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Advantages of Buying a Resale Home

With an older home, for the most part you can see exactly what you are getting. And the things you cannot see, your home inspector will be your source of valuable details about the home. For a resale home, you are usually able to assess the characteristics of the neighbourhood if it’s established and you can see the traffic flow, local amenities and any other elements of importance to you as the buyer.

On a financial side, many resale homes offer a more finished home – eg. landscaping may be done, a deck may already be built, driveway already paved and the basement may already be finished. There are generally fewer move-in costs during the first year with a resale home (possible costs could be revealed by a home inspection). While there are a number of advantages, the age of the home and the overall condition can contribute to the overall cost to you in the future. A thorough home inspection is always recommended so that any anticipated costs for repairs or worn out / out of date items can be considered at the time of purchasing the home (eg. age of shingles, age of furnace etc).

Advantages of Buying a New Home
A brand new home also has advantages. While you may buy a new home from a plan or during the construction phase, in the end you usually have much more flexibility with a new home in customizing your decor and landscaping to suit your tastes. If you have particular preferences for design and layout, building a new home may be just the option you were looking for! Another plus for new homes is simple, when you move into you new home it’s all brand new. You walls are free from blemishes from wall hangings, painted in a colour you selected, your floor coverings are new and compliment your style and so on if you had the opportunity to select your finishes.

Newer homes often address such concerns like shortage of storage, room sizes and of course offer more energy efficient homes by following the new building codes for insulation, wiring, plumbing etc. Since all builders vary with their options and floor plans it’s always a good idea to review the building specifications and inclusions in details before proceeding with your offer. This is where I can help – after working as a dedicated New Home Sales Rep I can lend my expertise to help ensure your new house is the home you imagined!

So if you know which avenue you prefer – resale or new – or if you need help figuring out which option best suits your preferences, call me and I can help.

So you’ve decided it’s time to buy a new home, now what? Now it’s time to take that first review of your finances to the next level. Often people find it helpful to engage the services of a mortgage lender to determine how much you should spend on a home. A mortgage lender will review your credit, down payment and all other assets & liabilities to determine how much you can afford.

If you want to get a head start, you can begin by making a list of your monthly income and your monthly expense which could include such items a monthly rent, electricity, heating costs, water, parking fees, cable, car payment & insurance, renters or home insurance, child care, groceries, public transportation, telephone, entertainment, clothes and any amount of money put towards savings.

Once you’ve completed this personal review of your finances, you are ready to meet with a mortgage lender to discuss a mortgage pre-approval. After your lender determines how much you can afford to borrow, the lender will provide you with written confirmation of the mortgage pre-approval and a fixed interest rate for a specific time period. While this step is not required to start your home search, it makes the search easier for you. Imagine not knowing how much you can spend on a home but searching through endless options anyways! It’s better to be aware of your budget and set a price range you are comfortable buying within before you kick off the search.

For more information on preparing for your meeting with mortgage lender, or for help sourcing a lender, contact me for an appointment. Home ownership is right around the corner!