One of the most common questions buyers face before beginning their search for their dream home is whether they should buy old or buy new. This decision is important for your broker to know because this will impact your budget, the neighbourhood that you look in, and the style of home that you are looking for. Read on to learn some pros and cons for each.
Pros of Buying New
1. Peace of Mind: Many people choose this option because they know that everything is new and updated. In other words, no renovations. Also, many things will still be under warranty.
2. Modern Style: Oftentimes, newer builds are built with modern styles and renovations that buyers tend to look for.
1. Location: New builds and newer homes, in general, are not normally found in busy downtown cores. Depending on where you are looking, it might be hard to find your desired home type in your preferred area.
2. Price: Getting a bargain on a newly renovated or new build is not an easy feat. Remember Pros #1: everything is new and still under warranty.
Pros of Buying Old
1. Renovations: You can transform any home into your dream home by simply renovating.
2. Price: Older homes are usually cheaper since they require renovations. With a little updating, you can score a higher return when you go to sell.
3. Location: Older homes are often found in more mature locations. This means more amenities, stores and transportation.
4. Character: Older homes are known for their unique character and charm that often is not found in new homes.
1. Problems: ‘Old’ homes. Be prepared to run into different issues. Foundational and structural problems, roof replacements, and old pipes that need updating are a common few.
2. Outdated Floor Plans: Looking for an open concept? An older home might not have the modern style you are looking for. So, you may have to knock down a few walls.
3. Time and Budget: Renovations take time and money. If you do not have either, an older home may not be the best option.
There is no right or wrong path. The decision is entirely personal and up to you as a client.