Should You Buy a Resale or a New Build?

If you’re thinking about moving, you may be weighing purchasing a new build versus a resale.  For a rundown of the pros and cons of each, read on.

New Build Pros

  • Brand-new condition
  • Can customize features
  • Most are covered under warranty for the first few years
  • Often built with the latest energy-efficient features, saving you money on utility bills
  • Typically pay less in maintenance fees

New Build Cons

  • Lot, floorplan, and views can change during construction
  • Construction delays are common, leaving you at the mercy of whatever the interest rates are when construction is complete and your move-in date in limbo
  • The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new neighbourhoods
  • With no market history, it’s more of a gamble on what will happen with your investment

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