Home ownership is a rite of passage, and one of life’s most important decisions. With several attractive Ottawa homes, including condo developments and detached houses, popping up around the city and its environs, it can be hard to resist the allure of a new build.
New homes provide a turnkey experience, new fittings and warranty protection against move-in delays and defects in the build and foundation. However, new home ownership isn’t for everyone. There are many reasons why a resale might be a better option for your household.
Factor 1: Location
For people who value uniqueness and personality, new builds in the Ottawa area may feel cold and sterile due to uniformity of construction in these residential areas. Buying an existing home can allow you to live in one of Ottawa’s beautiful neighborhoods, such as Westboro and Hintonburg. These well-established areas usually have better access to OC Transpo bus lines, stores, schools, community centres and places of worship. For many, this is far more important than new bathroom fittings.
Factor 2: Charm
Everyone should enjoy the smell of a new car at some point in their life, but many feel differently about the home they live in, especially families. For those who prefer their surroundings to have a lived-in feel, older construction, architecture and moldings might be a better choice. Building that charm into a new home can quickly put the property over budget. As for a home’s exterior, Ottawa’s abundance of pretty, tree-lined neighborhoods can be preferable to newer areas, which are often characterized by minimal exteriors and limited yard space.
Click here to learn more about how the Sylvain Bourgon Real Estate Group can help you make the right choice in determining the right home for your family.
Factor 3: Cost
In this seller’s market, many assume that purchasing a new build will save them money. While this might be true outside of city limits, urban re-sales are typically less expensive by square foot, often due to the fact that new home builders begin the buying process early in construction, so they’re free to stand pat on price while they wait for the right client.
On the other hand, the starting price of a new build is usually for a basic layout, with customization options at an extra price. Every little
detail, from air conditioning to fencing, landscaping and basement finishing come at an extra cost from $10,000 – $100,000. You may find that once you’ve optioned enough preferences to match what you would get in a resale, the final value comes in far above budget.
When it’s time to sign the dotted line on a new home, you might be taken by surprise when they see price with HST and GST applied. This can instantly gobble up any savings the buyer might have counted on to make the sale. However, resale homes are tax exempt. And while they typically require more upkeep, if you have skill at making home repairs, you might be able to absorb much of this cost.
Factor 4: Move-in.
Builders can be inflexible about move-in dates, since they have to prioritize their production schedule ahead of your particular needs. Meanwhile, their output is often slowed by unpredictable breakdowns, such as weather, illness or procurement issues. Because of this, move-in delays are common. This is an inconvenience for families, who then have to find alternative arrangements. When you purchase a resale, every aspect of the deal is negotiable, including move-in. The original homeowners are often more accountable to a single family than a builder, who must manage the priorities of many.
If these are important factors in the purchase of your home, a resale home might be the right choice for you. The Sylvain Bourgon Real Estate Group works with its clients to evaluate their needs and wants to better-identify the right home for you. We don’t just sell homes; we take pride in connecting members of the community with the right home for them, and take responsibility for the happiness of our customers.
For more information about how we can help you find the right home for you or your family, contact us at info@buyandsellottawa.ca.