You finally found the new home of your dreams…
It’s beautifully finished, offers plenty of space and it’s situated in a great neighbourhood. Then you check the price tag. While we understand no home buyer wants to break their budget, there are a few things you might want to consider before you dismiss that perfect new home entirely. Here are a few reasons why you shouldn’t judge a home solely on price.
New vs. Old
The price of a newer home definitely equates to some added value for you, as a homeowner. An old home comes with no guarantee it won’t fall apart on you shortly after buying it. There is only so much an inspection can cover ground on. With a new home not only do you get the 1-2-5-10 new home warranty, you’ll know you are getting a top of the line build.
Older homes are built with older materials under outdated standards. Think of how far technology has come, even since the early 00’s, and consider how this has affected new home builds. When it comes to older homes, you’re more likely to have to come up with extra cash to bring it up to standard – making it just as, if not more expensive than if you bought a new one in the first place!
Location
Location plays a huge role in determining the cost of a home. One model that you consider reasonably affordable in one neighbourhood might be more expensive in another. For example, if you’re looking for a duplex that’s closer to downtown, the price will inevitably be higher due to the surplus of nearby amenities. This includes commuter routes, entertainment, shopping and more.
Conversely, the same duplex in a bedroom community such as Spruce Grove will likely be better for your wallet – but you may have a lengthier commute to work and other amenities. While you’ll save on the purchase price, you may wind up spending more on gas in addition to more time in the car.
It all depends on what works best for you.
Also, don’t let location related prices get you down. Even if the purchase price is a little higher in a community you love, the value the neighbourhood will bring to your everyday life will be worth the additional cost.
Consider the Future
Lastly, we understand you may be feeling like your dream home is out of reach with your current budget. But, settling for a budget-friendly house with a poor layout or lack of nearby amenities will end up costing you in terms of satisfaction, value and lifestyle in the long run.
If you still find the price too high, a little flexibility can also help you get what you really want. For example, if you’re a first-time buyer and a new single-family home is too expensive at the moment, consider getting a fabulously finished new townhome in the same community. This will provide you with all the features and amenities you need while allowing you to build equity for a different home in the future.
Once you start focusing on what will be more important to you now and in the long run, you can start judging homes by the value they’ll bring to your life, rather than what they cost. After all, you can’t put a price tag on your happiness.
All of our knowledgeable representatives can help you answer questions like these, and so much more. If you haven’t been out to visit one of our many showhomes, we encourage you to do that. To make it easy, we’ve created this print-friendly show home map that you can download and print, and take with you as you go out to tour showhomes. Just click on the button below and download your FREE map now!
