Ottawa homebuying may seem like an easy task. But the truth is that there are a lot of things to consider before jumping into the homebuying wagon. Perhaps the very first thing that you need to decide on is whether you will buy a new home or an existing one. This Ottawa homebuying guide will help you come up with a decision.
If you have already started looking around Ottawa homebuying scene, you will notice that most homes for sale on the market are resales. This is not surprising as a lot of people usually upgrade their homes. As a result, they resell their existing one. So as a homebuyer, which one is more advisable and practical to buy – a new home or an existing one?
New Home Versus Existing Home
Let us look at the comparison between these two options. They both have their own advantages over the other. After having a look at this comparison, you will be in a better position to decide.
Cost
New homes will normally cost more than an existing one. This is because everything is new and up to date with modern design. Construction of the home will also be paid for. The cost of labor is increasing over the years. Therefore, it is expected that the cost of constructing the new home is more than it was before. Generally, new homes cost about 30% more than existing homes. This could even be more in some cases
Existing homes cost significantly lower because there is no longer need for new construction work. But of course, existing homes would be in need for more frequent maintenance because of the aging construction.
Style
New homes will have modern design as they are current and up to date. Existing homes may have older style because they were built a few years ago. But depending on your style requirement, older homes may actually have a better appeal for you as a home buyer. For instance, you may have an inclination for classic home design.
New homes are more innovative and smartly designed but existing homes usually comes with a wider area. This is due to the fact that land was more affordable before. With the cost of land going up in the past few years, you can expect smaller homes now.
Ottawa Homebuying Decision
Before making a decision, ensure that your choice meets your needs. Both new homes and existing homes have their own advantages. Your choice should be based on your needs, your budget, and your preferences.
If you are still unsure whether to buy a new home or an existing one, it is best to consult an experienced real estate agent. He will be able to guide you to come up with a good and practical decision.