New vs Existing Homes - YQL Real Estate - Lethbridge AB

Another decision you will have to make is whether you want to purchase a previously owned home, a newly built home, or if you want to build one of your own.  Take time to carefully consider your options.

New Home

Is it built and move-in ready? Or are you going to have to wait for construction to be completed? If so, how is this going to impact your financially, and how will it affect your plans?

Pros

  • New homes come with a warranty
  • More choices and incentives available

Cons

  • Warranty doesn’t cover children or pets
  • Dust and noise from construction in a new area

Previously Owned Home

What did the home inspector find? Is it in good condition? Will you have to paint or do any renovations? If so, can you add the cost of the repairs to your mortgage? How much is this going to cost you, and how much is it going to impact your monthly payment amounts?

Pros

  • Quicker Possession date
  • Mature trees and landscapings

Cons

  • Renovation costs
  • Appliances may not be the best quality

Build Your Own

Building your own home is the perfect way to get exactly what you want in terms of size, price, functionality, and the quality you want. This can take a significant amount of time and energy that people may not realize. Be prepared for this. Also, keep in mind that things can come up during construction that may end up costing you more money.

Questions about buying new vs. existing?

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Peter Dyck

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