Back to: October 2019


Buying New Construction vs Older Homes
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When trying to decide whether to buy an older home or a newly constructed one, many questions come to mind. Start by educating yourself and knowing the pros and cons of each.

In most cases, existing homes have a touch of character with their own charm and details.  They are usually located in more established neighbourhoods with mature trees and desirable landscaping and maybe closer to city services such as schools, libraries, hospitals, shopping centres, and public transportation.

Older homes may have better quality materials and workmanship that are too costly for newer homes and may come with window coverings and appliances which are often included with the home. If you are lucky, you may still get an updated kitchen and bathrooms if the home has been renovated.

However, existing homes are generally less energy-efficient and are typically more costly to heat and cool. They may need updating and require expensive repairs, and sometimes it may be difficult to find or match older building materials.

Newer homes usually have bigger rooms, more built-in wardrobes and closets, and more bathrooms. If you are building a new home you can also influence the layout and the finishes within the home as part of the negotiations with the builder or developer.

Whereas with an existing home you will inherit what the previous owner built or remodelled over time. Very rarely will an existing home be built and finished exactly to your liking. Think about how much renovating you'll need to do to an existing home. If you can buy an existing home that's been totally renovated in a great neighbourhood within a good school district this might be a better choice than moving into a newer neighbourhood with an un-established school district.

On the other side, buying a newly-built home tends to cost more than an existing home, unless you buy outside of the city, where land is cheaper. Of course, you will have to consider the price of gas to get to your job.

And it isn't just about getting to your job. You'll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids' school, your house of worship and other places you get to by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it may be challenging to buy a new home in your neighbourhood of choice, unless you buy a vacant lot, hire a developer and build your own home which can get quite costly.

However, with new homes, you get warranties and guarantees on appliances that come with the new home. Dangerous building materials, such as lead and asbestos, will likely not be a problem. A new home will meet modern safety and building codes and usually use building materials that offer improved insulation, thereby reducing your heating bill.

You may be able to upgrade or customize such features as floor coverings or paint colours and sometimes the floor plan. New homes often have more closets and storage space and most importantly don't require as much maintenance.

New homes though have their own disadvantages. Higher taxes could be required to bring water, gas or electrical services to a still under-populated area. Resale could be difficult if the entire neighbourhood is not yet complete, and you may have to cope with construction noise, dust, and mud. New neighbourhoods frequently lack the relaxing appearance of mature trees, and your new subdivision may require costly landscaping.

You can make the case for and against buying either a new home or a "used" home. It's great to live in a brand new home, but there's nothing like the feel of an established neighbourhood. The bottom line is: Don't buy someone else's problems unless you can tackle the solutions.

 Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you're willing to make. The more logically you approach buying the house, the more you're going to love living in it.

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With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Martello Road
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.HalifaxHomesandCondos.com




NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Nov 12,2019


www.RedDoorRealty.ca
Exclusive Listing $525000!!!

Welcome to 3224 Union Street, Northend Halifax!


Backs onto Needham Park!! Imagine owning a very cool bright open concept home with Halifax Harbour Views, with direct path access from your backyard to the dog friendly Needham Memorial Park! In the vibrant north end of Halifax, walking distance to the Hydrostone Market, welcome to 3224 Union Street! This wonderful home and property offers 2 storey's, 3 bedrooms, 2 baths, recreation room and a sunny main floor passive solar extension with in-floor warm radiant heat. Hardwood floors and ceramic tile throughout, this home is made for easy living. Perched on a hill, the side and backyard give you quiet privacy and great spaces for entertaining. New windows, upgraded wiring, great kitchen and updated baths, freshly painted throughout, main floor laundry, fireplace and attached garage - this home is ready for new owners. Considered to be one of the best north end streets, this location is in a refreshingly friendly and charming neighborhood. And even more...? Rush hour does not apply to this location! Call for your viewing today!

Please click on the photo to visit the virtual tour at www.3224UnionStreet.com 
Coming back to market soon!...

Welcome to 22 O'Hara Drive in Wedgewood Park!


Spacious bungalow set back from the street has great curb appeal and is larger than it looks. Large kitchen, open concept lr/dr, 4 good size bedrooms plus 2 full baths! Incredible value!

List Price $319900.

Please click on the photo for the virtual tour at www.22OHaraDrive.com



New Listing!
5 bedroom, 2 full baths, deep backyard...

$239900. on Courtney Road, Dartmouth!

Family friendly - Walk to School, Churches, Parks and more!

Call for more details. 

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.