For some, buying a home means having a new condo or house built just for you. In this case, you will be the first to live in the home. New vs. resale really depends on you and your lifestyle, and what you want in your new home. Let’s take a more in-depth look into the advantages of buying new.
Location is carefully thought-out by developers. New developments are designed to cultivate a sense of community and neighbourliness by carefully balancing private and public areas. They include welcoming home designs, green space, playgrounds for children, safe and attractive roads and pathways, and many other features.
Today’s new buildings meet more stringent building codes and provide a quality of construction that is advanced and more demanding than in the past. A new build meets today’s standards for safety, energy efficiency, performance and are often equipped with the latest smart home technology.
You can customize your home before it is built. From floor plans to features and finishes, when you buy a new build you get choices not available on the resale market. You have the option to choose colours, styles, and upgrades that better fit your lifestyle.
Since everything is brand new in a new build home, from the roof to the HVAC system to the appliances, they require less maintenance, minimal expenditure on upkeep and far fewer headaches. What this means is that you'll be able to more accurately predict how much homeownership is going to cost you on a monthly basis.
Builders stand behind their work and when you buy a new house or condo in Ontario, you are covered under warranty by Tarion. Tarion requires you to conduct a pre-delivery inspection (PDI) of your new home. Combined with building code, Tarion is one of the reasons why Ontario’s new homes consistently meet very high construction standards and major home systems are covered after you move in.
You'll benefit from buying property at existing rates and while your new home is being built it has the potential to gain significant equity. Before you take possession or move in, your property begins to appreciate! Developers will give better pricing and incentives during the initial launch phase of the project. The best time to get involved in a project is as soon as possible.
What’s unique about buying a new build is the deposit structure. Your signing date sets the start of your deposit structure, which makes up your downpayment. Your downpayment is made up of multiple installments. While you wait for your home to be built, you have time to budget and save money for when your mortgage kicks in three to four years later.