When it comes to finding the perfect place to live, one of the most significant decisions is whether to build a custom new home or buy an existing property. Both options have their advantages, but the best choice depends on your long-term goals, lifestyle needs, and financial considerations. Let’s explore the high-level considerations.
The Case for Building a New Home
Building a new home instead of buying a resale allows you to create a space tailored to your preferences, lifestyle, and future needs. Here are some compelling reasons to work with a custom homebuilder for your new home construction:
- Personalized Design
With custom new homes, you have full control o
ver the layout, finishes, and features. From energy-efficient appliances to open-concept living areas, your home will reflect your unique style and functionality needs. You’ll have those extra closets, the layout you’ve always wanted, the butler’s pantry, the screened-in porch – whatever it is that you’re looking for in a new home, you can build it into your own design.
- Energy Efficiency and Sustainability
Modern new home construction integrates the latest energy-efficient technologies. Many of these are now standard in the building code in ways they may not have been in previous decades. In addition, a custom new home builder can integrate these considerations into the build. The bonus of this is that net-zero ready homes use advanced materials and systems to minimize energy consumption, reducing long-term utility costs. Good for the planet and the wallet.
- Lower Maintenance Costs
Everything in a newly built home is brand-new, reducing the risk of costly repairs in the initial years. Make sure you are hiring a custom home builder who is licenced under the Tarion new home warranty program. If they aren’t, it’s technically illegal for them to be building a new home because by law, new builds in Ontario come with a warranty for added peace of mind. Under the Tarion warranty program, different components of the home are covered for defects for different lengths of time. Many home builders also offer other guarantees on their homes or the systems installed, and are able to provide support or advice if something does go wrong.
- Future-Proof Investment
Building a home with a custom homebuilder ensures it meets the latest building codes and standards. Smart home technology and sustainable features can increase property value. Depending on how many years you plan to be in a new home, the value of the home will hold better than an older home. All of these factors help to preserve the value of your investment.
The Case for Buying an Existing Home
Buying a resale home instead of building one may be a better fit for your family right now, but it’s important to look at it from all angles.
- Immediate Availability
Move-in ready homes allow for faster relocation and no construction timeline may mean less waiting. Sometimes that’s the main factor for a family in buying a new home, and that’s totally understandable. But not all new homes will have a long wait list, and some builders (like South Coast Design | Build) build homes on spec that they then list for sale. These homes allow buyers a shorter timeline, but still a brand new home, and depending on when you get in the door, you may still have a choice of finishes.
- Established Neighborhoods
Existing homes are often located in mature communities with established infrastructure. This is less of a concern if you’re looking for a rural home or are happy with an up-and-coming area.
- Potential Cost Savings (Short-Term)
In some markets, buying an older home can initially be less expensive than building. However, it’s important to consider that renovation and maintenance costs can add up over time. Make sure you get an extensive, professional inspection on any resale homes so that you can effectively budget for those repairs.
Key Factors to Consider When Making Your Decision
- Budget
Compare the total cost of new home construction with the price of an existing home, factoring in maintenance and energy savings. Custom new homes may have higher upfront costs but offer long-term financial benefits. The other thing to consider is to find a custom home builder where the design and the build costing are done by the same person – or at least the same department – so that the cost is accurate and you know exactly how much house you can afford to build.
- Location
Availability of land and proximity to amenities can impact your decision. Location is an important consideration, and working with a realtor might be a good way to scope out land options and resale options at the same time. The cost of the land definitely impacts the cost of a new build, so it’s good to look at all of the options.
- Lifestyle Needs
A growing family may benefit from the flexibility of building a new home to accommodate future changes. If you’re buying a resale knowing that you’ll need to add the addition or the grandparent suite on in ten years anyway, it might be worth building new and creating a phased design that will seamlessly integrate that additional space down the road – or even include it from the beginning for close to what you would have paid to add on an addition.
Why Working with a Custom Homebuilder is Key
Choosing an experienced custom homebuilder ensures a smooth and efficient building process. A skilled homebuilder will guide you through each stage, from initial design to final construction, helping you make the best choices for your new home. It’s important to have a good idea of your budget and your financing options, and to trust the homebuilder you choose to deliver a quality final product.
Conclusion
Deciding between building a new home and buying an existing property depends on various factors, including your financial goals, lifestyle preferences, and long-term plans. If customization, energy efficiency, and long-term value are essential to you, building a new home with a reputable custom homebuilder is likely the better investment. Contact us today at 613-640-0245 to learn more about how we can help take your dream home from concept – to keys.
