Chad Campbell: 705-443-9444
Scott Campbell: 705-446-6602

Wasaga Beach Real Estate Question - "Brand New" vs. "Resale"

While some homebuyers are very clear on their preference for a brand new house or an older home, for most people who are hunting for homes, it is always of benefit to weigh the pros and cons of a new home vs. resale.  One should also consider how any home will fit your lifestyle.

The Cost Factor

A new house may involve a range of extra costs such as landscaping, appliances, perhaps a security system as well as upgraded flooring and lighting, the window rods and coverings and, of course, the GST.  For an older home, those individual characteristics as well as the charm of an older home go hand in hand with increased maintenance, especially if the previous owners were not diligent in the upkeep.  It is always prudent to create a budget and timeline for anticipated, as well as unanticipated, repairs.

Living Space

You are likely to get more space for your money in an older home, since lower building costs of the past usually meant larger homes.  But one should also consider that new-construction homes often employ more efficent use of space and innovative use of square footage and property as well as being more energy efficient.

Landscaping

You will note that the older houses usually have well established trees, gardens and lawns.  Usually the newer homes have much smaller trees and very sparse vegetation but, sometimes they do have built in irrigation systems.

Energy Efficiency

The new homes feature more advanced materials such as triple glazed windows, more efficient appliances, thicker insulation; all designed to lower your energy costs. Older homes, unless they have undergone extensive retrofitting, usually cost more per square foot to both heat and cool.  These increased costs should be added to your monthly expenses when budgeting.

Customization

When purchasing a 'new' house, often times the customer can have input in to the flooring, lighting, blinds, cabinets, appliances, paint, colors, etc.  In a previously owned home, you rely largely on the previous owner's preferences, unless you have budgeted in some remodeling projects.  It is important to remember to add these extra costs when budgeting if you plan to undertake any improvements at the time you purchase your older home.

Independent Mortgage Advice

Be aware that the financial instutations are there to counsel and educate clients as you budget for  the purchase of your home.  Make sure you shop the market to find the best rates and mortgage products, whether you are purchasing a home, refinancing or renewing your mortgage.  These financial instutions are there to counsel you on credit and mortgage qualifications as well as simplify the financing process.


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CHAD CAMPBELL

DIRECT: 705-443-9444
chad@wasagarealestate.com

SCOTT CAMPBELL

DIRECT: 705-446-6602
scott@wasagarealestate.com

Lifetime residents of the area with over 50 years combined Real Estate experience.

Royal LePage Trinity Realty Inc., Brokerage, 1249 Mosley Street, Wasaga Beach, Ontario L9Z 2E5. Each office independently owned and operated.
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