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When Paying Out For A House, Is It Best To Have New Or Resale?

By Edited May 15, 2015 0 0

Purchasing a House - The Reasons for Buying New

How many Canadians actually buy new straight from the builder? - The figures are one in four. There are many reasons why people prefer to buy new homes and below are some of the reasons why buyers go down that route.


• A new property hasn't been built yet, which can allow you to select and/or upgrade just about everything.

• People in newly established neighbourhoods often enjoy a one-of-a-kind friendship with one another.

• Previous owners of houses often complete renovations and repairs themselves which could be a complication if not done correctly. New properties on the other hand tend to be built safely, so repairs and repairs usually don't have to be budgeted for as soon as you move in.

• The electrics of a new house are completely new and of a good standard so you know they do not need checking or replacing; along with high energy-efficiency standards, this makes new homes an attractive purchase.

• If you need to time to sort out your current living situation then buying a re-sale home can cause issues, as most homes close in approximately a month, unlike new homes that could take a few weeks/months to build.

Plus Points of Purchasing a Re-Sale House

Why would you choose to buy a property that might have been changing owners for many years? While a shiny, newly built property has its attractions, there are many excellent reasons for purchasing a re-sale property. Below are the main reasons why re-sale homes remain at least three times as popular as new ones:

• Unlike with new property developments there won't be on-going construction all around you.

• There is no need to set aside money to lay a grassed area, walkways or driveways, as there is with the majority new builds.

• A new property can be rather nondescript and boring, while a re-sale home tends to have a little bit of individuality.

• One drawback of a new home is the 'settling', it can take a couple of years for the house to settle, as a result cracks can appear or leaks start as the plumbing moves slightly; this is rarely seen in an second hand home.

• On top of a purchase price, home buyers have to budget for closing charges, which are frequently more expensive for new builds.

• A benefit for first time purchasers is not having to buy those extras such as light fitments, with a re-sale home these extras are quite normal as sellers rarely take them with them.

• Value for money - there is often more value in a re-sale house as the previous owners will have usually put additional work into the property. Resale property may be an interesting real estate investment opportunity.


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