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What Should You Buy - New or Resale?
You’ve taken the first steps on the homebuying path – deciding to buy a home. A maze of other choices await you and here’s one of the biggest: new or resale? There is no ‘right’ answer. In the end, it’s really about what works best for you and your family. Here are some things to think about.

Location
In real estate, you’ve probably heard it’s all about location. Families should bear that in mind when choosing a home:
New homes are most often built in subdivisions away from the city’s core. The lots may be smaller than you’d find in older neighbourhoods and the houses are built closer together. Coming from the same builder, the homes may look very similar, with minor differences in colour or siding. There won’t be many trees or landscaping. While there will be essential services (water, gas), there may not yet be adequate public transportation. Resale homes are most often found in established neighbourhoods. There are fixed local services, parks and schools. The lots may be larger, although the homes may be smaller. You can often find more individuality in older neighbourhoods.

Health and Safety
No matter what you choose, feeling safe and secure in your home should be high on your priority list. New homes feature materials to keep the space healthy. For example, asbestos and lead are no longer used in construction. Many new homes feature hard-wired smoke detectors on every level. As well, a sturdier electrical power system may be installed to deal with today’s heavy electrical demands. Resale homes come with a history. As a proactive buyer, find out all you can about how the home was maintained or any structural problems or issues. Have the home inspected before you make your final decision.

Future Development
The way your neighbourhood looks today could change, depending on future construction plans and zoning. New homes are built in a subdivision, but that may not be the end of the construction. If there’s a vacant field near your house or a pristine view, check out the city or town zoning board to find out how the land is zoned and if more development is planned for the future. Resale homes, generally, aren’t subject to the same kind of development going on in the suburbs. Neighbourhoods will remain intact, although nearby future road projects could affect the home’s value and your ease in getting around.

Price
You came into this project with a budget – the amount of money you could spend for your purchase and the variety of costs associated with it. New homes are generally more expensive than resale ones. The cost of materials, labour and land has all increased as cities and towns build out from their centre core. Fees for bringing municipal services to the new area are also factored into the price. Builders have a base price for their homes and you may discover there are costs for the homeowners’ association, architectural controls and other mandatory fees. Resale homes are priced with a number of factors in mind: location, condition and current market selling trends. Prices for these homes are also influenced by neighbourhood desirability or closeness to the downtown core. Renovated homes can account for large price variations within the same neighbourhood.