Re/Max Realty Specialists Inc.,
Brokerage Independently Owned & Operated
*Sales Representative

Blog by Krisztina Neglia

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New Or Old Oakville Homes For Sale?

Potential homebuyers are likely to worry whether they should buy an existing home or a newly built one. It makes sense to worry because there is a lot of money at stake as well as many factors to consider. While a new home may require less maintenance, it costs more than a resale home. On the other hand, a resale home may have undergone renovations that do not meet modern building codes. There are clear advantages and disadvantages to either option though this depends on your financial and personal situation.

Advantages of New Homes

Most new Oakville homes are built in developments with unified styles. These developments could be small or massive with up to hundreds of homes.

  • Energy efficient: New homes are well insulated and even come with energy rating certificate. This makes them cheaper to operate enabling you to save a lot of money
  • Flexibility on design: With new homes, you get choose the furnishings and color you like. You can also make changes during the construction phase
  • Modern amenities: New homes come with modern amenities such as whirl pool tubs, skylights and modern kitchen appliances
  • Great bargains: New homes come with great incentives such as cash back, flooring, paid stamp duty or landscaping
  • Improved security: New homes are safer than old homes; for example, fire safety is improved by smoke alarms, fire retardant material and fire doors. They also have security locks, burglar alarms and security lightings
  • Cohesive neighborhood: Most new homes are built in developments with a unified style that include consistent layout and common layouts.

Disadvantages

  • Hidden costs: Buyers wrongly assume that new homes are cheaper than resale homes. There are obvious costs such as landscaping and furnishings, and other less obvious costs such as inspections
  • Similar designs: Most newly built homes are similar and lack character
  • Cost more: New homes cost more, it could cost up to 26% more than resale homes
  • Garden: Newly built gardens do not have established vegetation, instead, they have compacted sub soil and poorly laid turf
  • Small size: Most people often complain about lack of enough storage space and small sized rooms.
  • Parking space: Most developers maximize the number of units on each piece of land thereby reducing the number of driveways and replacing that with communal parking space.

Advantages of Existing/Resale Homes

Generally, resale homes are cheaper and more available than expensive homes. Here are other advantages of resale homes:

  • Availability: Resale homes are more available; therefore, you have more options and styles to choose from
  • Variety of designs: Old homes come in unique architectural designs, they have more character and charm
  • Established neighborhoods: Most old homes are located in neighborhoods with treed lots and a well-established community of neighbors
  • Existing track records: Any defects on the house is revealed in disclosure documents, so you will not get any surprises once you have moved in
  • More room for negotiation: It is easier to negotiate prices for an old home, defects on the disclosure forms could be used as leverage
  • Established vegetation: Most old homes come with gardens that have established vegetation

Disadvantages

Old homes could be full of surprises, below are some of the disadvantages of buying an old home.

  • Require maintenance: Old homes have been used before so you can expect things to break or wear out fast
  • Dated amenities: Old homes have dated appliances that require to be replaced with modern ones, this could cost you more
  • Root problems: Old homes come with old trees which have long, strong roots. These roots could interfere with the plumbing systems and foundation.

An older home has character and offers other benefits that a modern home lacks. Before buying an old home, take time to talk to people in the area with similar properties. You need to know how much the homes have increased in value over the past decade.