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Should I Purchase a New Home or a Resale Home?

The decision to purchase a home can be exciting and at the same time challenging. You may have your own ideas of the kind of home you would like to purchase, which may include a condo, single town home, or even new construction homes. This article is about considerations on the choice between a new or a resale home.

RESALE HOME:

Looking at the advantages in purchasing a resale home, will likely have the following:

  • Buyers can see what they are buying and have the opportunity to inspect the home;
  • Generally, the home will be in an established neighbourhood without ongoing constructions;
  • The neighbourhood landscape and infrastructure is known and easy to enjoy – thinking about the nearby parks, schools and shopping

A couple of disadvantages on the purchase of a resale home will likely entail the following:

  • There are no warranties or recourse if there is a defect discovered;
  • It will likely be difficult to see any hidden problems and there is no guarantee that plumbing, electrical or the construction are up-to-code;
  • If there is a building-location survey, it is likely old and dated;

NEW HOME:  

Some of the advantages of the new home will likely include the following:

  • A land-building survey is usually available;
  • There are warranties for any defects in construction which provide peace of mind;
  • Usually the work is compliant with the latest construction and safety code requirements;

If we consider the disadvantages of the new home, it will include the following:

  • The timeline for completion by the construction builders may not be within the proposed move in date;
  • The decision to buy a new home is based on blueprint plans or digital models rather than viewing the property in person;
  • There will likely be ongoing construction around the home or in the neighbourhood and landscaping and further upgrades are not encouraged while work is going on or within the warranty periods.

It is always important to be well informed and to determine what is best for your situation and that suits your personal budget, stay and preferences.

If you are seeking a real estate lawyer for residential purchase or sale, be sure to get in contact with us.

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