Is a new home in Cochrane really the right choice for your family? Or a newer, but resale property?
Cochrane is the kind of town where if you’re driving through, every home looks so new. But the vast majority of homes actually for sale in town tend to be resale.
No, I’m not talking about major fixer-uppers or dated homes from the middle of the last century (though we do have some of those in Cochrane, too).
When I say resale, I’m talking about homes with maybe one owner. Homes that are 10 years old, at most. Maybe 7, 5, 3, even 2 years old. Just not pre-construction.
When you’re buying a home, there can be far more important things to consider than just its age. You should be concerned with neighbourhoods, neighbours, aspect, light and space. These are the things that I know from experience can truly make the difference between a happy home, or just a place along the way to your happy home.
So which is right for your home in Cochrane – new or resale?
In this article, let’s break down:
Of course, if you have questions about homes or neighbourhoods in Cochrane, what the town is like, or a listing you’re seeing, feel free to reach out to me directly. I’m always available via text, call or email and no question is too small!
When I’m showing clients homes in Cochrane, this is one of the key reasons we see a desire for something newer but still resale. Maybe they were burned in the past by unfulfilled promises on a new build. Or maybe, they’re just tactile folks who want to actually walk the space they’re considering for one of the biggest purchases they’ll ever make.
Renderings and plans have come a long way in recent years. But when it comes to your own home, I believe seeing the true space can give you perspective unavailable from prospective materials. I’m talking about the way light falls into a room, the aspect of a view, and especially sights (and sounds) that you would never have realized were there unless you were there personally.
We’re not looking at the “potential” for potential; I’m talking about landscaping, finishes, layouts. With a home you can see in the flesh, you also get to experience something very important from a real estate value perspective: the neighbourhood – not the potential neighbourhood. Who are the neighbours, what are their homes like? Are the parks and public spaces finished? Is anything yet to come, or is it all here?
Does pricing differ for brand-new vs. newer resale homes?
It can, but I’d say the biggest factors impacting pricing tend to be size & style generally, then neighbourhood. So a 4 bedroom 4 bathroom home that is ~2500sqft, new or resale, should be in the same ballpark as a similarly sized property in terms of price. But then if we consider neighbourhood, brand new homes may be at a disadvantage as they don’t benefit from the appeal of a mature neighbourhood, or at least the complete vision of a finished neighbourhood.
Timelines are another key consideration for new vs. resale. Maybe you’re moving for a job with a deadline, or maybe your home is just feeing unbearably small with new little ones running around. It happens!
New detached and semi-detached homes are better than larger condo projects when it comes to time scope, but there will be a delay and unforeseen things can come up at any time. So it can be tough to plan around a specific date when it could be a moving target depending on the situation at the time. With a newer resale home, we can negotiate the closing (possession) date as much as possible to fit your needs.
When it comes to warranties, Alberta has fairly robust protections for consumers (especially if you are buying from a reputable, large builder). So if your home is imperfect, most builders will do everything they can to make it perfect to start. Some newer resale homes may also have some transferrable warranty aspects as well. The main difference with a newer resale home is that you can really see firsthand what things are like after the dust has settled, and an independent home inspector can fill in any gaps or note any deficiencies so we can have the Seller rectify them before you buy.
Cochrane is fast growing community in Alberta, and we tend to have a steady supply still coming online of new homes.
Key areas of brand new growth as of this writing include South Bow Landing, West Hawk, and Greystone. These are locations that I would describe as very early, where those ready to make the jump and buy before most of the infrastructure and amenities are online can find great opportunities. There is also continuing expansion in Fireside, Sunset, as well as Heritage Hills for some brand new options.
Newer resale tends to be in the earlier phases of some of the above neighbourhoods. As town dynamics have shifted (neighbourhood completion, upgraded roads & the new 1A/22 overpass finishing), I think places like Sunset have emerged as winning locations for folks to buy in again. The key factors with resale tend to lie in the house itself; maybe you get the chance at the best option that was available the first time around. Only now you get to see the finished product, walk the space, and experience it before you buy.
When I help clients move to Cochrane, or within Cochrane, new homes for sale are always part of the conversation. With such a vibrant and expanding community, this is totally to be expected. I find that repeat Buyers tend to prefer resale homes but with a stronger focus on neighbourhood or home style, since they want to “perfect” the items that weren’t up to scratch on their previous home. When they purchase a newer Cochrane home resale, they can use a keener eye to find imperfections and ensure they get exactly what they want out of this property.
On the flip side, some folks will always prefer a brand new home. Yes – there may be some sacrifices in terms of livability while the neighbourhood comes online or while you wait for completion. But there is something to be said for an untouched home, where you know each component and appliance is pristine. Typically you can enjoy a handful of totally stress-free years of use, almost like when you buy a new automobile. Who wouldn’t appreciate that?
When I look for a home personally, I tend to follow some of the old maxims of real estate. Actually – I tend to follow whatever my wife thinks is best! Kidding aside, I like to focus on location. Not just within a community but also the orientation and aspect of the property.
Something as simple as side of the street can make life-changing differences in quality of life. A flaw (such as light, view or layout) that cannot be remedied, will always weigh on the value of your home when you go to sell in the future. Finishes, decor, etc. can always be fixed. Money can’t fix everything, though.
Having your living space receive strong light from the South or West (my favourite), can mean the difference between enjoying a sunny summer dinner in peace, or sitting on your driveway to try and get sun. When you compound things like this over years or decades of living in a home, the joy can be immeasurable. By definition, only so many homes in a neighbourhood can have certain aspects like this. Choose wisely!
Choosing the right home for your family goes beyond just age or price. If you’re considering a new home in Cochrane, you’re already on the right track in my opinion. This town has an incredible sense of community and could be one of the best places to raise a family in Canada. Thinking beyond just age or price, and considering the small things that can make a big difference down the line, could be what makes your next purchase your Home rather than simply just another “house”.
If you’re curious about Cochrane, moving to Alberta, a specific listing or about our real estate market here, feel free to reach out to me directly. I’m always available via text, email or call and happy to help!