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New Build Homes: Is it the Right One for You?

Thursday, June 24, 2021   /   by Sushma Khinvasara

New Build Homes: Is it the Right One for You?

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Buying a home is one of the major and difficult tasks in a person's lifetime. There are many options out there ready for you to explore, the most basic one being, whether to get a new build or a resale home. Adding to that are a lot of factors that need to be considered like the budget, location, and type of ownership. The home buying process can be exciting yet at the same time stressful. To help you decide, here are the advantages and disadvantages of buying a newly built home.

Advantages of buying a new build:

1. Everything is new

As the name suggests for new build homes, everything in the house from top to bottom is clean and brand new. This means that state-of-the-art appliances and systems are installed including washer and dryer, refrigerator, stoves and oven, dishwasher, HVAC etc. Basically, you are going to move into your new home without having to worry about outdated appliances, plumbing, foundation problems and other repairs. Adding to that, new build homes are built in new communities. The roads and sidewalks will be newer, and you can expect the same for schools and other amenities. New homes also come with a Tarion Warranty so you don't have to worry about typical costs of homeownership for at least the first few years of occupation.

2. Design how you want

A new build home gives you a clean slate, and allows some room for customizations. For example, you get to choose your countertops, flooring, wall color, cupboard materials and other interior finishes. Other items like floorplan, exterior and base of the home is decided by the home design you choose. Being able to choose how your home would look like can save you significant amount of time and money compared to renovating. Plus, you would feel more at home right away.

3. Energy-efficient

As mentioned earlier, new build homes have brand new HVAC system. This means your home would have better insulation due to efficient heating and cooling equipment paired with better windows. Also, it comes with a manufacturer's warranty. New electrical and plumbing technologies also use less power and can save you money. What's better than a home that's brand new and at the same time environmentally-friendly?

Disadvantages of buying new build:

1. Costs more than resale

New build homes cost more than a resale. Much like buying something new, it can be expected to pay for a higher price since you’ll get all the advantages of a brand-new home. New build homes also have higher property taxes compared to resale homes and there are additional costs when you want to upgrade several items like the flooring, cabinets and more. Also, price is not negotiable for new build. But don't get discouraged when you see expensive model homes, instead shop around for different incentives and options and floorplans available for you. The good side in buying preconstruction is the deposit structure that allows you to pay the initial deposit first then the rest over a series of payments stretched out in the next few months.

2. Longer time to move in

Except for quick possessions, construction delays are common in new build homes and might cause problems if you are in a hurry to sell your old home and move into a new one. From purchasing to building process, it may take months before you can move into your newly built home.

3. Less variety in home styles and demographics

New build homes typically have a similar style, so there's not much to see in terms of visual variety. The new streets (no potholes) and new amenities are a good offset to that though. Also, you're more likely to have neighbours that are quite similar to you since new communities usually attract similar demographics.

So, those are the advantages and the disadvantages in buying new build homes. There are many factors you need to consider and it's always best to have a professional who knows all the new constructions near you and has your best interests at heart when they represent you in the homebuying process. A real estate agent has a wealth of experience and may ask you questions you may not realize you should be asking. In the end, it's all about getting a home that suits your need and budget.

If you have any questions or need help buying your home, I can help. You contact me at 647-834-9928 or send an email to sukhinvasara@gmail.com

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Century 21 Green Realty Inc. | Sushma Home Selling Team
Sushma Khinvasara, Sales Representative
6980 Maritz Dr, Unit 8
Mississauga, ON L5W 1Z3

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2023 Last Updated February 1, 2023
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