Buying New Homes vs. Resale Homes
Tags: SUSHMA KHINVASARA, SUSHMA HOME SELLING TEAM, NEW HOMES, RESALE HOMES new construction
Here is the difference between buying a new build home from a builder and a home in the resale market
New Homes
New homes offer innovative use of space and style. The materials and appliances used also have greater energy efficiency. Adding to that, you’ll have a choice of options and upgrades and everything is new and modern.
However, here are some things to consider when buying a new build home.
- Consider buying from a builder who has a good track record of finishing construction in a reasonable time and provides the features and finishes as promised.
- A gradual deposit payment plan that most builders in the Greater Toronto Area offer may provide some flexibility.
- Select your upgrades well and make sure not to add expensive upgrades. Take advantage of builder incentives for free upgrades.
- If you are buying an inventory home ask if any discounts or free upgrades are available
Resale Homes
Resale homes are generally less expensive than new homes. Since these homes are already settled, it removes possible problems that emerge after purchasing a new home. Also, resale homes are often located in established neighbourhoods.
Here are a few things to consider before buying a resale home.
- Make sure the property ownership will be transferred free from existing loans. Obtain original property documents, especially, property survey.
- You will need to hire a professional to inspect the physical condition of the property.
If you have any questions about this or need help buying a new or a resale home, contact me at 647-834-9928 or send an email to sukhinvasara@gmail.com
