Should you buy a new home, or should you buy a fixer-upper and renovate? It’s a question that many homeowners ask themselves, and the answer is: it depends. In a market like Kelowna, where there are plenty of older, established neighbourhoods as well as new developments, the decision can be difficult. In this article we’re sharing all of the in’s and out’s, pro’s and con’s, and everything else you need to know to help you decide whether you should buy a new home or renovate!
Buying New
Buying a new home is an attractive option for homeowners who aren’t up for taking on renovation work. Most newer homes especially in Kelowna are turnkey, meaning you can move right in and not have to do anything. Here are the pros and cons of buying new:
Pros
- The home is turnkey, so no work needs to be undertaken. It’s move-in ready! And if it’s in Kelowna, it’s likely beautiful as well. The level of craftsmanship, building and design in the Okanagan has come quite a long way and there are so many gorgeous new homes to look at in this part of the world.
- Newer homes should have fewer concerns such as leaky roofs or pipes, cracking foundations, etc. So you can rest at ease knowing that most major repairs will be far down the road, and you’re in the clear for a little while.
- Many newer homes will still have their 2-5-10 year new home warranty active. This will safeguard you against any issues that may come up as a result of the home’s construction.
Cons
- Buying a brand new home is expensive. You may need to make concessions on the space or neighbourhood in order to afford a brand new home in Kelowna.
- New homes that have not been lived in for a year are subject to GST in British Columbia, which adds quite a bit to the purchasing price. However, there are some grants and rebates available depending on your situation, for example if you are a first-time home buyer purchasing within a specific price range.
- New homes in Kelowna often look amazing, but they can feel a little impersonal. New developments that have similar designs can give you a bit of that ‘cookie cutter’ feel, so the home may not feel individual to you and your tastes. That said, many of the newer homes in Kelowna can be looked at as a ‘blank slate’ that you can add your own spin to. It might be as simple as how you design a room, including the colours of the walls and the furniture you decide on. You can still personalize a new home so that it feels like home to you.
Are you looking to buy a new home in Kelowna? We can help! New developments are our specialty. Send us a message or give us a call at 250-864-HOME (4663).
Renovating
Do you like the charm of an older home, and are not afraid to get your hands a little dirty? Or, do you already love the home you live in, but it needs a little bit of TLC? If so, renovating might be a great option for you! Here are the pros and cons of buying an older home to renovate:
Pros
- The most obvious benefit of buying an older home in Kelowna is that they are normally more budget-friendly. Older homes with more traditional designs might not look modern, but with a little bit of refreshing, they can rival even the most beautiful newly built homes in the Okanagan. And they come at a much less expensive market price, depending on the neighbourhood. There is a saying that goes, ‘buy the cheapest house on the best street’, and it’s a smart way to invest your money in your home in an established area of Kelowna that you know will only go up in value.
- If you buy an older home with the intention of renovating, you will be able to completely customize your home to suit your own tastes. Wall colours, floors, cabinetry – it’s all up to you! If you’re not design-minded or the thought of renovating a bathroom scares the living daylights out of you, you can also hire a professional designer or contractor to come in and give you a hand.
- Spending a little here and there to renovate your home over time is a more budget-friendly option as you’re spreading out your expenditures over time instead of paying for them all upfront.
Cons
- You probably guessed it already: the biggest drawback of renovating a home is that it takes work. I’m sure we all wish that we could just wave a magic wand and it would all be done, but the truth of the matter is that you’ll likely be living in a construction zone while your renovation goes on, unless you’re lucky enough to have somewhere else to stay. If you’re going room by room, this shouldn’t be too much of an issue, but it’s still not convenient.
- Another thing to watch out for is that renovations can get quite expensive very quickly. You’ll have to make sure you have a set budget and are sticking to it, and also have a contingency fund in case anything goes wrong. While it might be tempting to spring for the gorgeous hardwood floors of your dreams, it’s more important to renovate within your means.
- Some renovations might be too much to handle. If you’re repainting some walls or re-doing your window treatments, that’s one thing; but as soon as you start to do things that change the structure of your home like adding a room or taking down walls, things get a lot more complex (and expensive). If you’ve outgrown your current home and need more space, it might be better to move instead of taking on such a huge renovation project.
Are you looking for a good builder, contractor or interior designer to help you renovate your home in Kelowna? We’re here to help with all of your real estate needs, and would be happy to provide you with a recommendation! Send us a message or give us a call at 250-864-HOME (4663).
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Featured photo by Nolan Issac on Unsplash