Moving into a new residential space is an important stage in your life. It will likely happen multiple times over the course of your lifetime, and each move is a unique experience. The first time you move out of your parent’s house can be intimidating and exciting. The first time you buy a home will be entirely different from living in an apartment. Eventually, you may downsize after all the kids have grown up and moved out.
No matter what stage of life you are in, one of the biggest decisions when making a move is what type of building to move into. There are many options in South Georgian Bay, Ontario. If you find that none of the options are meeting your expectations, perhaps you should consider a new construction for your next home.
Building a new home is far more complicated than moving into almost any type of pre-existing residential building. Let’s go through some of the differences between building a new construction and moving into other types of residential spaces.
Customization
The most significant factor in your decision may come down to customization. If you want a space that is perfectly tailored to your needs the moment you move in, then a new construction may be the only solution. Since you are involved in the design phase entirely, it is up to you to figure out what the layout of the home will be and what features will be included. This is an incredibly appealing option for those with the right budget. Renting a residential space severely limits your ability to customize a space since it will be up to the landlord. If you move into a home or condo that you own, you will have to invest in customizations yourself after buying the property.
Price
Price is typically the biggest obstacle preventing people from investing in new residential construction. Since you have to pay for the land itself, the cost of materials, and the labor of a custom home builder, they tend to cost more than comparable homes that already exist. Most other types of living situations are more affordable than building a new construction. An apartment or townhome only requires some rent upfront and then monthly payments to occupy the space, which is often comparable to a mortgage cost.
Ownership
Owning versus renting is another important distinction to make when searching for your next home. When you rent, you cannot make significant improvements to the space without the landlord’s permission. You also have term agreements that make your living space a temporary situation, though you can typically renew when the contract ends. Owning property is an investment because you build equity in the property over time. This would be the case if you engage in a new residential construction. However, you also become the owner if you buy a home that has already been occupied. Although you will not find any luxury condos like the Casa Bella Residences in Miami, purchasing a condo in South Georgian Bay means you own it even though you may have neighbors next to, above, or below you. New constructions are owned, which means you can take advantage of equity in the future.
Maintenance and Utilities
There are a few hidden costs associated with owning property, including maintenance and utilities. As a renter, most maintenance will not be your responsibility. Instead, you will report any issues to the landlord, and they will take care of repairs or upgrades. Additionally, some utilities may be included in the cost of rent, such as Wi-fi, garbage removal, water, electricity, or others. With a home or condo that you own, it is up to you to cover maintenance issues and all utilities. In a new construction, you will have a few distinct advantages. First, everything is new, so the likelihood of costly repairs in the first few years is lower. Second, your appliances, electrical systems, and HVAC components are likely modernized, so they will be more efficient than older homes. This means utility costs will generally be lower in new constructions.
Weigh the Pros and Cons of a New Construction
A home that is built just for you could be the perfect solution for your next stage of life in South Georgian Bay, Ontario. Whether you want to take advantage of owning your own property, the ability to upgrade, or lower utility costs, a new residential construction can be a huge advantage. However, there are also going to be some disadvantages, such as the higher price and the long construction phase. Other residential buildings offer their own advantages, so it all comes down to your preferences for the type of living situation you want to be in.
