The following table summarizes the important features of New and Resale Homes:

Feature New Home Resale Home
New Yes No
Lot and Floorplan Can Change Can not change
Basic Features Can change Can change
Warranties Yes No
Initial Cost Higher Lower
Value Worse Better
Risk Higher Lower
Immediate Area Unknown Known
Neighbourhood Schools Usually Unknown Known
Amenities Usually Unknown Known
Conveniences Usually better Not as modern
Investment Usually better after 2 to 4 years Often Higher over long term
Energy efficiency Higher Lower
Maintenance Less More
Mortgage interest rate Unknown until completion Known before contract
Moving-in time Unknown (depends on construction) Known and Fixed
After-closing expenses Highest Lowest

December 9, 2005 in Buying Toronto Real Estate | Permalink

Caterina Grahn

Caterina Grahn

Sales Representative
CENTURY 21 Associates Inc., Brokerage*
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