Buying a Brand New Home – Advantages and Disadvantages

Buying a Brand New Home – Advantages and Disadvantages

Posted on June 25, 2019

Jordan McGregor

What’s your guess? Do you think potential home buyers prefer buying a brand new home or an existing one?

While there are pros and cons to both, most people do still prefer an existing home over a new one. About 40% of home buyers like the idea of a new home, while 60% still prefer an existing one.

What Home Buyers Like About A Brand New Home

  • Customization – Paint colours and flooring choices ordered directly through the builder.
  • No renovations – No painting, fixing, or redoing the kitchen or bathroom.
  • Current styles – Everything from trendy colours to modern layouts with big kitchens, huge ensuite bathrooms, and walk-in closets.
  • Lack of maintenance – New appliances, furnace, hot water heater, and roof all mean a low maintenance lifestyle for at least a few years.
  • Energy efficiency – New construction methods and materials increase energy efficiency and lower utility bills.
  • New technology – Alarms, speakers, and better internet connections may be features of a new place, especially luxury properties or condos.
  • The whole idea – The fact that nobody has ever lived there before gives a fresh, new house an advantage for some.

What Home Buyers Don’t Like So Much About a Brand New Home

  • Money – Brand new homes often cost more – sometimes even 20% more than a similar existing place. That buys a lot of fresh paint.
  • Upgraded features – Builders usually have a base model and then start with the add-ons. This really adds up. Quickly.
  • Distances – New neighbourhoods are often built further from current amenities. Schools, grocery stores, and commutes add up, especially with the price of gas.
  • Living in a construction zone – If you move in early in the development, you may have a construction site close by for years.
  • Lack of appeal – Many new neighbourhoods lack the tree-lined quaint look of older areas. It takes years for trees to grow.
  • Architectural details – New houses tend to have less charm than some older places.
  • No renovations – Some people LOVE to get hands-on, either by doing work themselves or hiring it done and supervising closely.
  • Small lots – Existing homes tend to have larger lots than a brand new home.

New construction seems like a dream for less than half of potential homebuyers. However, a brand new home is not perfect for everyone. At Real Estate Reinvented, we’ll help you find the right place to make your home buying dreams come true, brand new or otherwise!

Would you like a guide to buying your first home? Email us today at info@reri.ca!

 

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★★★★★

“Great Team, accommodating, experienced and friendly. My house went live on MLS on a Thursday, Jordan did an Open House on the following Sat./Sun., they had over 100 people through the house, 2 offers came in at full price with minor conditions! It was quick, clean and an amazing experience!”

Wendy Boone

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★★★★★

“Jordan showed extreme patience with me for a VERY long time until we finally found the right house for me! His suggestion to consider an investment property was something I had not considered but am so very thankful I listened to him. Grateful for his knowledge and walking me through the entire process. Thanks Jordan! 😊”

Bonnie Beaumont

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★★★★★

“I have developed an excellent business relationship with Jordan McGregor and Louis Tavakoli. They’ve assisted me in securing two income properties in Kingston, where they’ve displayed thorough knowledge and understanding of the real estate market. Both are prompt, always available to discuss any questions or concerns and highly professional. I look forward to working with them in the future.”

Josh Green

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