Each option has its own set of advantages and disadvantages. Look at this quick run-down list to decide which way you lean:
New Home Advantages:
You get to choose what you want for colours, finishes, cabinetry, layout, style, etc.
New appliances, roof, and furnace should last for many years
New-quality insulation, better energy efficiency
Builders warranty
New Home Disadvantages:
Completion may be delayed
Additional expenses possible for things not included
Settling may occur over next several years, causing cracks
Price not as negotiable as with a resale home
Ongoing construction may be possible in surrounding areas
HST on new home sale price is likely applicable
Resale Home Advantages:
No HST is payable on home sale price
Established neighbourhood and surrounding areas
More negotiability on sale price
Attractive finishes that are rarely available anymore, such as some types of solid wood trim
May have a more generous-sized lot
Resale Home Disadvantages:
May need repairs or updating that can be expensive, especially for the kitchen or bathrooms
Older heating/cooling system
Older roof and windows
May have mould problems
Style may be outdated
Home may have not been well cared for
These issues may or may not affect your decision, depending on how much you want to spend or if you like do-it-yourself projects! Its a personal choice for everyone.
Liisa Arra can help make it easy for you! Call Liisa Arra, broker, at 416-487-5131 for a free home value estimate.
Liisa sells properties all over Toronto, and in the Davisville, Leaside, and North York neighbourhoods of York Mills, Willowdale, and Lansing. We also sell downtown Toronto condominiums. |
