Why Choose a Resale Home Over a New Home? Six Reasons.
Three years ago my husband and I decided that it was finally time to move to a larger home within Halton Hills. With two growing boys our 1200 sq ft starter home was no longer adequate- we needed more space! We shopped around a bit before decided to buy a brand new home. Pouring over the selection of floor plans, the idea of being able to choose everything from the fixtures and tiles to the exterior style and colour really appealed to us. However, during the process we learned a lot about the downsides of purchasing a new home:
-Be prepared to put down a considerable amount of money. Our builders required $20 000 as a down payment, payable in installments. Luckily we had family generous enough to float us the money, but we often thought of the other buyers who had to borrow money and pay interest on it while the closing dates kept getting pushed further and further back.
-This brings me to my next issue- closing dates. There are many situations during the construction of a new home that can cause delays of months- Trade strikes, building material shortages, difficulties obtaining permits or in the case of my subdivision, an accident that saw numerous half built homes to burn down to their foundations. Arrangements for selling your home or kids starting new schools can be thrown off as a result.
-The over priced upgrades. Quite often a new home comes with standard finishes that are less than appealing. The quality of the carpets, trim, cupboards and fixtures can be quite low, yet the upgrade prices can be shockingly high. For example, the $510 bathtub faucet the builder charged us for only cost $280 at a big box store and that's not even taking in to account that we had already paid for the standard finish in the price of the home. When you buy resale a lot of the upgrades are already in place.
-You are essentially buying an empty shell. When we moved in we had to hire someone to come and set up our phone jacks, because the only thing we had were little wires sticking out of holes where they're supposed to be. Add coverings for 17 windows, painting over boring cream walls, driveway paving, sealing tiles, landscaping, decks, patios and all the little things you take for granted in a resale home like hooks, towel racks, hose reels, garage door openers and shelveing, etc. and the chores and expenses just keep adding up!
-The lack of character. Sure, you probably won't have to rake leaves for years, but a neighborhood with tiny saplings instead of glorious mature oak trees lacks the shade, privacy and character of more established neighborhoods.
-Living in a construction zone. Often neighborhoods aren't finished when you move in which can mean dealing with construction noises, dust and dirt on the inside and outside of your home, unsafe streets for children and muddy roads...some times for months or years.