretch out over longer periods, easing the financial burden on buyers.
In today’s market in the GTA, many buyers don’t have the leverage to order a home inspection prior to purchase and are often left footing the bill for something they missed prior to buying. If new homes require a significant repair in the first few years, there’s a good chance it’s covered under warranty.
If you’re thinking about buying a new home, consider a Kingsmen home. You can view our new communities here.
