If you’re thinking about moving, you may be weighing purchasing a new build versus a resale. For a rundown of the pros and cons of each, read on.
If you’re thinking about moving, you may be weighing purchasing a new build versus a resale. For a rundown of the pros and cons of each, read on.
➡️ New Build Pros ⬅️
👍 Brand-new condition
👍 Can customize features
👍 Most are covered under warranty for the first few years
👍 Often built with the latest energy-efficient features, saving you money on utility bills
👍 Typically pay less in maintenance fees
➡️ New Build Cons ⬅️
👎 Lot, floorplan, and views can change during construction
👎 Construction delays are common, leaving you at the mercy of whatever the interest rates are when construction is complete and your move-in date in limbo
👎 The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new neighbourhoods
👎 With no market history, it’s more of a gamble on what will happen with your investment
➡️ Resale Pros ⬅️
👍 What you see is what you get (you can get a sense of the neighbourhood, the amenities, and schools before you buy)
👍 Closing date is fixed
👍 You know your mortgage rate before you buy
👍 You can research how the property has appreciated over time, giving a better sense of how your investment will do
➡️ Resale Cons ⬅️
👎 Not brand-new
👎 Have to renovate if you want specific features
👎 Not usually covered under warranty, unless it’s a newer resale home with existing coverage
👎 Usually less energy-efficient
👎 Typically higher maintenance costs
Ultimately, the decision between buying a new build or resale home will come down to your needs and wants, your risk tolerance, and of course your budget.
Contact me for help with your Real Estate needs — 519-572-6804.
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