The Financial Impact of Different Types of Homes

 

One way to narrow down your search when house hunting is to limit your choices by the type of home you are looking at. Your options can be sorted into three broad categories:

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• Brand new homes
• Previously owned or resale homes
• Custom-built homes

Each type of home has its own financial advantages and disadvantages, and while you might save money with individual aspects of each home type, you might have to spend more in other areas.

Within each category there are numerous styles of new and used homes or building options, including:

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• Townhouses or row houses
• Single family dwellings
• Duplex, triplex, and fourplex units
• Semi-detached houses
• Manufactured and modular homes

What to Expect When Purchasing a New Home

Buying a brand new home can be financially beneficial because newly built homes require less maintenance and fewer repairs, and in most provinces there are warranties available to cover things like:

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• Structural problems
• Defective materials
• Poor construction
• Repair or replace ment costs for heating and plumbing systems

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Furthermore, homes built recently will be up-to-code with the latest building standards and technologies, and will likely have energy efficient features to save you money on monthly bills.

On the other hand, new homes can pose more of a financial burden because they are subject to GST and possibly HST, and the municipal taxes in developing areas are sometimes higher than in established neighbourhoods. Also, certain things like landscaping or driveway finishing may not be included.

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The Pros and Cons of Buying a Pre-Owned Home

Resale homes can be more economically viable because they often have negotiable purchase prices, and are generally exempt from GST or HST. Furthermore, used homes are more liable to include extra features like:

• Landscaping
• Swimming pools or hot tubs
• Finished basements
• Fireplaces
• Fencing

But resale houses also have their own economic drawbacks, including that they will require more maintenance and repairs than new homes. Similarly, previously owned houses may be in need of costly upgrades, renovations, and redecorations in terms of:

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• Windows and doors
• Heating or plumbing systems
• Interior and exterior painting
• Roof re-shingling
• New appliances and fixtures

Also, older homes are less likely to be equipped with energy efficient features and technologies, meaning that heating and energy bills could be higher.

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Having Your Own Home Custom Built

If you are hiring builders and contractors to build your home, chances are it will cost more than purchasing a new or used home. However, the trade-off with a custom built house is that you know your home will be perfect in terms of:

• Design and location
• Materials
• Layout, size, and structure
• Energy efficiency

When you have the financial resources available, custom building will ensure that your home is perfectly equipped to handle the unique needs of your family.

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