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Holly Taylor  & Cole Taylor Mortgage Professionals

Holly Taylor & Cole Taylor

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Is it better to buy a new or resale home?

4/4/2014

(NC) The decision to buy a home is usually both exciting and daunting. While you may know the size or style of home you want, such as condominium or townhouse, the choice between a new or resale home is another important consideration.

 

Both new and resale homes have their advantages and drawbacks, which may range from having a home with character and history to customizing a brand new space for a turnkey experience.

 

“What some people may not know is that there are different legal considerations when purchasing a new versus resale home,” says Ray Leclair, vice president of public affairs at LAWPRO. “Purchasing a home is a significant investment, so be sure to protect it by addressing uncertainties with a real estate lawyer.”

 

To help in your decision-making between a new or resale home, Leclair advises considering the following factors:

 

New home

 

Advantages:

 

• The work is compliant with the latest construction and safety code requirements;

 

• Warranties for construction/appliance/system defects provide peace of mind;

 

• A building-location survey is generally available.

 

Drawbacks:

 

• Construction may not be completed in time for the proposed move-in;

 

• The buying decision may be based on plans, rather than actually viewing the property or seeing a similar model;

 

• There may be ongoing construction around the home or in the neighbourhood and landscaping and upgrades are discouraged while work proceeds or within warranty periods.

 

 

Resale home

 

Advantages:

 

• 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 construction;

 

• The neighbourhood landscape and infrastructure is known and ready to enjoy – think parks, schools and shopping.

 

Drawbacks:

 

• There will likely be no warranties or recourse if a defect is discovered;

 

• It may 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 dated.

 

While these lists aren't comprehensive, they can help buyers determine what's most important when shopping for a new home. Ultimately, the key is to make an informed decision and find something that suits budget, neighbourhood preferences and personal style.

 

Source: www.newscanada.com

 

Mortgage brokers are an important part of buying & owning a home. For more information on purchasing a new home, please feel free to contact me.

 

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