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Burnaby Re-Sale homes - Top 10 Advantages and Disadvantages
Many people in the lower mainland or Greater Vancouver area prefer to buy a resale of a house for either personal or investment use. In any educated decision there are advantages and disadvantages to this decision. Here are some general guidelines.
Top 10 Advantages
1. Generally the sale of a used home is less expensive.
2. A resale house has a lived in feeling that can sometimes be cozy.
3. Perhaps this homes architectural style is unique and not often used anymore in newer designs.
4. As time goes on, you can see whether or not problems will occur. They will most often occur within the first 5 years of home ownership. A competent and professional building inspector in the Fraser Valley can discern if there are nay problems in the houses design or construction. You can find building inspectors that work out of Vancouver, Richmond, Surrey, White Rock, Langley, Burnaby, Maple Ridge, Langley, Abbotsford, Mission and Chilliwack.
5. The landscaping of a re-sale is often mature and looks better then a newer home.
6. Your neighborhood will be established and has developed it’s own “character”.
7. Community services has been established over the years.
8. Previous owners or owner of the home may have installed upgrades to the home that you’d normally not receive if it were a newer home purchase.
9. You will not have to pay GST on the purchase of a resale of your home in British Columbia!
10. The area should have developed enough to include amenities surrounding the area to make your shopping easy and accommodating.
Top 10 Disadvantages
1. An older home may not have been built to current building standards and may not meet today’s electrical and insulation codes. Keep your eyes out for formaldehyde foam insulation as it is not to be in any homes according to BC’s new health codes.
2. Defects in the house construction are not visible or identified unless a through inspection is done by a building inspector. A buyer of a new home is covered by the a warranty legislated by the government.
3. If you buy a resale in a high density area, the property could be more expensive then a new home depending on the location of the home in the Fraser Valley. Most homes in Vancouver, Richmond, White rock and Surrey are more expensive then Langley, Abbotsford, Mission, Chilliwack or Aldergrove.
4. Older homes will often have an un-attractive or functional design. Rooms may be smaller of the layout is a poor setup. You can find low basement ceilings that make the area less usable and your comfort level / standard of living depreciates.
5. The hot water tank, roof, air conditioner, fridge, stove and other amenities may be out dated.
6. A new home will look modern, fresh and smells NEW!
7. Market evaluation of the newer house is easer because of similar comparable properties built in the area.
8. Many new home builders are registered with the New Home Warranty program in their Fraser Valley area’s.
9. As the fist one in the house, you have the advantage of being able to personalize the house to meet your own family’s needs rather then a remodeling job.
10. When buying a new home your home builder will offer you a design scheme which outlines the kinds of kitchen cabinets, carpet and color’s as an option. You will find these mostly in new condominium developments.
However, if the contractor has no previous history in the industry of building a new home in the Fraser Valley or Lower Mainland area be very cautious. The contractor could have been operating under a previous company name but went under a different company name. Consider the possibility that the contractor is a first timer and learning the tricks of the trade at your expense. Do a little bit of research with your local Greater Vancouver Realtor to find out the background of your contractor. When buying a new home construction, make sure your deposits are held in a trust account and not given to the developer as a stakeholder. There is that risk that the money is going directly to the builder and not being held in a trust account by a lawyer or a real estate company. Ask your realtor about this and make sure they are covering all their bases.
About the Author: Our rental network helps to find quality homes, apartments or vacation rentals in Canada's Fraser Valley area. Visit the website RentBurnaby.com for more information on Fraser Valley Homes and Apartments for Sale or Rent