of Lloydminster

Your Community Minded Realtors

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Office: 780-808-2700
Toll Free: 866-666-2700
remaxlloydminster@gmail.com

RE/MAX Of Lloydminster
5726 - 44 Street
Lloydminster, AB
T9V 0B6

"each office independently owned and operated"

 

If you're planning on investing in real estate, then you're going to have two main options: to buy an existing home or buy a new home. An existing home is a house that has been lived in before, whereas a new home is a house that has just been constructed and has never been lived in, although the term also refers to houses that are still in the pre-construction phase. There are a lot of advantages to buying a new home, but you may want to consider the drawbacks as well before you make a final decision.


 


The Advantages of Buying a New Home

 

 

Customization options


If you decide to buy a new home that's still in the pre-construction phase, then you'll be able to customize the house while it's being built. This means that if you want a finished basement or a luxury kitchen, you can have them integrated into the home design. What you see is what you get when it comes to existing homes, which means that you may have to invest in major remodeling if you want additional features.

 

No renovations necessary


There's always a chance when buying an existing home that you will need to put money into repairs and renovations, especially if the house you are buying is relatively old. You can be comfortable in the knowledge that a new home won't require any additional renovations or repairs.

 

Less maintenance  


A new home will boast new appliances, HVAC equipment, electrical systems, plumbing and more, all of which should run smoothly for years without needing repairs. With an existing home, many of these features may be old and outdated, not only requiring more maintenance but potentially not working as efficiently either.

 

Lower utility bills


New homes are typically built with more environmentally friendly materials and make use of newer -- and therefore more energy-efficient -- appliances and systems. More and more construction firms are implementing green building practices as well. All of this results in a home that's not only friendlier to the environment, but also much more energy efficient, resulting in lower energy costs for the homeowner. Many appliances and systems built decades ago are outdated and inefficient. The same goes for the building practices from "back in the day," which means that older homes are much less efficient.



 

The Disadvantages of Buying a New Home

 

Higher price


A new home is typically much more expensive than an existing home. You can expect new homes to cost as much as 20 percent more than a comparable existing home. You should also keep in mind that all of those luxury features and amenities that you want when customizing a new home can add up to make the home substantially more expensive.

 

Less convenient location


Many new homes are built in developing communities. This means that if you are one of the first homeowners in the neighborhood, you may end up living in a development that won't be completely finished for years. You'll have to deal with the eyesore of construction all over the area. You could also face the risk of ending up being a homeowner in a development that's never finished at all because funding ran out, in which case your house loses a tremendous amount of value. Another thing to consider is that many newer developments are built farther away from amenities such as schools and grocery stores. This is in contrast to existing homes in established neighborhoods where amenities have already popped up throughout the years.

 

Less character


Existing homes tend to have a lot of character due to their design, whether it's an old American craftsman-style home or a Victorian-style home, to name just two of many examples. These existing homes have a lot of charm due to the amount of architectural details inherent in their style. New homes lack these details and are typically built more with function in mind, which means they lack the charm and character of older homes.

 

 

Homebuyers have a lot to consider when choosing between a new home and an existing home. New homes certainly have their advantages, from their customizability to their overall energy efficiency. However, they have their drawbacks as well, including the initial price and the potential location. Keep these advantages and disadvantages in mind and make your decision based on your specific homebuying needs.


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Becoming a first time homebuyer is an exciting time in an individual's life. You may already have a family that needs more than simply being a good structure to protect against them against the elements. In addition, making sure your first home is a good investment can also secure your financial position in the future. Home seekers should consider a number of important points when looking for their first home:

 

 

 

A Fairly Priced Home

Finding the right home at the right price is every homebuyer's dream. You may have to do a significant amount of searching to find that perfect residence. Knowing how much you can afford and how big a mortgage is available to you at a good rate is an important part of this process. Many homebuyers find that pre-qualification for a loan can help to refine their search criteria. Ask your rental agent about how pre-qualification can help you.

Enough Room For Growth

Experts note that people are staying in their first home longer than they did in previous eras. This trend is a result of less mobility for jobs and higher home prices. When house hunting, you should choose a home that can serve your family for 10 years. If you plan to expand your family, take your need for extra space into account, so that you are not forced to move into a bigger home at a bad time in the real estate market.

Updates in Key Areas

A home that has been updated in key areas is a good option for buyers. These homes will not require updating, which will increase your costs significantly in coming years. Bathrooms, kitchens and family areas should reflect today's trends, with easy-care materials and convenient storage space.


Roof and Gutters in Good Condition

New roofing can be a considerable expense for a new homeowner. You should ensure that the roof and gutters on your chosen property are in good condition. Find out how old they are and whether they have been recently repaired. Take a look at the gutter system to see if it has been maintained properly. Visual inspection can often tell you whether the current owner has kept up the property or let it fall into disrepair. A home inspector can examine the roof and other major systems of the residence to alert you to possible problems.


Features That Are Inexpensive To Maintain

A home may look beautiful   but be expensive to maintain to keep that high level of desirability. Features such as a swimming pool, may be intriguing, but will require regular and seasonal maintenance. A glass-enclosed room may have impact, but it will require ongoing care to keep it looking clean and clear. Similarly, landscaping that is impressive may require expensive monthly upkeep. Keep these additional costs in mind when assessing the property.


Close To Good Schools

If you already have children, you are likely to look for a home in an area that has a reputation for good schools. Even if you don't have children, these areas offer considerable benefit when you are ready to resell the home. These areas tend to remain stable, regardless of real estate market trends. Homebuyers can choose from a number of areas known for academic excellence that will ensure that the property holds its resale value in the future.


Close To Convenient Transportation Routes

A residence that is in a good location, close to popular transportation routes, can maintain its value over time. It will be a desirable property to a new owner when you are ready to resell.

 

An updated home that is in good repair, easy to maintain and fairly priced, as well as close to good schools and convenient transportation routes, can ensure that your first home purchase suits your needs and advances your financial goals. Paying attention to these features will also give your home greater resale value.

 

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