While many Canadians prefer to save up for a brand-new home with all the efficiencies modern technology provides, there are very appealing reasons to consider buying an older home instead. Here are some things you can find in an existing home that a new construction just won’t provide:
The most appealing factor is, of course, lower cost. An older home is more affordable, because it may require repairs or upgrades sooner than a new home would. A new home is also priced at what the builder anticipates the future market value will be when it is occupied, so the price is sometimes higher than current market value. Most older homes, however, were built to last, made with higher quality materials that we don’t see used in homes today.
Older homes are more likely to be in established neighbourhoods with all the amenities and the community feel you might be hoping for in your first home. These neighborhoods often have established schools and shops, and a high walkability score. You know what you’re getting into with an older home, as it’s fully developed already.
Larger Lot Size
While the average square footage of a home has increased to 2,300 square feet from 1,938 back in 1990, lot size decreased from 8,250 square feet to 6,970 in the same period of time. This is because home builders want to keep the cost of homes down, and with land values rising even faster than home values, a larger home on a smaller lot is the way to go. So, if a big backyard is on your wish list, an older home is more likely to provide.
A new construction home will look modern and sleek by today’s design standards. If you’re looking for something different—original crown molding, built-ins, midcentury sunken living rooms, herringbone hardwood flooring or Victoria-era stained glass windows—an older home is the way to go. Many older homes have maintained the design characteristics of the era it was built in.