09 Nov The Great Debate: New vs. Resale
New vs. Resale, which is better? This is a question I get all the time. As you can probably tell, there are a number of new homes being built in Kingston. From townhouses to custom built single family homes, whether east end or west end, there are a number of options for a wide range of buyers. With that that said, there are a vast amount of resale homes for sale in some of the most popular neighbourhoods in Kingston. Now, this brings us to the question: should you buy new or buy resale? I hate to spoil the fun but there is no right answer. Honestly, It really all depends on the person making the purchase, but I thought I would share with you some of the main pros and cons of each for you to better understand your options.
New Construction Homes
- Depending on the stage of construction, you can pick all your interior and exteriors finishes. From kitchen cabinets to flooring to the colour of even the eavestroughs! Not only that, you can pretty much add any of the modern amenities you want.
- Most new homes are built to ENERGY STAR standards so they’re extremely energy efficient and therefore less expensive to heat. In fact, most new homes feature a Heat Recovery Ventilation system (HRV) that replaces the stale indoor air with fresh outdoor air because the home is so airtight and efficient.
- Many new subdivisions are master planned which means they feature interconnected walking paths and many modern amenities. From a technical standpoint, they also have proper drainage and modernized utilities beneath the surface.
- The construction standards now are much more strict than in the past to ensure a better home.
- Price is at a premium. Sometimes to get the finishes that you want it will be considered an upgrade and therefore cost you more.
- For the first little while of a new home purchase, you could be living in a construction zone which means dust flying everywhere and a wake-up call of 7:00am every weekday morning when the workers arrive.
- The lots in a newer subdivision are usually much smaller than those in an older area. New single family residential lots in Kingston normally have a frontage of 30-50 feet and a depth of around 100 feet. If you want a unique lot (eg. Pie-shaped), there’s a lot premium attached to them.
- And the most common complaint of a new subdivision – all the houses look similar!
- Mature neighbourhoods tend to be more “green”, lots of beautiful trees and natural barriers between houses. Not to mention, the houses are generally much more unique from one another.
- Once again, lots in older areas tend to be larger. Mature areas in general, are usually in more central locations as opposed to newer areas that are further east or west of Kingston’s core.
- A lot of the times, resale homes need to be modernized but if you are willing to put the work/money in and do the right renovations you can expect to build a considerable amount of equity or flip the property for a profit.
- There are so many question marks when you purchase resale – What’s behind the walls? What’s the structural integrity? Quality of plumbing, electrical and HVAC?
- In comparison to new homes, they are not as energy efficient and can sometimes have older out of date heating sources that are more expensive to run in comparison to today’s options (Eg. Electric baseboard heating). Not only that, converting heating sources can be very complicated and therefore expensive.
- While you can build a considerable amount of equity or even flip the property for a profit when taking on renovations, this does not come cheap nor is it a comfortable process if you are living in the home during renovations. Understand the project you are taking on, have a contingency fund and expect the unexpected because again, you never know what issue is waiting for you behind those walls.
As you can see, the best option depends on the buyer, each option has their benefits. Feel free to let me know if you have any questions, your feedback is always appreciated! Contact Me