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One of the most common questions we get from new homeowners is Should we buy a brand new home or go with a resale home instead?

And I always ask my clients multiple questions before giving them an answer. Afterall, buying a home is not a dollars-and-cents debate. It's a choice between different lifestyles. Some people love the clean lines of a modern space while others fall in love with architectural embellishments of older homes. 

1. What location would you prefer?

With Resale homes: You have options in more established neighbourhoods, you have greater access to urban transit and have established infrastructure that gives you the ability to walk to neighbourhood stores, schools, community centres and places of worship

With New build homes: You have a brand-new community complete with new roads, Usually found in inner suburbs and bedroom communities (such as Beaumont). However, you can now find new-build homes in established and mature neighbourhoods where developers buy, tear down and build new (often called an infill). Neighbourhood amenities are often not well-developed and you are typically dependent on driving to all shops, community centres and other points of interest.

2.  Are you particular about the purchase price?

Resale homes: They are calculated on a square-foot basis, resale homes are typically less expensive. Good thing about resale homes is that price is negotiable. This is great as long as there is no bidding war or multiple offer situation.

New-build homes: They are also calculated per square feet but are typically more expensive. Typically the price set by the builder is non-negotiable but what you can negotiate is the cost of upgrades.