New Build versus Resale Homes? What’s Better?
When it comes to choosing a new home, nothing can be more stressful. There are so many choices, options, styles, locations and factors to consider when purchasing a home for you and your family to enjoy for years to come.
Whether it’s your first home, or your forever home, the first step is to decide between new construction versus a previously lived in re-sale home. But how do you decide? Below we’ve laid out our top list of factors to consider, before making this key decision.
New Construction Homes
- Tailored just for you. You make all the selections, choose your upgrades and it’s all completely tailored to your budget, lifestyle, taste and more. That takes a lot of stress off once you move in, knowing you don’t need to renovate or change anything. You just need to unpack and relax!
- Brand new, everything. From all new mechanicals, to the roof and flooring, and everything in between, your home has never been lived in and everything is brand new. There’s no wear and tear, either hidden or in plain sight.
- Master-Planned Community. Carefully thought out communities are architecturally and aesthetically harmonious. They are also often designed with trails and greenspace in mind, and built in highly desirable locations, with easy access to amenities and major highways.
- Easier to budget: Lower maintenance costs and no renovation costs mean there are no surprises to the pocketbook.
- Tarion Warranty for your Peace of Mind. The Tarion warranty coverage provided by your new home builder covers your home for up to seven years against major structural defects, along with one or two year coverage for building code violations, water penetration, defects in the electrical, plumbing or heating systems, and defects in the exterior cladding. Learn more about Tarion new home protection, here.
- Energy Savings. New homes are built to higher levels of energy efficiency thanks to building code enhancements. Not only does this reduce your carbon footprint and lower your greenhouse gas emissions, it saves you money in the long run by reducing your energy bills. Lucchetta Homes, a Niagara-based new home builder and leader in new home construction, calculates that its new builds, all Energy Star certified, are 20% more efficient than resale homes (or non-energy star certified homes). Learn more about energy efficiency homes in Canada via Energuide, here.
- More environmentally friendly. A new home is built with modern building practices and standards, typically involving the latest advances in sustainable materials.
- Increased Value. New construction homes historically have seen greater value increases than resale homes.
- More Risk. Though a home may look beautiful from the exterior, or even from the interior, you have no idea what’s lurking behind the walls. You also have no idea if those recently completed renovations were done by a licensed professional or by a DIYer looking to flip for a quick profit. Many homeowners have recently been forced to purchase without a home inspection condition in their offers, leading to thousands of dollars in unexpected costs.
- No warranty. Homes that were built over seven years ago are not covered under Tarion, and therefore does not provide the new home owner any coverage to major structural defects, etc.
- No customization included. What you see is what you get with a previously owned home. Any changes you wish to make will come at your expense.
- Less energy efficient. Depending on the age of the home, you may not have the latest and most energy or water efficient appliances, insulation or windows installed, resulting increased water and hydro bills to pay monthly. And that adds up over time.
- Higher Cost. Hidden or upfront costs are common with previously owned homes. From needing a new roof to mechanicals that break down unforeseeably, these costs can become staggering.
Making Your Decision
When you’re trying to decide between pre-construction or new home builds versus resale homes, understanding each process—from the timelines to the costs involved—is crucial. Contact Lucchetta Homes to assist you in selecting your dream Niagara new home community and the new home of your dreams!