Buyers should put some thought before deciding buying New Built from the builder versus Resale.
This is a recurrent question from buyers and especially coming from first-time home buyers. The anwer is very simple, it depends on each individual.
Pros’ of buying Resale
• You can usually move in within a short period of time
• There is no HST
• The deposit on the house can be substantially less than a builders’ deposit
• What you see is what you get
Cons’ of buying Resale
• The home warranty may have expired
• The usual wear & tear start to show
• Older homes may need a new roof, furnace, windows or other upgrades
Pros’ of buying New Built (From the builder)
• You can personalized the home to your style and taste by selecting the finishes (Extra cost for upgrades)
• Having a late closing date (i.e. one year later) might potentially allow you to save more for your down payment
• You can select the lot on which your house is to be built (Expect extra cost for premium lots)
Cons’ of buying New Built (From Builder)
• The builder may delay your closing further leaving you with the task of finding an alternative home/place to stay until your new closing date.
• Be prepare to live in a construction site and no fenced yard for a while
• You do not know who your neighbours are until you move in
In summary when buying from New Built, there are hidden costs and it’s more of a gamble you take.
If you are able to image a space by reading a floor plan, and know what a 10ft x 11ft room feels like and can envision the space then you should be alright, but if not you may be disappointed..
Milton, Ontario offer buyers a good selection of Both, Resale and New Built Homes.