New Home vs Resale: 10 Secrets Every New Home Buyer Should Know

A large majority of homes for sale in Ottawa that is on the market are resales – meaning they were lived in before

However, one in every four homebuyers purchases a brand-new property. Many people have an age-old question: what’s better – a new or existing home? The answer to this question ultimately depends on you, your needs, finances, family, and taste. There are advantages and disadvantages for both.

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Advantages & Disadvantages to buying new homes vs Resale in Ottawa

Advantages to buying new homes:

You have more options to customize your home. When you buy land or buy a home in its pre-construction phase, you quite literally get to customize your home however you’d like.
You won’t need to invest in renovations. At least not right away. When you buy a brand-new home, you’ll have quite a few years before you need to worry about repairs and renovations .
Less maintenance. New homes for sale in Ottawa come with new appliances, plumbing, and electrical systems. You won’t have to worry about these things being old, outdated or malfunctioning.

Disadvantages to buying new homes:

You pay more. New homes will cost you a pretty penny. A brand-new home generally costs around 20 percent more than a similar, existing home.
You’ll most likely live in a developing community. The majority of homes are built in developing communities, so there will be a lot of ongoing construction, and the location may be less convenient for you.
They’re not as charming. A certain level of character and charm comes with older homes. New builds often lack the architectural details inherent in the style of older homes.

Advantages & Disadvantages to buying existing homes for sale in Ottawa

Advantages to buying existing homes:

You live in an established neighbourhood. Existing homes already exist in neighbourhoods and communities that are well-established. It’s also easier to find an existing home close to necessary amenities like public transport, grocery stores, and schools.
You can remodel it and increase its value. You can find existing homes at extremely reasonable prices. It may be more cost-effective to spend money renovating it to look the way you want. Investing in renovations could also increase the property’s value if you choose to sell it later.
Your home could be move-in ready. Suppose you’re looking for a property that’s already furnished or already has the necessary appliances. In that case, you’re more likely to find this with an existing home.

Disadvantages to buying existing homes:

No warranties. With newer homes, many appliances, roofing and structural systems are covered under warranty for at least a year. Existing homes for sale in Ottawa don’t typically have warranties and could be unappealing to a buyer.
It can be hard to see defects or issues with the property right away. Sometimes you don’t come across issues or defects with an existing property until months or years after you’ve moved in. This could result in hefty maintenance and repair costs.

To get more insight on new homes vs existing homes, download our free report. We outline the ten secrets every new home buyer should know, including little-known buyer advantages that most builders won’t divulge voluntarily.