Buying a house is never an easy decision to make. It involves so many considerations and variables that most buyers feel confused with the choices available in front of them. Since it will take up a huge part of your hard-earned money, you know making even a small mistake is not an option.
Maybe that’s why most buyers face the dilemma of whether to invest in a new house or buy a resale property. Similarly, not many potential buyers like the idea of living in a place that was previously occupied. They want to invest in new homes that are untouched, clean and never been lived in.
Obviously, benefits are many when you buy a new house compared to investing in an old house. You will get new amenities, face zero repairs and have no worries of incurring big costs on maintenance.
Here are some of the key benefits you will definitely get when you buy house that is new –
When you buy a new house, you know you will get a place that has never been used before or lived in before. So everything will be as spotless and robust as it should be in a spanking new structure. On the other hand, with an old house, you might have to be saddled with unexpected patch-ups. Plus, new homes today are built in a way that minimizes maintenance requirement. In fact, builders now rely on the latest technologies and innovative products for construction purposes and this not only increases the life of the house but also curtails chances of repairs.
When you buy an old house, you obviously know you’re not going to get an absolutely clean property. You are aware that the property may have gone through years of wear and tear so they won’t hold up better compared to the new houses. Chances are, you might even need immediate repairs to the walls, carpet, flooring; or might need some painting work and so on. All such repairing hassles don’t exist when you buy a new house. With a new construction, you’re confident that everything will be in shape with absolutely zero hassles of repairs for the first few years at least.
When you buy a resale home, you’re aware that there might be some hidden defects but somehow you’re not able to notice them upfront. However, after a while when you have started living in the house, those defects may appear, requiring immediate repair out of your pocket. On the other hand, in your new constructed home it will be the responsibility of the builder to take care of the repair work for the first year. Since a new home and its components are warranted for one to two years, you will always feel easy and relaxed about any repairs work arising out of the blue.
Flexibility to customize the design
With resale homes, buyers don’t have much of choice in terms of customization as the structure is already built around a specific layout. This kind of problem however is not present when you decide to buy a new home. You can always sit with the builder and discuss the designing to help create a house tailored to your unique tastes. You can choose the colour of the exterior, have a say in the type of flooring, might even convince the builder to put the bathroom where you want it and so on. All such flexibility though won’t be available when you buy an old structure.
In Canada, real estate builders are mandated to follow increasingly higher energy efficiency standards. There is also a strict guideline in place for how newer homes should fare on energy efficiency parameters compared to older homes. All this means new homes here are now designed and constructed in a way to use energy more efficiently. New structures use higher-efficiency insulation, doors and windows which lends them a tighter-sealed building envelope. This stops conditioned air from escaping, resulting in a big cost savings for new home buyer.
Mortgage financing perks
For a property buyer, financing is always a challenge. Many of them face trouble in getting approved for a mortgage which hugely impacts the ability to buy good properties. Such problems are more common when people buy resale home as the seller in that case generally avoid making available any mortgage benefits to the buyer. However, when you buy a new home, there is always a chance to benefit from mortgage financing perks that the builder makes available. Most new home builders have their network of lenders that may offer some perks with certain rates, closing costs and paying points. This can definitely become a good bonus for the buyer as then they will get some value with the home they buy. A real estate broker can also help a lot in the matters of mortgage financing.
Buying a new home or new condo for sale property is always a huge moment in life as it often heralds your arrival to the world. And you can definitely make the occasion more momentous by preferring a new home over an old one. By doing this, you not only save hugely on the maintenance cost but also get to live in a brand new property.