Posted on Nov 24, 2020 in Blog
Are you thinking about downsizing? Here are six unbeatable advantages of opting for a new construction home over a previously owned property:
1. You’ll Save a TON of Money
Bigger homes naturally come with higher mortgages, utility bills, taxes and costs to maintain. While downsizing to any smaller home is a surefire way to cut mortgage costs, a new build will see you capitalize on savings more than a previously owned property. Why?
- Smart, energy-efficient systems and appliances
- Little to no costs associated with home maintenance or repairs (more on that below)
- No need for expensive renovations
2. Customizable Features
Speaking of renovations, new construction homes also make ageing in place much easier than older resale properties. This is because they can be customized to your needs, right from the beginning, without the need to take on any costly, time-consuming (not to mention stressful) remodelling projects. Some age-friendly features to consider may be:
- Wider doors and hallways
- Spacious open floor plans
- Walk-in showers or bathtubs
- Additional handrails
3. Amenity-Friendly New Neighbourhoods
Home builders select their neighbourhoods carefully based on current and upcoming amenities. Because these all-in-one communities are designed to keep both convenience and quality of life in mind, you can rest easy knowing you’ll have everything you need within arm’s reach, including:
- Shops and services (grocers, medical and health services, etc.)
- Recreation and leisure (many new communities are known for their golf-course views and accessibility, for example)
- Parks and green spaces (walking trails, off-leash dog areas, etc.)
- Restaurants, major retailers and more
4. Less Maintenance
By their very nature, new home appliances, systems (i.e. plumbing, heating, electrical) and finishes will require far less (if any) maintenance than their previously used counterparts. Even better, new homes come backed by new home warranty – an assurance from the builder that there are no defects in your home. Should something arise, your builder will take care of any warrantable repairs for you at no extra charge.
For more information, see the Government of Alberta’s New Home Warranty Overview
5. You Can Move Right In
Don’t have time to customize? No problem. A quality custom home builder will have a variety of modern, quick possession models pre-built and ready to go. On the other hand, if you prefer to make a few design-related choices (but skip the top to bottom build process), you can talk to your builder about customization options available in new builds currently underway.
Note: Move-in ready bungalows and duplexes make a great choice for downsizers!
6. An Opportunity to Cash Out on Hard-Earned Equity
After years spent paying down a significantly larger mortgage in your significantly larger home, it’s time to make all the equity you’ve amassed work in your favour. Not only can you use your equity to pay off your current mortgage, but you can put the proceeds from your home sale as a down payment on that smaller, more affordable new construction home we mentioned above.