As you’re deciding on what type of new home you want, you may be considering whether to own a preowned home or build a brand new one. You want your new home to reflect the needs you and your family have for your living space, but how do you know which is right for you?
Let’s take a look at some of the pros and cons of new and resale homes so you can better inform yourself when it comes to making this important decision.
A Quick Move
Timing is an important thing to consider when it comes to a new home.
Resale Homes
If you are on a tight timeline, this is definitely an area where a resale home can be advantageous – once you’ve bought the home, you’re ready to move in as soon as you like. Building a new home, on the other hand, takes time – approximately 8-9 months under normal circumstances. If you’re relocating for a new job or your kids will be starting school at a specific time, you’ll need to bear this in mind.
Brand-New Build Homes
When you build a brand-new custom home you’ll need to be patient for a few months while it all comes together, but once you take possession you know everything will be exactly the way you want it. There are countless benefits to life in a home designed just for you. Spaces will meet your needs and your style, but it takes time to create that special place that is uniquely yours.
Looking at Layouts
You need to make sure you have a good floor plan, one that meets your family’s needs.
Resale Homes
If acquiring an older home, there’s an increased likelihood of the need for a renovation. While you may be able to find a four-bedroom home, you may also find it has a closed-in layout with walls between every room, only one bathroom for the whole home, or old-style closets that don’t offer much storage space for today’s standards.
Unless you’re lucky enough to find a resale home that’s already had renovations that match your needs and taste, you’ll have some work to do. Moving into your new home and immediately starting projects on it can be very stressful. However, if you are great with your hands and like home projects, this could be the perfect fit!
Brand-New Build Homes
The beautiful thing about building a brand-new home is that you can choose or design a floor plan that works best for your family. Do you need walk-in closets? An extra-large pantry? Open concept living and kitchen area? A place for hobbies? A convenient mudroom to store all your outerwear and recreational goods? You can have it all in a brand-new home.
In addition to having a floor plan that works perfectly for you, you can also choose the finishes to create a home that fits your personal style. Everything will be made-to-order so you can simply move in and feel right at home.
Repairs and Maintenance
Home ownership comes with the responsibility of maintaining that home, there’s no way around that!
Resale Homes
While it’s not guaranteed that a resale home will need repairs immediately (and a thorough home inspection will identify any major issues before you buy, but not necessarily repair them all), it is more likely that issues could arise in the first few years you’re living there.
Previous wear-and-tear, as well as older materials and fixtures built to out-of-date standards all increase the risk of something breaking. And while these breakages probably won’t be disastrous, they do tend to pop up at inconvenient times. You don’t want a plumbing issue when you have guests staying over, for example. And you don’t want to spend your weekends fixing little things.
Brand-New Build Homes
In a brand-new home, everything is new. The appliances, the pipes, the shingles – all new, and everything is manufactured to today’s building standards which only get higher every year. Energy efficiency is far more controlled, costing you less to run the home, and It will be many years before you need to worry about replacing a hot water tank or furnace. The materials used on new homes are dramatically better than those used on homes even 5 years ago. It may not seem like it from the outside but the core components of new homes are dramatically stronger, and easier to maintain than resale homes.
Warranty Program
There’s no question that a solid warranty program is a great thing to have.
Resale Homes
While it is possible to get a warranty on a resale home, they don’t tend to be a standard inclusion type. So if you buy a resale you may have to seek out the warranty yourself. They can also vary in what they cover – some will cover wear-and-tear but not structural issues, for example. And making claims is always a hassle because you are dealing with an insurance company that has financial incentives to pay for things.
Brand-New Build Homes
When you build a brand-new home, you’ll have peace of mind knowing if anything does go wrong, the building is backed by a comprehensive warranty program for up to ten years. Builders get a lot of their business from referrals so they often bend over backwards to make sure their past clients are happy. Making claims or requests of the builder tends to be easy because you already have a great relationship from the time spent building the home together.
For the first year after possession, you’ll be covered top to bottom, inside and out against any deficiencies in the products used to build your home and their installation, as well as the lot grading and drainage.
For two years, you’re covered against pipe leaks, water supply deficiencies, wiring failures, and other functional features of your home.
For a full ten years, you’re covered against problems related to the structure of your home, such as bearing walls, floor systems, roofing, foundations, load-bearing beams, and lintels.
In addition to knowing your home is covered, you may also benefit from potential savings on your homeowner’s insurance as your home is constructed to today’s building standards and backed by a strong warranty program.
Knowing whether you should purchase a resale house or build a brand-new one is a personal decision based on your unique needs. There are distinct benefits and drawbacks to both, so it’s important to keep yourself informed and consider all your options before making a decision.
