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
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Brand-new condition
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Can customize features
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Most are covered under warranty for the first few years
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Often built with the latest energy-efficient features, saving you money on utility bills
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Typically pay less in maintenance fees
New Build Cons
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Lot, floorplan, and views can change during construction
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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
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The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new neighbourhoodsWith no market history, it’s more of a gamble on what will happen with your investment
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With no market history, it’s more of a gamble on what will happen with your investment
Resale Pros
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What you see is what you get (you can get a sense of the neighbourhood, the amenities, and schools before you buy
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Closing date is fixed
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You know your mortgage rate before you buy
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You can research how the property has appreciated over time, giving a better sense of how your investment will do
Resale Cons
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Not brand-new
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Have to renovate if you want specific features
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Not usually covered under warranty, unless it’s a newer resale home with existing coverage
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Usually less energy-efficient
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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.