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Should You Buy a New Home or Resale?
October 31, 2019
One of the most common questions that buyers are torn about is whether they should invest in a new development or resale. Although a new home sounds like an obvious choice, the decision is not that easy. It really depends on your interests and lifestyle. There are a few questions you need to answer before you make the decision. Many of them go beyond the condition of the home or the purchase price. Consider these:
- What is your preferred location?
- Does it need to be close to your place of work?
- Do you need access to public transport?
- Do you have seniors living with you?
- Do you need an established infrastructure?
- Are you looking for a highly rated school?
- Would you like to be located close to a community centre, walk-in clinic or eateries?
- Do you prefer privacy or a friendly neighbourhood?
Next, you need to ask yourself specific questions regarding your home.
- Do you need to be in a community with new roads and constructions?
- Are you flexible about your budget?
- Do you have the budget for other expenses, such as furniture or upgrades?
There is no right or wrong answer to these questions. It’s just a procedure to help you focus on your individual needs and look for a home that meets them. Both have their own list of their pros and cons.
- New homes require a GST/HST payment, which is usually over and above the purchase price. The amount varies from location to location. Resale homes do not have HST/GST.
- There are no annual maintenance costs in a new home that a resale home will incur. Any defect in a new home will be covered by the warranty.
- Many well-kept resale homes have charm and character. They tell a story that appeals to those who love a unique style. There could be a mature apple tree or a large green backyard that makes it extra special. Built-in cabinetry and other classic architectural details are hard to find in modern new homes.
- Resale homes have flexible move-in dates that new homes may not have.
A new home comes with several advantages too that are worth consideration:
Advantages of a New Home
- Warranty: Most new homes or condos in Vancouver are covered by a warranty of up to $300,000 in coverage. Structural defects are covered in the warranty for up to seven years.
- New Installations: The major systems that are immediately required are all brand new, including HVAC. The latest technology and energy-efficient brands are usually integrated in a new home, such as tankless water heaters, smart thermostat heating, high-performance insulation in doors and windows, and high-efficiency toilets that use less water.
- Licensed Builders: New home builders require a license for their construction. This means the investor must meet the financial and technical specifications required of them.
- Worn Out Materials: Older homes see a change of hands several times. There could be ineffective DIY fixes, faulty wires and worn out renovations with materials that have done their day and may not meet the new Build Codes. New homes have an impressively elegant finish and well laid out floor plans.
- Customize: New homes can be customized before you move in.
- Emergency Access: Builders must be accessible in an emergency in new constructions.
The222 – New Condominium Development, Maple Ridge, BC
Located at the end of a tranquil residential neighbourhood in Maple Ridge, BC, our beautiful new condo lets you enjoy stunning views and is near all amenities and transit. Enjoy a worry-free lifestyle without the responsibilities of home ownership, including spacious balconies and underground parking for each unit. Contact Nikky Tu for more information at: 604-753-8797
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