Ask anyone you know, the two most important purchases you will ever make include a new vehicle, and your home. Not only does your home need to provide you with safe and secure shelter, but it needs to be a place where you feel comfortable and represents your tastes and personality. A new home has the allure of updated technology, it can be customized for your individual tastes and lifestyle, and it has never been lived in by anyone else.
When purchasing a new home in Nanaimo, ensure you understand what is included and not included in your new home build. Consider all the features your home will need throughout the various seasons – such as a higher quality insulation for the hotter summer and colder months.
When purchasing an older home in Nanaimo, ensure you are well aware of any potential repairs or upgrades needed in order to make the home more suitable for you.
According to CanadianMoneySaver.ca, there are different costs that are associated with old and new homes. Sometimes, builders will offer special financing offers for new homes and buyers often like the concept of minimal repairs required for a new home, as upgrades such as a roof replacement or new hot water tank can be very costly if not planned for in advance.
However, there are many benefits to purchasing a used home. Many buyers love well-developed neighborhoods that have mature landscaping and existing infrastructures such as schools, bus routes, and culture. If you are handy, you can find homes that need updating or some TLC for reasonable prices and build “sweat equity” by improving the home’s appearance and functionality.
We recommend clients have a professional building inspection done when purchasing an older home, as a buried oil tank or drainage issues can create extensive financial headaches for a homeowner. It is important to ensure that you can afford the home as well as have an emergency reserve for those unexpected repairs or expenses that might arise. Some buyers prefer an older home, especially character-style properties that might have original clawfoot tubs, stained glass windows or other unique features just not found in a new home.
A home is a financial investment, but it is also where you spend time with family and friends. Everyone needs somewhere to live as it is a basic need, but each one of us imagines our dream home slightly different in design, size and location. Many buyers will comment that homes “aren’t built the way they used to be” and that is true in many respects. Our Layzell Dreger & Associates team recently sold a character home that was almost 100 years old and it was fascinating to learn about the home’s history. Buyers loved the original flooring and crown molding as it was a throwback to a different era. However, buyers who preferred a newer style of home felt that the home didn’t offer an open concept that many new homes offer and wanted larger bedrooms. It is interesting to consider that a king-sized bed was not as common back in 1910 – especially since plumbing was sometimes still an outhouse during that time.
Whatever your preference is – whether it be a new home or a used home, Nanaimo offers unique opportunities for real estate. With many heritage homes and family homes built in the 1970’s and 1980’s in certain neighborhoods, home buyers who want to find a home with “good bones” are in luck. For those buyers who seek a more modern take on home design, you can see many new homes and subdivisions arising in our beautiful city.