BUYERS INFORMATION

You're looking for a home and can't decide whether to purchase an older home or a new house. Typically, resale homes have an established character, exist in older neighbourhoods and often have had improvements made by past owners. On the other hand, there is something to be said for building a brand new home into an expression of you, reflecting your personal taste, style and flair and containing every modern convenience.

Don't despair! This decision does not have to be a struggle if you carefully review your options and compare them to the type of home that best suits your family's needs. Let's take a look at some of the benefits and features of both resale and new properties that you may want to consider before making a final selection.

A resale property may be better suited to the homebuyer who prefers developed landscaping and lush natural surroundings. Mature trees, thick grass and tall bushes take time to grow and fill out and in most cases will only be found in established neighbourhoods.

In addition, most resale neighbourhoods have an existing "personality" that is recognized locally and sometimes even nationally. For example, in the Old Town, the pride of place and interest in protecting the architectural fabric of the community is well-known. This will certainly benefit the type of homeowner who prefers to know the character and history of their potential neighbourhood and understand what the future will hold for them if they buy a home in that area.

On the other hand, the owner of a new home should expect the yards and green spaces around recently developed properties to understandably appear quite sparse in the beginning. As well, be prepared to endure construction noises, dirt and dust as the neighbourhood is constructed.

Homeowners in newly developed neighbourhoods will often enjoy a unique camaraderie with one another as they share the experience of a fresh start. Block parties, street sales and other get-acquainted activities may become a regular occurrence in newer areas. Typically, developers will build homes that target a certain type of homeowner: young families, seniors or urban professionals. Therefore, most families that purchase a new home from a specific builder and in a particular area are usually at the same stage of life and/or facing similar challenges, which often draws neighbours together.

As for the house itself, new and older homes often experience very different types of structural design challenges. Professional inspectors usually detect flaws with relative ease in resale homes, whereas problems with new homes may take longer to become evident. By ensuring that a new home has a complete and comprehensive warranty and by hiring a professional and impartial inspector, a new homebuyer can reduce their risk.

New homes generally require little or no renovation, particularly when the buyer has been involved from the early stages. They are often more energy efficient because of technological improvements to heating and cooling systems, insulation, glass, shower heads and so forth. These improvements could save the homebuyers utility costs.

Conversely, many resale homes are often prized for their solid construction work and old-world craftsmanship, typically found in older homes.