Searching for a place to call home in Ontario? Most people can envision the exact home that they want, right down to the ideal colour of the bathroom or the type of flooring in the kitchen. Others might know that they want to live close to the Ottawa city centre, while some families may decide to live in the suburbs or communities like Clarence-Rockland. But have you thought about the differences of an old house vs. a new one? What about the advantages and disadvantages of buying an old property instead of a new home in Ottawa or vice versa?
There are several factors to consider when searching the listings of houses for sale in Ottawa (and in general):
Maintenance and Repair
This is the main disadvantage of an older house for sale—that the old world construction could potentially require a lot of maintenance and repair. There may be evidence of water damage, sloping floors, cracks in the foundation, and missing shingles on the roof. You will have to account for all of this. On the upside, once you have completed these repairs, your home will continue to withstand the test of time and will have a bolstered resale value, especially if it’s considered historic.
Conversely, new homes are, well, brand new. You won’t have to worry about repairing anything right away. Just do routine maintenance and get off on the right foot!
Efficiency and Convenience
One of the things that you need to think about when purchasing a home is whether or not it is up to the current building codes and local regulations. Many old homes will have some obsolete components that will need to be revamped in order to be considered safe, and many of the appliances could be less than energy-efficient.
This means that you may have to include the price of updates to bring an older property up to standard in your overall budget.
Meanwhile, newer homes are going to be more convenient. Not only will the appliances and amenities all be brand new, eco-friendly, and up to code, but you won’t have to worry about the inconvenience of needing to correct any issues prior to moving in.
Overall Price
After reading the first two points, you may realize that buying a new home is a budget-friendly option. Everything is brand new and included, and you don’t have to worry about repairs or changing anything right away. On the other hand, older homes will require more work, but they are a better long term investment.
Newer properties have less land, while older properties will undoubtedly have more space. This, too, factors into the overall value, if you are planning on reselling the home at a later date.
Character
What means more to you: amazing woodwork and unique little quirks in building construction or a more modern, streamlined appeal? Do you like a new home smell? Or do you prefer the creaks and groans of older architecture? Do you want a modern community, or one that is more historic? Want a landscaped yard with matured trees and plants? Or do you want to create your own outdoor oasis? These are all things that can help you choose between an old or new home.
Final Thoughts on Buying Old Homes vs. New Homes
Whether you decide to buy an old home or a new home in Ottawa or elsewhere, it is important to consider things like your budget, maintenance and repair, codes and regulations, and the features of the house. Think about what is important to you, as well as your future plans of the property. Whichever you decide on, you will have made the right choice.
