Buying New vs. Buying a Resale Home


Presentation Description

This guide explains the difference between buying a new home and buying a resale home. If you're looking to buy homes or condos in Toronto, visit My Toronto Realty, 1678 Bloor Street West, Toronto, ON M6P 1A9. Call these real estate agents at (416) 769-1616.


Presentation Transcript

Buying New vs. Buying a Resale Home:

Buying New vs. Buying a Resale Home by My Toronto Realty


Introduction One of the first questions to arise when deciding to purchase a first home is whether to go for new or buy an existing construction . While both have their pros and cons, can we say that one option is superior to the other or is it more a question of finding out the best fit for your profile and expectations? In this presentation, we will lay it all out for you so that not only will you be better prepared to choose between the two but you will also know the negative sides of your choice and, therefore, be better armed to face them.

Pros of New Houses:

Pros of New Houses Obviously, buying new will ensure that you have total control . Whether it be the size of the master bedroom or the location of the bathroom, you can dictate where everything will lay and how. Also, you can choose the type of bricks that will make the front and the type of heating you prefer. On top of this, having your home built protects you against any hidden flaws that are sometimes concealed by dishonest sellers like moisture problems. Another notable plus in favor of new houses is that it will generally be a safer place to live in as safety standards are now stricter than ever before . And the operating costs will usually be lower too .

Cons of New Houses:

Cons of New Houses Despite these great pros, new houses do have their share of disadvantages. For instance, you will not be able to negotiate the price. If you have the house built by contractors, the fees will be set and there’s not much you can do about it, compared to existing homes. And let’s not even talk about delays … On the same order, another important reason why some people may want to buy older homes is to find an upper-fixer that you’ll repair for a fraction of what it would cost you new. Another downfall has to do with the exterior that you will most probably have to arrange . And that can cost you a lot as new neighborhoods which are in development usually offer no landscaping.

Pros of Old Houses:

Pros of Old Houses Existing houses on the other hand are great in that you can usually move in quite fast . Once you and the seller have agreed on the price, you can practically start packing up. That’s impossible to do with a new house that you intend to build as you will have to wait at least 1 year before the job is finished. What’s also quite appreciable with older homes is that you’re not restricted to one neighborhood . Whereas you have no choice with new constructions but to build where you have your land, here you are completely free.

Cons of Old Houses:

Cons of Old Houses If we had to list one major negative against existing houses, it would be: hidden defects . Unless you’re from the profession, don’t ever visit a house alone. Sometimes, defects can be really hard to spot if you don’t know what exactly to look for. You will almost always have to keep some money for refreshing the walls and change anything that’s not to your taste (kitchen, bathroom…) As someone lived there before you, there’s bound to have decor specificities that you don’t like. Also keep in mind that the older the house , the more likely it is not to be well insulated and you could be wasting a lot of money on fuel and heating.


Verdict If money is not an issue and you have a very precise idea of what you want, then look no further and get a new construction . That way, you will be able to control everything from the color and shape of your bathroom washstand to the size of the tiles in the living room. However , if neither time nor money is on your side and you need / want to own your property quickly , then forget about building your own home and look for an older house . If you put some effort into your search , you might be able to find some bargain that just needs a few hammer blows and brush strokes .


Conclusion Determining whether to buy new or "old" isn’t so hard once you know what questions to ask. From the budget you have set aside for your home purchase to the level of involvment you can bear, all of these will play a role in your final choice. But if we can offer some last piece of advice to close this presentation, it would be not to rush your decision . Ask yourself if this is THE house you will be living in for the rest of your life or if it’s just a "transitional" home. In case you intend to grow your family there, you want it to be as close to perfect as can be. So always take your time and never let yourself get too carried away .

PowerPoint Presentation:

Want to learn more about real estate and how to select the perfect home for your family?

authorStream Live Help