Your Dream Home: Deciding Between Buying an Existing Property or Building From Scratch

Everyone dreams of having their perfect home, but the question is, should you build or buy? Both options have their advantages and disadvantages, and ultimately the decision comes down to personal preference and circumstances.

Buying an existing home is often the more affordable option, and there are many great properties available that could meet your needs. However, it's rare to find an existing home that doesn't require some form of compromise. It might not have the right number of bedrooms, the kitchen may not be big enough, or the decor may not be to your taste.

Building a new home allows you to design and create your dream home, tailored to your specific requirements. However, it's important to note that building a new home is generally more expensive than buying an existing one. This is due to the cost of land, building materials, and labour expenses. Additionally, taxes may be higher in new areas as infrastructure is developed to support the growing population.

When considering ongoing costs, existing homes tend to have more predictable expenses, but they also require more maintenance and tend to be less energy-efficient than new homes. Commuting costs may also be a factor to consider, as new subdivisions are often further out from major population centres.

If you decide to build in a subdivision, there may be ongoing fees and covenants that limit your ability to enhance your property. Landscaping is also an additional cost to consider, even if it's included in the overall price.

It's important to be aware of potential construction delays when building a new home. Research your builder's track record and be prepared for unexpected weather delays. Also, consider the impact of living in a subdivision during the construction process, as it may be disruptive.

If you decide to build, be prepared to stay for a while, as the value of new homes can depreciate quickly if a lot of new homes are being built in the same area.

Ultimately, the decision to build or buy comes down to your individual circumstances and preferences. If you decide to build, make sure you do your research, factor in all the costs, and be prepared for potential delays. Whether you're looking for a new subdivision or an existing home in an established area, click here to contact the McCune Real Estate Team in Ottawa to get started.

Tyler McCune REALTOR® - RE/MAX Hallmark Realty Group, Kanata Office

Garett McCune REALTOR® - RE/MAX Hallmark Realty Group, Kanata Office