New versus Resale Homes

There are advantages and disadvantages to both new and resale homes. Here are some of the characteristics of both that may help you make your choice.

New Homes

Advantages

• You may be able to upgrade or choose certain items such as siding, finish materials, flooring, cabinets, plumbing and electrical fixtures.
• The latest building code, electrical and energy-efficient standards will apply.
• A builder warranty is usually available in all provinces. This can be important if a major system, such as the plumbing or heating, breaks down.
• Unless you are a builder, warranties do not apply to homes you build yourself.

Disadvantages

• Neighbourhood amenities, like schools or shopping, may not be complete if the house is in a new development.
• There may be construction noise and traffic.
• There may be little to no landscaping or trees.
• The 7% GST applies to new housing. However, there is a rebate that covers homes to a maximum of 2.5% if the home is less than $450,000.

Resale Homes

Advantages

• It will probably be in an established neighbourhood.
• Landscaping is usually done and fencing installed.
• It may have upgrades such as a built-in swimming pool or finished basement.
• Tere is no GST unless the house has been renovated substantially, and then the tax is applied as if it were a new house.

Disadvantages

• Maintenance costs will likely be higher than for a new house.
• You may require a professional home inspector to check for structural or other problems, such as a leaky basement or faulty roof.
• You may need to redecorate, or even renovate.

If you’re thinking about renovating Fort McMurray homes, it’s a good idea to speak with a savvy Fort McMurray Realtor to make sure you understand which home renos will over the highest return on your investment.

Types of Homes and Houses

Before you start hunting for your new home, it’s a good idea to spend some time researching the different kinds of housing available and figure out which might be the best one for you, your family, and your lifestyle. Homes range in types from a single family detached house to a townhouse. Knowing the difference, and understanding the pros and cons of each, will help you decide which home is right for you during your own house hunt.

Single Family Detached House

A single family detached house is a free-standing home that sits on its own lot and is occupied by one family. This style of home offers the most privacy, and are the kind you’re most likely to find in suburban areas. When you purchase a single family home, you take on all the maintenance of both the land and all the buildings on it. These kind of homes typically have the highest per square foot price.

Semi-Detached or Duplex Homes

These are single family homes that are connected to each other by a common wall. They come in a wide variety from bungalows to two-storey homes, and typically share either a front yard or driveway, and have a backyard divided by a fence. These make great starter homes, perfect for first time home buyers in part because they usually come with lower price tags than single family detached homes, but the trade off is a little less privacy and some shared space that may require shared maintenance with your neighbour, including shovelling driveways and mowing lawns.

Townhouse or Row House

A townhouse is one of several single family homes joined by common walls, much like duplexes, except usually there are more than two homes linked together. Townhouses have other homes on either side, except of course for the ones on the end of the row. Townhouses are usually smaller than duplexes and often offer the smallest yards. Because there is more shared “common” space, townhouse complexes are usually maintained by a Homeowners Association that takes care of exterior maintenance like mowing lawns and clearing snow. These are great options for people who don’t mind reduced privacy and low-maintenance homes.

Condominiums

These multi-storey residential buildings contain multiple units, ranging in size from a dozen homes to potentially over a hundred. They can be walkup buildings of three or five storeys, or highrise buildings with 30 or 40 floors. Most of your walls — and your floor and ceiling — are shared. Building maintenance is covered by condo fees, but the interior of your space is yours to customize including types of floors, colours of paint, kinds of cabinets, etc. Sometimes there are shared amenities available, like pools, gyms or meeting spaces.

Mobile Homes

A mobile home is a factory-built, single family residence that is built off site in a manufacturing facility then transported to a location and set on a foundation. These homes are typically found in designated parks or communities with other similar homes, and while they carry the lowest price tag they also have the lowest resale value. These kinds of homes are frequently found on recreational or lakefront properties.

Learn more about different types of Edmonton Homes or begin searching for Edmonton real estate for sale. If you have questions about which type of housing is best for you, try asking an Edmonton Realtor for help.