There are two basic types of houses that first time home buyers can choose from: these are newly built homes and resale houses.
A lot of people I’ve encountered along the years chose to buy resale houses, because resales generally cost less and the ones they found were already situated in the neighbourhood they want.
However, if you truly want to get the biggest bang for your buck, you may want to consider other factors as well:
The green movement got started only a few decades ago, hence it’s a no-brainer that newly built homes offer better energy efficiency compared to houses built in the 70s and backwards.
Current building standards require all newly built homes to secure energy certification compliance covering a house’s basic structures such as walls, roofs, windows, doors and even appliance packages.
In comparison, houses built 4 to 5 decades ago have little to no compliance certificates, because building specifications were less stringent those days. While it is possible to improve the energy consumption of resale houses, the high costs and outdated floor plans of these structures may prevent you from getting maximum energy efficiency.
Newly built homes are often constructed using carpeting and insulation which are made of fire-retardant materials. They also have built-in air filtration systems which improve the air quality in the property and minimise the chances of your family from catching asthma or allergies. You can’t experience the same functions with resale houses and some might even be built with health hazards like asbestos.
Smoke and carbon monoxide detectors are now also hardwired to the electric circuits of newly built homes. Unlike in resale houses where you’re stuck with unreliable battery powered models.
Space and wiring customisations
What you see if what you get when you buy resale houses. It doesn’t give you the freedom to customise the specifications for room layouts, ceiling heights, and even lighting schemes. What you’ll end up instead are standard measurements and amenities befitting a family living in the 50s. On the other hand, you may not experience these kinds of frustration with newly built properties, since some builders allow the buyers to participate in designing the interior spaces of the houses they’re going to move in.
Another big and important difference between resale houses and newly built homes is that the latter comes with sophisticated wiring that’s a requirement for bringing high-speed electronics, communication service, and security systems service into your house. Installing these cables to older houses would be a bit difficult, because it’s expensive to take down walls in order to find a place where to fit these cables.
In some cases, people end up selling their house after a few years of years for various reasons. Some may decide to move to a larger house to accommodate the needs of a growing family while others may be forced to move somewhere else for a job. If you happen to find yourself in this situation, a more modern home may command a higher resale value compared to a 40-year old home that’s similar in size within the same location.
Don’t forget your needs
Of course, your decision will always boil down to your current needs. While newly built homes have their advantages, they usually come with a higher price tag compared to resales. You’ll need to assess if the energy efficiency of a new home will off set the higher payment you’ll need to make. On the flip side, will an older home cost you more down the road – especially if you decide to pay for renovations to modernise it.
At the end of the day, only you will be able to answer that, so be sure to do your homework and assess your situation carefully.Tags: buy resale houses, buying property for the first time, first time home buyers, first time homeownership, newly built homes