Buying a New Home or an Older Home

Buying a New Home vs an Older Home
Which is better? A New Home or an Older Home

New Construction Homes vs. Resale Homes

Many new homebuyers in Oshawa have questions about what type of home to buy. Is it better to buy a new or existing home?

The answer is that it depends. Both new homes and existing homes have their own advantages.

Along with industry experts, we have created a new special report that identified 10 secrets every new homebuyer should know. To get special tips you can’t find anywhere else, access the full report by filling out the below form. 

Should I Buy a New Home?

Some people like the idea of a brand new home over buying a resale. Having a nice, new, modern home in an up-and-coming neighborhood could be just the fresh start you are looking for. 

New homes offer:

  • Everything is new and modern
  • Innovative use of space and style
  • Greater energy efficiency
  • Options and upgrades

Remember that just because a home is new, doesn’t mean it’s perfect. You should strongly consider getting a home inspection even for new homes to identify hidden problems. Paying a few hundred dollars for a home inspection upfront could potentially save you tens of thousands of dollars later on. 

Should I Buy a Resale?

Other people prefer a resale home. These homes are great for families and are often close to schools, parks, and restaurants. Established neighborhoods are usually quieter and have mature landscaping and trees that offer the sense of rural living – oftentimes right in the city!

Resales also have advantages. For instance:

  • They are typically less expensive
  • Established neighborhoods
  • Mature landscaping
  • Homes have already settled, eliminating potential future problems

Again, getting a home inspection is a great way to identify hidden problems with the home. The last thing you want is to purchase your dream home and then discover rusted pipes, asbestos, or another problem. It can cost you thousands down the road to make the necessary repairs. 

How to Buy a New Home or Resale

The first step is to contact an experienced real estate agent. They can save you time and money by finding homes that match your exact criteria within your price point fast.

To help you at the negotiating table, later on, you should get a written pre-approval for your mortgage. This is a strong asset in your favor when home sellers look over offers on their homes. A written pre-approval is as good as cash in the bank! 

You should also shop around for the best mortgage rates. Different lending institutions have different mortgage options. One option may work better for you and your budget than another. 

Finally, create two lists: one for what you want in a house and one for what you need. This will help you narrow down your list and stay realistic about what you need and can afford. 

For more information on new homes or resale in Northumberland and the Durham region, call us at (905) 440-0505, contact us here, or fill out the form below. 

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Matt Cooper, CEO | BROKER OF RECORD, Kendell Attrux, CFO | REALTOR
Matt Cooper is the Owner | CEO | BROKER OF RECORD with Your Home Sold Guaranteed Realty of Ontario and has 35 years of sales & marketing experience. Matt and his wife, Kendell, opened their very own brokerage in 2020 during the pandemic. They are serving more families with every passing year! 20+ years and counting! Being anointed "Official Realtors to The Humane Society of Durham Region" has been an honor for them. Matt, Kendell & team know - When you put others first, you will never be second! You can find Matt's full bio here.
(905) 440-0505