Question: Buy a New Home or Purchase a Preowned Home?

It is understandable that as a new home buyer in Ottawa and Gatineau would aim towards looking at new home models over looking at a preowned home. One reason maybe is that they have insight into the issues that can come up with moving into a home that somebody else bought brand new. However, even with a new property there are some issues that could present some trouble.

Notwithstanding, the difference between new home issues and an older home is the warranty the comes with the new home purchase. Albeit, when looking at the level of investment, older or preowned homes tend to run at lower prices when compared overall to newly built residential homes in Ottawa and Gatineau. The best scenario is to gather information from the real estate agent and the home builder on the type of discounted upgrades that are available, if any, where in most cases there are.

Looking at an established neighbourhood, this option for upgrades is limited to either zero or would depend on the what the seller is willing to do to sell the property. The typical case for an older home is in order to upgrade a major remodel project takes place. Accordingly, comparing getting the upgrades in a newly built home to a remodel the cost is, in most instances lower.

Answer to the Question

Naturally, there are many factors to consider above and beyond price, and whether or not you can get the addons that you wish, such as, is the house in the desired Ottawa or Gatineau neighbourhood, is it close to the schools you want your children to attend, is it close to your work? When the location of the house meets all of your requirements at all levels, then making the decision to buy becomes easy.

The subsequent decision being driven by the above mentioned factors still weighs heavily on the difference between buying a new home or buying a preowned home in Ottawa and Gatineau. Moreover, when the choice of a new home becomes concrete, the best action is to spend some time on the design and layout of the structure. Doing this will ensure the home meets your living and space requirements.

The Advantage

The advantage is the new home is ready for use when you move into it. After all the planning and discussions on the design the new house will have everything in all the right places. This alone should help the decision.

In addition, as a matter of value, the end result of new construction is that once a new community reaches completion the total property value increases for the whole project. This does not happen in established communities. Understandably though, different people desire different things out of where they choose to live in Ottawa and Gatineau when looking at purchasing a home for the first time or buying a third home. It is always best to study all of the options before making the biggest investment of your life.