Buying a Home? Old vs New – what is best for you.

Victoria Real Estate

Thinking of purchasing Real Estate in Victoria? If so, do you see yourself in a cozy character home in Fairfield or Oak Bay with ornate fireplaces, or does the image of a brand new home with today’s state-of-the-art technology appeal? Maybe you prefer a funky loft style condo in a small little building on Chattam Street or choose to go for a luxury condo in the Chelsea? Either way, you will find that the rewards of buying your own home are many. The security, comfort and peace of mind you get from home ownership, regardless of your preference for old or new, are well worth the investment. Real Estate is in my opinion is a sound investment.

This is an excellent time to consider buying Real Estate. Attractive mortgage rates, stable prices and a wide selection of housing options are available in the Greater Victoria Area.

Look and compare
As you start your search for a home, it is a good idea to book an appointment with a Royal LePage Coast capital REALTOR® and discuss your needs. They can set you up with your own personal property search that connects you with the Victoria MLS® system. This will help narrow the search by providing you with a list of available properties in the price range and location that suits you.

Your selection, to a large extent, will be determined by your lifestyle and in most cases becomes a matter of compromise. For instance, you may find an older home that needs some renovation work, but this may not necessarily fit into your budget or your hectic schedule if you plan to do a lot of the work yourself. On the other hand, you may find a new home attractive but would have to spend extra money on landscaping and installing some of the amenities that may be a part of the package in an older home.

Advantages of an older home
Older homes have a number of advantages. You can see exactly what you are getting – structural faults are generally easier to see and can be or have been corrected. The character of the neighbourhood is established and a variety of local services are usually available. In addition, the landscaping around the home has already been completed. There are generally fewer move-in costs because basic features like drapery tracks (and sometimes window coverings) are already installed. Chattels, such as special lighting fixtures, are often included in the sale of an older home.

Advantages of a new home
A brand new home also has advantages. You have much more flexibility with a new home in customizing your decor and landscaping to suit your tastes. You get fresh, unblemished walls and you can usually choose the type of flooring, carpeting and cupboards that you want. You usually get much more storage space (such as closets) and larger rooms. In addition, today’s minimum standards for plumbing, electrical, insulation and heating systems are higher than ever before. Traditionally, land values tend to increase during the first few years as neighbourhood services develop and the subdivision nears completion.

Regardless of what type of home you choose, either it will be a condominium, townhouse, house or duplex Royal LePage Coast Capital Realty can help. Feel free to check out our website or contact us anytime.

Bill Ethier
President/Managing Broker
Royal LePage Coast Capital Realty

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