The age-old question for homebuyers in the Markham: should we buy new or resale? The answer to this question lies in the personal preferences and circumstances of each individual buyer – there is no right or wrong answer. Here are some of the main differences between the two options.
Lot size and Location:
Lot size and location are often the tipping point between one option or the other. Resale homes tend to be in areas that are more mature which mean bigger trees, mature gardens and green grass. In the Markham area, many of the resale subdivisions come with larger lot sizes, which is particularly appealing to buyers. Newer homes tend to be on a smaller lot. The price of land today is at a premium and builders want to get the most out of every square inch. This results in the lot sizes on new homes being smaller than in the past and ultimately means small yards and close neighbours.
Not everyone has the luxury of waiting for a new home to be built. Typically from the time a new home development hits the market it can be a year or two before occupancy in granted. Often times this is just not an option for buyers . The typical possession date for a resale home is between 60 and 90 days from the date of the offer acceptance.
Finishes are what drive the “gotta have it” emotion. Newer homes tend to come with all of the latest and greatest bells and whistles. Right now that happens to be 9 foot ceilings, stone countertops, stainless steel appliances, hardwood floors, smooth ceilings, pot lights, etc. Builders have come a long way and tend to offer all of these great options as part of the basic package and they are no longer premium add ons. A resale home can be several years or even decades old and may have dated finishes depending on the upgrades the current owner has completed. When buying a resale home it is important to consider what your budget is (if any) to do upgrades. Some of the characteristics of an older home can not be changed by renovations and might be considered a negative on resale – think 8 foot ceilings – you can scrape the popcorn and put in pot lights but at the end of the day they will never be 9ft.
Upon entering a builder showroom and looking at gorgeous renderings of fully completed houses in completely landscaped neighbourhoods a new house can seem like a no brainer. What buyers forget in the heat of the moment is that often times they will be granted occupancy before the community is finished. This means living in a construction zone while the other homes are being completed. Landscaping is always the final stage in any development and it could be years before the community is what it appears to be in the builder showroom.
There are many other factors to consider when choosing between the two but these are some of the more prominent differences. It is important to consult your realtor when deciding between the two.