Pros and Cons Of Buying New Built VS Resale Homes

There is no right or wrong. What you need to consider is simple!

  • Location
  • Possession Date
  • Total Square footage
  • Room sizes

The builder will provide a wide variation of floor plans with a huge selection of upgrades to pick from. However, keep in mind that the price tag will quickly go up thousands and thousands of dollars when choosing your finishes at the décor center.

    
 items like the followings are usually an upgrade; 
  • Smooth ceilings
  • Oak staircase
  • Hard wood floors
  • Change the colour of your hardwood floors to a darker stain
  • Water line to your refrigerator
  • Gas line for your oven range
  •  Pantry in kitchen
  • Crown and valance for kitchen cabinets
  • Prepare counter for slide in range
  • Double sinks
  • Bank of drawers for your bathroom vanity
  • Double sinks, frameless glass shower
  • Architectural changes

The list goes on and on, you can easily add another $30,000 to the sale price and I am being somewhat conservative. The only disadvantage is that you will not know how much more it will cost you until meeting with the décor center. The meeting to choose the upgrades usually occurs a few months prior to closing. By that time, you will already have signed the agreement of purchase and sale with the builder.

This is not for everyone, if you cannot see past a bad paint job, how will you be able to pick a house from a floor plan? Some builders will have model homes for you to walk through; however they entice you by putting in all the possible upgrades, making the house incredibly appealing to everyone especially to first time buyers. But the house you will get on closing day will look nothing like it! Another thing to consider is that the builder may delay your closing date. However, it will be your responsibility to arrange for your own living accommodation until the new closing date.

       

Buying a resale home is a lot simpler, what you see is what you get. You can either see yourself leaving in that house or you hate it! But at least you know right away! Another advantage, most resale homes will have a fenced in yard, air Conditional installed, window coverings already in place, basically no additional cost required to enjoy the space. Hiring a reliable home inspector can also help pointing out items that will require immediate attention or that will require attention in the near future. In newer resale homes, the Tarion warranty is still in effect and carries on to new home owners.                   

 Some questions to ask yourself before deciding buying resale or new built;

  • Can you wait for one or two years before closing date?
  • Can you make a decision based on a floor plan?
  • Do you have an additional budget for your upgrades?

 If you answered yes to all of the above without any doubt, buying a new built might be an option for you. The lesson here is you need to consider what you feel most comfortable with, only then will you know if you have made the right decision.

 

 

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