New World 2000 Realty Inc., Brokerage

Monday, April 29, 2013

New Home vs. Resale Home

A model of a traditional house, with terrace or framework of an extension. 

If you're in the market to buy a house you might be wondering whether to purchase a brand new home or a resale home.  Which is better?  It really depends on your preference but each comes with advantages and disadvantages.

If you purchase a new home you will have the opportunity to personalize your choices.  You might be able to upgrade or choose the paint and the floor you want.  New homes are usually more energy efficient than older homes.  Building codes are up-to-date with new construction and everything is new so there's little maintenance.  In Ontario, new homes are covered by Tarion Warranty Corporation, which means you will be protected if the builder violates the Ontario Building Code or if there's any flaws in the builder's work and materials.  Be sure to confirm that your builder is registered with Tarion.  However, neighbourhood amenities such as shopping malls or schools might not be completed yet.  Also, there are more expenses associated with buying a new home as you need things such appliances and drapes and you might have to spend money on landscaping.  In addition, you might notice cracks in the basement walls as the newly constructed house starts to settle.

If you decide to purchase a resale home you are moving into an established neighbourhood with schools and shopping malls.  The landscaping is done and tress are mature.  Older homes tend to have more character and are generally less expensive than new homes.  On the other hand, it might not be in move-in condition so you might need to renovate or replace the roof and windows. 

The best thing to do is to evaluate the advantages and disadvantages and make a decision best suited for your needs.


No comments:

Post a Comment