When it comes to major life decisions, it doesn’t get much bigger, more exciting or nerve-wracking than buying a new home. But what does buying a new home really mean?
For many, buying a new home translates to purchasing a previously-owned-and-occupied house on the resale market. From bidding wars to flipping properties, the resale market is the subject matter of countless TV shows, books and articles. Resale is how most homes are bought and sold in North America.
For others, buying a new home means having a new house built for you. In this case, you will literally be the first occupant(s) in the home. Unless it’s a one-of-a-kind or custom project, a new home is typically part of a bigger community and is constructed for you by a homebuilder such as Empire Communities. If budget and timing are not issues, then you may consider a custom home.
If you’re deciding whether it’s better to buy resale or to buy new from a homebuilder, there’s a handful of factors for you to consider.
Design
Interior design makes the most of space and improves your quality of life. So unless you can find a redesigned home up for sale, chances are that a newly designed house will offer floor plans that maximize square footage, offer more natural light and deliver features that better meet the needs and wants of modern residents.
Warranty
If peace-of-mind is top-of-mind, then buy new. When you buy a new home from Empire, we will make sure you’re protected by the most comprehensive coverage available through 2-10 HBW – an industry leading, insurance-backed new home warranty.
Energy Efficiency
If reducing your environmental footprint and keeping your energy bills down are important to you, then a new home can make achieving those things that much easier. At Empire, we pride ourselves on a high standard of quality when it comes to building your home. That’s why each home is built with Energy-Star rated appliances, Carb2 compliant floors and interior paints that are low VOC, <50 grams per litre.
Amenities
Amenities are shared spaces such as fitness centers, pools, walking trails and parks that all community residents can take advantage of. Often times buying new means you’ll be moving into a new community with brand new amenities waiting to be enjoyed, making it an even better investment. Whether you decide to go new or resale, a good rule of thumb before you buy is to ask yourself if you’ll actually use the amenities that will be part of your community.
Maintenance
It stands to reason that the newer the house, the less maintenance and repair it requires. But new or resale, protecting your investment with routine maintenance is a must, so make sure you have a clear understanding of the amount of regular and seasonal maintenance you’ll need to commit to keep your home in great shape.
Community
Whether to buy new or resale depends on what you’re looking for. If you want a very mature and established neighbourhood, you may prefer resale. A new home may work better for you if you want to be part of a new community with new facilities and amenities. New homes are available in urban areas too and may be a consideration when looking to harmonize space needs and lifestyle.
Curious about Empire’s new homes? Browse our map of communities.