The Patz McMillan Team

If you are interested in owning a more customized home – you should consider the various options available. Of course, each has its pros and cons. In the end, you will need to determine which alternative has the benefits that are most important to you.

Infill construction: in with the new

Many homeowners dream of purchasing a “lot” and hiring a custom builder. If this is your dream, remember that it takes a lot of work to make custom built homes into a reality. Nevertheless, you can take advantage of wonderful opportunities in an already established neighbourhood. Ask for professional advice to better understand the neighbourhood and its lot values. Using this information, you can anticipate the final value of your custom built home, and therefore purchase a lot at a price that is appropriate relative to the anticipated value of the completed house.

pros – Established Neighbourhood: Developed culture, community, amenities, landscaping, etc. – Opportunity to choose your own style, layout, finishings. – Various aspects of labour and materials are guaranteed.

cons – Scheduling for single home construction can be difficult – plan for delays. – Municipal or community approvals required for plans and permits as well as for changes, easements, etc. – Harder to predict final budget, need to understand blue prints and/or trust builder.

newer designs: ready for resale

Another viable option for a newer home is to consider buying an already renovated or recently built home in an older area, or a modern resale home in a subdivision that has had time to develop. By waiting for newer or upgraded homes to appear on the resale market, you may more fully recognize their property values, and witness firsthand how they fit to the neighbourhood.

pros – You can see exactly what you are getting… no picking, no waiting, no hassles. – The finishings will likely include the latest products and technologies. – You can and have a full inspection to check for soundness and wear and tear, and have the purchase conditional on the results. – More established neighbourhood, infrastructure, etc.

cons – Most materials and labour are not covered by warranty. You will need to depend on the thoroughness of the home inspection. – Can’t pick your own upgrades or finishings.

Custom Renovations: reflecting your lifestyle

Even if none of the above options appeal to you, you can still have a newer-style home. One of the most common ways to get a “new” home is to buy a resale home in an established area, and then thoroughly upgrade it. Taking on a major renovation of an older home could provide you with the best of both worlds, although there are still pros and cons you will need to consider.

pros – Original architectural features add charm and character to property. – After a full inspection before purchase, you have the option of occupying the home before renovating so you get a feel for likes and dislikes. – Choose your own finishings from among the latest products and technologies according to your budget and schedule. – Confidence in Community – Knowledge of area, established neighbourhood, community infrastructure, etc.

cons – Not everything can be changed when you are working with an existing shell. – When dealing with an existing home, you never know what surprises may appear when you remove a wall, replace a doorway or make other structural changes. – Lots of input, preparation and monitoring work is required. Permits will be needed, as well as reliable architect and builder to undertake the renovations.

new style options, old-style comforts

There are many “new home” options – and they aren’t necessarily newly constructed properties. Before choosing, you need to decide what is important to you, what decisions and responsibilities you are prepared to undertake, how much time and budget flexibility you have, and the kind of community you wish to join.

From subdivisions to infills to renovations, it comes down to your preferences in location, design and details. It may seem impossible to get all you want in a home, but it can be done, if you patiently work at it. New house or old, the more comfortable you are in your choice, the better it can serve you now and in the future.