Advantages of Building a New Home:

• When building a new home, you have a great deal of control over what the home will be like. You can pick out the material, floor plan, decorating etc.
• The house may be a much better fit for your lifestyle and interests.
• Everything is new. Repairs and maintenance will less likely be needed. A new house may have a warranty (ICF.ca, builder custom home Ontario,  offers 3 yr. warranty).
• You can take advantage of newer technology, newer materials, and more modern floor plans.
• You can create a more energy efficient home and save on utility bills.
• Your property taxes will probably be less during the first year (because the land might be taxed as undeveloped land).
• New subdivisions tend to have better utilities (such as buried electric lines) and are therefore less prone to outages caused by storms. Also it is more attractive not having telephone poles and wires strung through a neighbourhood. New subdivisions also tend to have better streets.
• Home insurance may cost less for new homes. New homes have newer materials, conform to newer building codes, and are less likely to have problems than older homes. Because of this, some insurance companies offer lower insurance rates for newer home.
• Last but not least is the  “Pride of Ownership” which occurs from a home that you “helped create”.

Disadvantages of Building a New Home:

• It may be harder to find a good location or a convenient location to put the home. It is becoming harder to find land to build a custom home.
• It may cost more to build a new home.
• Extra fees may be incurred such as building permits, utility tap fees, survey costs and construction loan fees.
• It may take longer to build than what you expected (weather delays, supply delays).
• You will need to make more decisions.
• It will take more of your free time.

Advantages of Buying an Existing Home:

• The home is ready to move in sooner and you know exactly what the home will look like and feel like
• More mature landscaping
• You may need to do less work to finish the home (such as landscaping, decorating, window coverings).
• You’ll have fewer decisions to make.
• The home may be more affordable. It usually costs less to buy an existing home then to build a new home that is similar.

Disadvantages of Buying an Existing Home:

• You have less control over what the home is like.
• If the home is an older home then you may have more repairs and maintenance expenses.
• You may not know the quality of materials and workmanship that went into the home (does the home have good insulation? Good windows? Efficient furnace and air conditioner?
• You may have to make changes to suit your tastes such as redecorating or remodeling.
• Insurance rates may be higher on older homes.
• Older homes may be less convenient for modern lifestyles (fewer bathrooms, not wired for technology, inconvenient floor plans, lack of closets)
• Cost of utilities may be higher for an older home.

Courtesy of: http://www.icfhome.ca/

http://www.ontario-home-builder.com/New_Home_Building_Vs_Buying.html