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Should You Buy a New or Existing Home?The tight housing market is forcing many buyers to compromise when it comes to purchasing a home. Because so many people are choosing from properties they would not have ordinarily considered, developer Kaufman and Broad offers several tips on the differences between new and resale homes. Many buyers who believe that an old home will offer charm and character often find that these properties require a great deal of work to take on the look and feel of the new owners. Those who do not mind doing the grunt work required to transform a resale property into a dream home will do well to purchase an existing house. However, those wanting instant gratification should probably focus on new construction. When it comes to maintenance and repair, new homes also have the advantage “hands down” since new products are less likely to need repair. Additionally, the cost of operating a new home is generally lower than that of an existing one, especially since new houses have more energy-efficient features that save on utility expenses. Buyers often favor resale homes because of the mature landscaping; but for those who want to create their own landscape, many developers of new homes will offer options to accommodate them. When it comes to warranties, new homes are the way to go. In British Columbia, all new homes are insured for 10 year structural, 5 year building envelope, and 2 years material and labour warranty. One of the advantages to purchasing an existing home is that buyers will be able to learn a lot about the established neighborhood, whereas the buyers of new houses will need to do more research to figure out how the developing neighborhood will look once it is completed. Finally, consumers should know that resale values are contingent upon a number of factors. A new home could appreciate faster or slower than a resale home. To get the most out of a home purchase, buyers should be confident in the quality of the area's school district, housing stock, and economy.
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