Finding the right home for sale in Ottawa comes with many decisions. From the neighbourhood, to the lot size, to choosing the house style, it can be challenging to settle on the right home for you. Deciding between new construction vs. resale homes can be difficult as they each offer distinct advantages as well as a few drawbacks, and it is important to educate yourself on their attributes. This article will take a closer look at each, and help you decide which is a better fit for you.
Pros of Resale Homes
View the home
The biggest advantage of resale homes is being able to see the physical house and know exactly what you are buying. Designs that look good on paper may feel different in real life, and it is preferable to see it for yourself whenever possible. With resale homes you have the ability to arrange a formal home inspection and can occupy it right away.
Older homes have more character and charm. With unique features, they have personality that is sometimes lacking in new construction.
When you buy a resale home, you also gain the upgrades that come with it, such as a finished basement, landscaping, and enhanced fixtures.
Resale homes often have larger lots than modern homes built in tighter developments.
See the neighbours’ homes
Being able to see what your neighbours’ homes look like and get a feel for the neighbourhood helps you determine if it is the right neighbourhood for you.
Mature streetscapes and neighbourhoods often have old trees lining the streets, which add character and a cozy feel to your home. Not to mention, you won’t be living in a construction zone and you already know who your neighbours are.
Resale or older Ottawa homes are often closer to the city center than new constructions. Being within walking distance to shops is a great advantage that saves on commuting time.
Cons of Resale Homes
Some resale Ottawa homes come with older features and appliances that require upgrading. They may also come with less energy-efficient cooling and heating systems, as well as appliances.
Renovations and repairs
An older resale home may require renovations and repairs, and these costs can add up fast.
Pros of New Constructions
With new constructions you can often choose your desired floor plan, lot location, and specifications. You may be able to choose features like wall colours, flooring, carpets, cabinets, kitchen appliances, and other interior finishes
New homes in Ottawa come with a comprehensive Tarion warranty that provides coverage on certain items for multiple years.
Brand New Feel
Being the first ones to make memories in your new home can feel special. The brand new, fresh feeling in new builds is appealing to many buyers.
Buying in today’s market and closing in a year means you have more time to collect funds.
Cons of New Constructions
Purchasing a new build puts you at risk of inevitable construction delays; for instance, during the Covid-19 pandemic, labour costs went up and many construction projects were delayed. Depending on how many empty lots are left in your neighbourhood, you may also be living in a construction zone for a few years as all your neighbour’s homes are built, and even a second phase is developed.
When purchased through a builder, upgrades like dimmer switches, top appliances, fencing, and landscaping are often more expensive.
You will pay HST at a rate of thirteen percent on the selling price. However, if you do your homework, you can find some builders that have built that into the price of the home.
Due to their warranty, new constructions often restrict you from building fencing or landscaping for a period of time.
While delayed closing does allow you more time to save, it means you have a longer time to wait until you can move in, which can also get delayed beyond your control.
The right Ottawa home for you depends on your individual needs and preferences. Both resale and new construction homes come with their benefits and drawbacks, but ultimately, when it comes to investing in real estate in Ottawa, there is no wrong choice.