Q: We are debating whether to buy a new house in a new subdivision or an existing home nearby. Any suggestions on which is the better long-term idea? Raymond L
A: Well Raymond, the first thing to consider with real estate is of course: Location. As you are looking at new or old in the same area, then the other things to consider are affordability, securing finance, and what works best for you.
When you build a new property, you have the opportunity to start with a blank slate and can create what you want from the outset. You have the freedom to pick everything from the location, the home’s design, and the other details like wall colours, landscaping, and customised fittings. Unfortunately, most existing homes will require costly changes, renovations, and remodelling to turn them into your perfect home.
The older a property, the more maintenance it requires to keep in top condition. Small issues need to be fixed regularly before they become difficult and costly to repair. Everything in a newly built property is brand new, which means it should require very little, or no, repairs and maintenance. Another benefit is that a new property will be under warranty, and if anything is faulty early on, the repairs or replacement should be fully covered.
When you build new, you are less likely to face issues such as mold, damp, lead paint, asbestos, or even allergens, which can affect your health and wellbeing. With new, energy saving standards being implemented throughout and modern appliances, your new property should also have better heating, cooling, and ventilation, which is good for your family, as well as the environment.
A brand-new home should already have a higher value than an older, but similar home from the start, but when you build you also have the power to choose every detail of the home with future value in mind. This means that you can choose design features like a stylish elevation, open floor plans, ensuite bathrooms, high ceilings and outdoor living areas, which will be highly desirable to future buyers.