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New vs Resale
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Author:  NewInTown [ Fri Feb 01, 2013 6:36 pm ]
Post subject:  New vs Resale
I've been thinking...what are the pros and cons to buying a resale home? What about a new one that's never lived in? Maybe someone with experience in both can answer.
Author:  KarinaVitorino [ Fri Feb 01, 2013 11:23 pm ]
Post subject:  Re: New vs Resale
Hi NewInTown,
The Pros’ of buying Resale
• You can usually move in within a short period of time
• There is no HST
• The deposit on the house can be substantially less than a builders’ deposit
• What you see is what you get

Cons’ of buying resale
• The home warranty may have expired
• The usual wear & tear start to show
• Older homes may need a new roof, furnace, windows or other upgrades

Pros’ of buying New Built (From the builder)
• You can personalized the home to your style and taste by selecting the finishes (Extra cost for upgrades)
• Having a late closing date (i.e. one year later) might potentially allow you to save more for your down payment
• You can select the lot on which your house is to be built (Expect extra cost for premium lots)
Cons’ of buying New Built (From Builder)
• The builder may delay your closing further leaving you with the task of finding an alternative home/place to stay until your new closing date.
• Be prepare to live in a construction site and no fenced yard for a while
• You do not know who your neighbours are until you move in

In summary when buying from New Built, there are hidden costs and it’s more of a gamble you take.
If you are able to image a space by reading a floor plan, and know what a 10ft x 11ft room feels like and can envision the space then you should be alright, but if not you may be disappointed..

A Fact, brand New homes here in Milton had increased in value by the time the home owners obtained possession of their new home. But as we all know Real Estate market conditions can change and your capital appreciation is not guaranteed.

I hope you find this helpful.

Sincerely,
Your Local Real Estate Agent
Karina Vitorino
Century21 Future Realty Inc.
www.karinavitorino.com
Author:  CliffB [ Wed Feb 13, 2013 2:41 pm ]
Post subject:  Re: New vs Resale
Karina - great post!

Cliff
Author:  KarinaVitorino [ Thu Feb 21, 2013 2:35 pm ]
Post subject:  Re: New vs Resale
Thank You Cliff, I really appreciate your comment.

Karina
Author:  Ron&Jen [ Fri Feb 22, 2013 12:12 am ]
Post subject:  Re: New vs Resale
Keep in mind that new home builds can be up to 10% off in actual square footage too.
Author:  DeeJay [ Tue Nov 12, 2013 11:02 am ]
Post subject:  Re: New vs Resale
Ron&Jen wrote:
Keep in mind that new home builds can be up to 10% off in actual square footage too.



Is that per home or per room? Where can I find more info about this worrisome 10%?
Author:  Los Arango [ Wed Nov 13, 2013 12:28 pm ]
Post subject:  Re: New vs Resale
DeeJay wrote:
Ron&Jen wrote:
Keep in mind that new home builds can be up to 10% off in actual square footage too.



Is that per home or per room? Where can I find more info about this worrisome 10%?

It's a percentage so it would be the same. Example, if you take 10% off 10 rooms and each room is 10'x10' then you would have 100 sq ft less. Now if you have a 1000 sq ft house and took 10% off, you would still be 100 sq ft less, the total off the entire house would still be the same.
Author:  Deep [ Wed Nov 13, 2013 2:24 pm ]
Post subject:  Re: New vs Resale
DeeJay wrote:
Ron&Jen wrote:
Keep in mind that new home builds can be up to 10% off in actual square footage too.



Is that per home or per room? Where can I find more info about this worrisome 10%?


It's in the contract like that, but I haven't heard of anyone experiencing that kind of difference - I wouldn't worry about it.
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