1. No decisions needed here: the house is done. The biggest benefit in buying a resale home is that you know how the house is going to look. There are no questions or need to use your imagination to picture the finished product. You know what you are getting and can have a home inspection done to make sure what you can see visually is as good as the overall health of the property. There are no surprises as to colours of cabinets, placement or size of rooms, and type of appliances. The guesswork has been removed.

2. Move in today, or next week, or next month: the decision is yours. When negotiating a resale property, you choose the closing date that best fits your situation. Maybe you are moving out of your parent’s home and are in no rush to leave or maybe your current residence has already been sold and you need to vacate as quickly as possible. It’s between you and the seller to decide the timeline. If a delay were to occur on the seller’s end, they are in danger of breaching the contract and may have to compensate you.

3. The neighbourhoods are more established. Chances are that most of the people that live in that neighbourhood will continue to live there, with some exceptions. Unless they are upsizing or downsizing, people don’t usually move for fun. There might be children who have grown up together and adults who have become lifelong friends. You will get to know those who live around you and become a permanent fixture at street parties and BBQs.

4. The lot sizes were larger back then. You have the potential to get more land, depending on the location, since builders didn’t always prioritize how many people they could pack into one space. There is more room between houses, resulting in larger lawns and yards, giving you more space to work with. Homes were wider as well so you have more flexibility with the type of furniture and furnishings you can fit.

5. The vegetation is more mature and landscaping may already be done. It’s with the older homes where you find those large 40-year-old trees with branches inviting the neighbourhood kids to climb. If the previous owners took care of their property, you might find that the grass is healthy and has a history of being treated for weeds and the landscaping is established and low maintenance.

6. The issues with the builder have been dealt with. You don’t have to worry about their financial status or ability to complete the project on time since the property is already done. There is no house settling to worry about, which could cause doors to no longer close and nails to be pushed through the drywall. If all the properties in the neighbourhood are built, you won’t have noisy construction in the area or unfinished roads to deal with either.

7. Older houses were built around the city center. When downtown areas were established, both commercial and residential areas were zoned to have easy access to that city center. Subdivisions and neighbouring towns were built along highways to create faster commutes to those high density areas. Newer homes may create a farther commute to where you want to go and may be farther from friends and family. When builders are developing now, they are having to go north, east and west of Toronto since most of the land within the Greater Toronto Area has been spoken for.

8. You can use the existing property’s foundation and customize as needed. For some, home improvement is music to their ears. There are more opportunities for them to flex their creative muscles and design the home of their dreams, using a home built on good framework. You can price out renovations even before putting an offer on the house by inviting a general contractor to come and quote your ideas.

9. The layouts are more traditional with separate spaces for living and dining. Open concept living isn’t for everyone and some people prefer to have specific rooms with specific purposes. When buying a home, they look to how the seller has laid out the house as a guide to how the room should be used. Sometimes you even get bonus rooms, like a library or study, conservatory, or a cold cellar.

10. There’s more wiggle room in the price. When purchasing directly from the builder, the price is set and you can only really negotiate on upgrades. As a resale, you can go through the full negotiation process with the seller, including overall price of the home, closing date, and conditions that must be met before the sale can go through. Some resale properties actually have lower property taxes if their home value hasn’t been updated in a while. In addition, neighbourhood values are established so you are more likely to pay market price and not an inflated or extrapolated price. In most cases, the previous owner has already furnished the house inside and outside as well so you won’t need to budget for window coverings, light fixtures, a deck, patio, or shed, etc.

These ten reasons showcase why you should consider purchasing a resale property. The house has already been built so there is no guesswork required, you won’t have to deal with the builder, and there is more room for negotiation on the price. Want to see what’s on the market? Let’s chat and help you make your next move.

1. People love new things. That new car smell, those shiny new shoes, a new phone out of the box: there’s something to be said about being the first person to own something. A new house or condo is the same. You are the first to live there, make decisions about furniture, décor, and which room will be used for what. You only have to share it with those you are living with and not the owners before you.

2. Set it and forget it. Pre-construction homes are a low maintenance investment that you purchase and watch grow over the next 3-5 years. These homes are guaranteed to rise in value while they are being built so you are essentially locking in at today’s prices with the promise of future money. Even if you were to contribute to a TFSA or RRSP over the next few years, chances are your rate of return won’t even come close to the rise you will see here.

3. Welcome to your designer home. This is the next best thing to getting a completely custom home without the custom home price tag. When purchasing directly from the builder, you are presented with a design studio where you get to choose from a selection of options and finishings that fit your vision. In addition, although builders may not budge on the overall price of the home, you can negotiate on upgrades. If this were a resale, all these extras would have to be done as renovations if you wanted to make changes.

4. There are less maintenance costs. When purchasing a pre-construction condominium, maintenance fees are set super low. Even if they were to increase in the years after moving in, you save some money in the meantime. In addition, all appliances, fixtures and general construction of the home is new so it’s very unlikely that you would have to spend money on upgrades or repairs. After all, everything that the builder is putting in, you’ve either chosen or seen in the floor plan.

5. You receive a great warranty. Builders in Ontario have to provide a warranty on new homes. On pre-construction builds, this includes deposit protection. You also receive one and two year warranties for certain defects in work and materials, and a seven year warranty for major structural defects. The amount you receive will depend on if it’s a freehold home or a condominium. Either way, you are covered in case something unexpected happens in those first few years.

6. You’ll get to live in a great neighbourhood. Builders purchase plots of land in up-and-coming neighbourhoods both to add value to that location and because they are banking on their investment appreciating. Because of this, you tend to see pre-construction builds in places that have great amenities, like-minded community and a city you may not have been able to afford if it was a resale, like downtown Toronto.

7. There’s a 10 Day Cooling Off Period. Not in love with your purchase or have a change of heart? You are entitled to a 10 Day Cooling Off Period (keep in mind these are calendar days and not business days) where you can cancel your purchase and receive back your full deposit from the builder. Everyone’s situation is different and things can change in the blink of an eye so it’s important to note that you have an out to draw upon if needed.

8. You have more choices available. When searching for a new place to live, you might look online or through a mobile app to see what is currently listed on the market. Did you find your dream home but wish the driveway didn’t have a sidewalk cutting through, like the other side of the street? Or would you rather face a main road with an open field versus looking upon someone else’s house. When you buy pre-construction, depending on how many options the builder has left, you can choose things like a corner lot, which direction your house faces, and what you back on to. The lot size between homes may differ as well just because of how the land is laid out.

9. It’s cheaper overall. On pre-construction builds, the builder factors the HST into the price. If you are planning on living in the home as your primary residence, you can receive an HST rebate, which is a huge cost savings. When purchasing the home, you don’t need to put a large lump sum downpayment all at once either. There is usually a payment schedule with some flexibility and the deposit is only 15-20%. This also gives you more time to save money as the home is being built. In addition, you can lock in your mortgage rate ahead of time at today’s pricing.

10. There are no dreaded bidding wars. Because who doesn’t like a stressful, midnight, nerve wracking, fight over a couple hundred dollars? This one is pretty self explanatory. Since you can either afford or not afford the price the builder has set, you don’t have to worry about others getting in on the deal, potentially raising the cost higher than what you budgeted for.

These ten reasons outline why you should consider purchasing a pre-construction home. It’s cheaper overall, more choices are available to you and you can customize what you buy, and your low maintenance investment grows while you save money in the meantime. Want to see what’s up-and-coming? Let’s chat and help you make your next move.

1. No one else has lived there before you. This is an obvious one but not everyone takes it into consideration. You are going to be the first person or family living in that house. You won’t have to worry if the previous owner was a smoker, had pets, or didn’t take care of their residence the way that you will. It is a blank slate with your name on it.

2. Builder’s Warranty. Builders in Ontario are mandated to provide a warranty on new homes that include one and two year warranties for certain defects in work and materials, and a seven year warranty for major structural defects. The amount of coverage available is different depending on if it’s a freehold home or a condominium. Either way, you qualify for a little extra help in case something unexpected breaks down in those first few years.

3. Energy efficiency. New homes come with energy efficient appliances, fixtures and with a better way of building. This includes wall and roof assemblies, insulation, air/vapour retarders, windows, weatherstripping and caulking, ventilation, and heating and cooling systems. What this means for you, is that you will save money in both the short and long term through utility payments and potential energy tax rebates.

4. Modern conveniences. Our way of living and the level of comfort we expect has changed throughout the years. Gone are the days of wanting our homes to be heated and fueled by a wood burning oven, unless you are making a delicious pizza. We want our dishwashers and laundry machines to clean the things we no longer have time or interest to. Some of us rely on microwave meals while others cook for their families using induction stovetops. With new homes, most of these items come standard and in their stainless steel option, increasing visual appeal and ease of cleaning.

5. Safety first. Not everything that was deemed safe in the past turned out to be as harmless as once thought. When it comes to homes, this includes the use of lead paint, asbestos, and design features that could cause a bit of a disaster if you’re not careful. The great thing about the current Builder’s Code is that new homes won’t have these issues to worry about, and therefore you won’t have to spend unnecessary money updating these features to create a safe space for your family. Some new homes even come with a security system including cameras and an alarm that is Wifi enabled that you can set and check from your cellphone.

6. Renovating isn’t for everyone. You’ve all heard the phrase “it’s a bit of a fixer-upper” but for some people, that idea makes their skin crawl. If you’ve got the time, money, patience and skill to tear down and rebuild, then all the power to you. When you buy a new home, you can let your imagination run wild with the updates you “want” to do versus what you “have” to do. Want to change up the kitchen? In a new home, you’re not tackling this project because it’s outdated with cabinet doors falling off their hinges. You are adding a backsplash, a new coat of paint, or a storage system to help you sort through your spice cupboard. These changes are less expensive and are more about your creativity, personality and customization versus solving a problem area.

7. Things break. Are you the type of person to run your car into the ground, just to take it to the mechanic to hear that “they don’t make that part anymore?” With older homes, you are more likely to run into that problem and may end up having to replace the entire item. In new homes, pieces are made to a certain standard and are sometimes even interchangeable so it’s not specific to that appliance only. This provides a large cost savings since you will have less immediate expenses for things you need to fix.

8. Modern layout. What’s one of the first things you notice when you walk into someone’s home for the first time? If you’re like me, it’s how light and open the front space is. New homes have big windows, allowing for beautiful, natural light, an open concept design where rooms are not usually separated by walls or have half walls, appliances where you need them (like a laundry room on the second floor), and ensuites. Just like the point about modern conveniences, builders adapt to the way the modern family lives and operates and have made changes accordingly.

9. Your free time is yours. There are some people whose hobbies include working on their home and constantly updating their living spaces, but most people enjoy spending their free time on activities that bring them joy. When your home needs work, you are faced with it everyday. Working on a painting? That wall needs a fresh coat itself. Trying out a new recipe? Prep would be easier with a non-rickety kitchen island. New homes are new, meaning not run down and worn out. Not having to fix and rebuild things that came with your purchase means more time doing the things you love.

10. Less expensive. When purchasing a new home, chances are that it’s in a newer, less established neighbourhood. Houses haven’t appreciated yet and the area is less developed. There may not be extensive landscaping or parks built in the area, just plans for future development. Therefore you are reaping the benefits of “growing with the community” instead of joining a mature one. New homes usually come with unfinished basements that haven’t already been designed to the previous owner’s wants so you are not paying for something that wasn’t in your plan.

These ten reasons showcase why you should consider purchasing a new home. It’s less expensive, more suited to the modern family, and move-in ready. Want to see what’s on the market? Let’s chat and help you make your next move.