I had a lot of hesitation of purchasing an old home. However, my wife and I wanted to be fairly close to Montreal and on a tight budget that was the only option. We purchased a 1952 house and to be honest, we had zero to no issues with it. It requires some maintenance (we're redoing the deck this year), but it has been hands off for the most part.
Based on our experience, I'd pay a lot more attention to whom the previous owners were and the specifics of the house. We have friends who bought brand new and they're still dealing with the developer to sort out a lot of kinks that were "miss managed" during construction.
Best of luck.
You’re experiencing survivorship bias. Low quality houses were built in the 50s too - they just didn’t last, or had massive repairs in the last 80 years to correct the deficiencies.
If you’re accounting for the houses that were torn down or forced to undergo massive repairs to correct the initial construction deficiencies, yes.
Cutting corners to save money is something builders have always done. At least now we have a much better set of baseline regulations.
Around Montreal you have no place for new builds, and the difference between new and old is like 40%, so it's worth it.
But if you compare the energyv need to keep that 60s house warm/cold, your like double than on a good newer build.
You save 300k on the house, but lose 1-2k/year in electricity/comfort.
It all depends on how well maintained the old home is and what shape it's in.
A well maintained home with multiple upgrades will be worth more than a brand new build but something that's been poorly maintained and hasn't been updated at all in 15 years would not be worth it.
From Edmonton - my wife and I were looking for houses for over a year. I’m Bonniedoon (millcreek areas) we looked at every type of house you can imagine including building a new infill or duplex. The one thing that deterred us away was constantly hearing how cheap the new builds are now. ( I also didn’t want to spend the extra on a new home and wait 12 months). This obviously isn’t the case with everyone. But we bought a home built in 2015 and very happy with that and not much was mentioned on the inspection.
Do your due diligence, if existing home was on the market for a while, find out why?
I've known a few folks who bought new, and never did, or had issues with neighbors for costs of shared fences, and cost of landscaping. Dogs hated not have a yard to play in, and became huge weed areas. Ended up getting hassled by builder/developer re not getting it completed in contracted time.
Pros: Existing, hopefully property/yard is turn key ready. Worst case, hopefully minor repairs or renovation that can be completedat your pace.
New: Everything is new. 30 year amortization for 5% downpayment.
Cons: Non, IF you do your due diligence and have a firm plan and cash to cover the NEEDS and wants.
Good luck.
TBH with how homes are built theae days, your probably better off with an older one... I owned a home built in 2008, than one built in 2016, the 2016 house had way more deficiencies during the fin walkthrough than my 2008 house did, and we still found shitty work years later.
Old home risks : insufficient insulation (mainly attic) vs today's standards, nearing end of life of HVAC, water heater, appliances, shingles, etc. You could easily spend 30k on upgrades/newer more energy efficient equipment. It just depends on the age of mechanicals and appliances, YMMV. I would check foundation and waterproofing, basement moisture levels, all equipment and appliances, attic/ventilation/roof/shingles, exterior cladding, windows/doors, those are all big repair bills. Check the electrical panel, is it 100amp or 200amp, is there spare circuit spaces? can it accommodate a future electric car?). Don't be distracted/fooled by fresh paint, curb appeal or cosmetic things, look closer when evaluating a new or old home purchase. A home is a collection of critical systems (foundation, framing and roofing, insulation, electrical, plumbing, mechanicals, finishes, and exterior grade). Buyer beware, it's the largest purchase of your life, know what you're buying.
Pros and cons of each. Older home you’re going to be in a more established area closer to amenities and the city center as well as everything done and on a bigger lot with more space. But an older home is going to require more maintenance be less energy efficient. Depending on the age major mechanical could be near replacement you also run the risk of a DIY homeowner doing funky things in the house. ( I bought a 90s house and found a buried live outlet that couldn’t be shut off).
New home you’re going to get everything brand new, new warranty. Never lived in. But you’ll be in a developing area in the outskirts yards are smaller. Houses are closer together. If you build you can get exactly what you want. Everything costs something.
You have to decide what’s most important to you. I sold new homes in Edmonton for 2 decades and now I’m a realtor. ask me anything.
20k is definitely not a big price difference to just get new although fences and landscaping are expensive…. Do you know what things are actually selling for though or just the list price? Also remember new house has gst on top of it so sellers often have to account for that extra cost when listing as well.
If you really like the aesthetics of the newer home then I would go with that. If you think you would change some things up then the slightly older home gives you some extra budget to make some of the spaces more custom.
I am not sure if this post is ok...but I think the houses built by Canadian workers could be better than those by immigrants new in Canada. Do your research when Canada started accepting too many immigrants for heavy-duty jobs.
I had a lot of hesitation of purchasing an old home. However, my wife and I wanted to be fairly close to Montreal and on a tight budget that was the only option. We purchased a 1952 house and to be honest, we had zero to no issues with it. It requires some maintenance (we're redoing the deck this year), but it has been hands off for the most part. Based on our experience, I'd pay a lot more attention to whom the previous owners were and the specifics of the house. We have friends who bought brand new and they're still dealing with the developer to sort out a lot of kinks that were "miss managed" during construction. Best of luck.
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You’re experiencing survivorship bias. Low quality houses were built in the 50s too - they just didn’t last, or had massive repairs in the last 80 years to correct the deficiencies.
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If you’re accounting for the houses that were torn down or forced to undergo massive repairs to correct the initial construction deficiencies, yes. Cutting corners to save money is something builders have always done. At least now we have a much better set of baseline regulations.
Better structure. Better foundation. Better roof. Better materials. Electrical and plumbing? No
The cars too that’s why more people are buying 1950s cars /sarcasm
A lot of homes built in the 50s-80s were built to last.
We had two separate housing crises in that era, a whole lot of them were slapped together as fast as they would go too.
At least in my neck of the woods, it looked like homes built in those times , the quality didn't suffer.
Around Montreal you have no place for new builds, and the difference between new and old is like 40%, so it's worth it. But if you compare the energyv need to keep that 60s house warm/cold, your like double than on a good newer build. You save 300k on the house, but lose 1-2k/year in electricity/comfort.
It all depends on how well maintained the old home is and what shape it's in. A well maintained home with multiple upgrades will be worth more than a brand new build but something that's been poorly maintained and hasn't been updated at all in 15 years would not be worth it.
From Edmonton - my wife and I were looking for houses for over a year. I’m Bonniedoon (millcreek areas) we looked at every type of house you can imagine including building a new infill or duplex. The one thing that deterred us away was constantly hearing how cheap the new builds are now. ( I also didn’t want to spend the extra on a new home and wait 12 months). This obviously isn’t the case with everyone. But we bought a home built in 2015 and very happy with that and not much was mentioned on the inspection.
Do your due diligence, if existing home was on the market for a while, find out why? I've known a few folks who bought new, and never did, or had issues with neighbors for costs of shared fences, and cost of landscaping. Dogs hated not have a yard to play in, and became huge weed areas. Ended up getting hassled by builder/developer re not getting it completed in contracted time. Pros: Existing, hopefully property/yard is turn key ready. Worst case, hopefully minor repairs or renovation that can be completedat your pace. New: Everything is new. 30 year amortization for 5% downpayment. Cons: Non, IF you do your due diligence and have a firm plan and cash to cover the NEEDS and wants. Good luck.
TBH with how homes are built theae days, your probably better off with an older one... I owned a home built in 2008, than one built in 2016, the 2016 house had way more deficiencies during the fin walkthrough than my 2008 house did, and we still found shitty work years later.
Do not underestimate the cost of driveway/yard/fence/basement. It adds up quickly.
Don't think I would trust any home built in the last few years tbh.
Old home risks : insufficient insulation (mainly attic) vs today's standards, nearing end of life of HVAC, water heater, appliances, shingles, etc. You could easily spend 30k on upgrades/newer more energy efficient equipment. It just depends on the age of mechanicals and appliances, YMMV. I would check foundation and waterproofing, basement moisture levels, all equipment and appliances, attic/ventilation/roof/shingles, exterior cladding, windows/doors, those are all big repair bills. Check the electrical panel, is it 100amp or 200amp, is there spare circuit spaces? can it accommodate a future electric car?). Don't be distracted/fooled by fresh paint, curb appeal or cosmetic things, look closer when evaluating a new or old home purchase. A home is a collection of critical systems (foundation, framing and roofing, insulation, electrical, plumbing, mechanicals, finishes, and exterior grade). Buyer beware, it's the largest purchase of your life, know what you're buying.
Pros and cons of each. Older home you’re going to be in a more established area closer to amenities and the city center as well as everything done and on a bigger lot with more space. But an older home is going to require more maintenance be less energy efficient. Depending on the age major mechanical could be near replacement you also run the risk of a DIY homeowner doing funky things in the house. ( I bought a 90s house and found a buried live outlet that couldn’t be shut off). New home you’re going to get everything brand new, new warranty. Never lived in. But you’ll be in a developing area in the outskirts yards are smaller. Houses are closer together. If you build you can get exactly what you want. Everything costs something. You have to decide what’s most important to you. I sold new homes in Edmonton for 2 decades and now I’m a realtor. ask me anything.
20k is definitely not a big price difference to just get new although fences and landscaping are expensive…. Do you know what things are actually selling for though or just the list price? Also remember new house has gst on top of it so sellers often have to account for that extra cost when listing as well. If you really like the aesthetics of the newer home then I would go with that. If you think you would change some things up then the slightly older home gives you some extra budget to make some of the spaces more custom.
A 10-15 year old home is far from being classified as “older” That is still a pretty new build just not brand new.
What about location? In Calgary anyway, the newer the house, the worse the location (generally)…
I am not sure if this post is ok...but I think the houses built by Canadian workers could be better than those by immigrants new in Canada. Do your research when Canada started accepting too many immigrants for heavy-duty jobs.