Buying A New Home Vs Older Home

"A man travels the world over in search of what he needs and returns home to find it." - George Moore

 

If you ask your friends and family, two of the most important purchases that most people want to make include a new vehicle and a new home.  It is easy to understand the allure of a new home which can include the latest advances in technology, the ability to customize to your own tastes, and being a house that has never been owned by anyone else.  According to CanadianMoneySaver.ca, there are different costs that are associated with old and new homes.  Sometimes, builders will offer special financing offers for new homes and buyers often like the concept of minimal repairs required for a new home, as a roof replacement can be very costly if not planned for in advance.

However, there are many benefits to owning a used home.  Many buyers love developed neighbourhoods that have mature landscaping and existing infrastructures such as schools, bus routes, etc.  If you are handy, you can find homes that need updating or some TLC for reasonable prices and build "sweat equity" by improving the home's appearance and functionality.  I always recommend to clients to have a professional building inspection done when buying a home, as a buried oil tank or drainage issues can create extensive financial headaches for a homeowner.  It is important to ensure that you can afford a used home and have an emergency reserve for those unexpected repairs or expenses that might arise.  Some buyers prefer an older home, especially character-style properties that might have original clawfoot tubs, stained glass windows or other unique features just not found in a new home.

A home is a financial investment, but it is also where you spend time with family and friends.  Everyone needs somewhere to live as it is a basic need, but each one of us imagines our dream home slightly different in design, size and location.  Many buyers will comment that homes "aren't built the way they used to be" and that is true in many respects.  Our Layzell Dreger & Associates team recently sold a character home that was almost 100 years old and it was fascinating to learn about the home's history.  Buyers loved the original flooring and crown molding as it was a throwback to a different era.  However, buyers who preferred a newer style of home felt that the home didn't offer an open concept that many new homes offer and wanted larger bedrooms.  It is interesting to consider that a king-sized bed was not as common back in 1910 - especially since plumbing was sometimes still an outhouse during that time.

Whatever your preference is - whether it be a new home or a used home, Nanaimo offers unique opportunities for real estate.  With many heritage homes and family homes built in the 1970's and 1980's in certain neighbourhoods, home buyers who want to find a home with "good bones" are in luck.  For those buyers who seek a more modern take on home design, you can see many new homes and subdivisions arising in our beautiful city.