Paula Siemens

While some homebuyers are very clear on their preference for a brand-new home or an older home, for most of those house hunting, it is worthwhile to weigh the benefits of new vs. resale, and consider how any home fits within your lifestyle.  An important starting point is to consult your real estate agent, who knows the local market, has the expertise to guide you through the buying process, and can assist you in assessing your needs.  As you look for a home, here are some points to consider:

Costs - A new home may involve a range of extra costs such as landscaping, appliances, window coverings, a security system, and GST.  For older homes, their individual charm often goes hand in hand with increased maintenance, especially if previous owners were not diligent in upkeep - it is prudent to create a budget and timeline for anticipated and unanticipated repairs.   

Location - Typically, older neighbourhoods are nearer the city centre, while new subdivisions tend to be on the outskirts, which may often necessitate a longer commute into work. 

Living space - You're likely to get more space for your money in an older home, since lower building costs of the past usually meant larger homes.  On the other hand, new-construction homes often employ more efficient and innovative uses of square footage and property.

Landscaping - Older homes tend to have well-established trees, gardens, and lawns.  Most new homes may have smaller trees and sparser vegetation, but may also have irrigation systems. 

Energy efficiency - New homes feature more advanced materials such as triple glazed windows, thicker insulation and more efficient appliances to lower energy costs.  Older homes, unless they have undergone a retrofit, usually cost more per square foot to heat or cool, which should be added to your monthly expenses. 

Customization - In a new house, you can often have input into the flooring, blinds, cabinets, appliances, paint colours, etc.  In a used home, you rely largely on the previous owner's preferences, unless you plan some remodelling projects - build any improvements into the overall cost of your home.

Neighbourhood - Many new subdivisions offer centrally located playgrounds, clubhouses, as well as jogging paths for residents.  More established districts typically have better access to urban shopping venues and city restaurants.

Finally, whether buying a new or older home, hire an accredited professional to inspect the premises, to help you evaluate the real cost of your home.

Independent Mortgage Advice Is Yours

To meet your needs, or those of friends & family,

I can...

• Shop the market to find you the best rates and mortgage products, whether you are purchasing a home, refinancing or renewing your mortgage.
• Counsel you on credit and mortgage qualifications.
• Simplify the financing process.

Paula Siemens

Mortgage Consultant

Phone: 604-351-7438

Fax: 604-648-9106

Email: psiemens@direct.ca

Web: www.yourbcmortgagebroker.com