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.
