Wednesday, February 22, 2017     Hilda Campbell      Buying and Selling

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So you’ve made the decision to buy a house, but you just can’t decide: should you buy brand new or resale?  I have outlined a list of pros and cons of each.  At the end of the day, only you can decide which one is right for you.  Here we go:

Advantages of buying new:

  • Everything is new, therefore no repairs will be required
  • The home will have a warranty
  • You may be able to customize the layout as well as choose your finishes and upgrades
  • Superior energy efficiency

Disadvantages of buying new:

  • HST will be charged on the purchase price of the home
  • There can be significant delays in the closing date
  • There are usually no mature trees
  • EVERYTHING must be purchased, including central air conditioner, appliances, window coverings, driveway, sod
  • You can’t check out your neighbours
  • You will most likely be living in a construction zone for a period of time
  • Builder quality finishes
  • Small lots
  • Upgrades are VERY expensive
  • Cookie cutter houses
  • Closing costs are usually higher
  • Unless you pay extra for one, the basement will be unfinished

Some of the above will only apply when buying in a newly developed subdivision.  Constructing a custom build in an established neighbourhood is in a class of its own.

Advantages of buying re-sale:

  • The neighbourhood is already established; you can check out your neighbours and services such as mail delivery, etc. are in place
  • Mature trees and established gardens
  • No HST charged on the purchase price of the home
  • Appliances, window coverings, light fixtures, central air conditioning, any built in furniture and shelving are often included in the purchase price
  • Basement is often finished (this can be a disadvantage if poorly constructed)
  • Often times the building construction is superior
  • The architecture is unique
  • Lot sizes are larger
  • You will have a definite closing date

Disadvantages of buying re-sale:

  • Extensive home repairs may be required
  • The homes are not as energy efficient
  • You cannot choose your finishes, paint colours or fixtures; everything has been done to someone else’s taste

I hope the above information helps you decide which one is right for you.

When you’re ready to buy or sell in the Burlington or Oakville area, or for general real estate advice, please contact me.  I can help!

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