Monday, November 16, 2009

Should You Buy a New or Existing Home?

Buyers have so many choices these days. But after narrowing down the location and selecting the type of home you want to purchase (single-family or condo), there’s one more decision to make: Should you buy a new home or an existing one?
The answer depends upon both your budget and lifestyle.

Open up your local newspaper on any given day, and you’re likely to see ads from builders touting concessions such as free closing costs, upgraded cabinets and floorings, or options thrown in that can be worth thousands of dollars. The ads are enticing, and bargains can be had. But purchasing a new home is a major investment in time, as well as money. You’ll have to start decorating from square one, with paint and window treatments. You may need to install carpet. And if you’re looking for lush landscaping, you’ll have to wait for newly-planted foliage to grow in.
In addition, many new-home subdivisions are located on the outskirts of metropolitan areas, so be prepared to drive to jobs, schools and shopping.

Bargains on existing homes are available in many markets as well. An existing home that fits your tastes can save you time and money. There may be no need to purchase window treatments. The landscaping will be mature. And the costs of an existing home—such as utilities and taxes—are well established and easily known, while the real monthly costs on a new home are yet to be established.

Also, BC and Ontario residents should keep in mind that newly constructed homes prices will be affected once the HST takes effect on July 1, 2010. To understand how this new tax will change your total costs or to find your perfect new home, contact me today!

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