Feb

28

Should I buy a brand new home or a resale home in Brampton?

Filed Under Brampton, Buy, Homes, Real Estate 

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This question comes up all the time when I’m dealing with buyers, and there isn’t a definite answer that I can give to an individual. The best I can do is highlight the pros, the cons, and other issues that a buyer should be aware of when considering buying a brand new home from the builder or buying a resale home. It really all boils down to your personal needs.

If you live in Brampton, you’re fortunate because the Brampton real estate market is unique in that it offers a myriad of new subdivisions in the north end of the city, but also features a huge selection of older homes in the downtown core that still retain the characteristics of those classic older homes. Let’s take a look at some key points that you should keep in mind when looking for a home.

Resale Home

  • The GST is already included in the price!
  • Often situated in well-established neighbourhoods with their own unique personalities
  • Usually surrounded by bigger trees, taller bushes, and more mature lawns
  • Easier to detect flaws during home inspections because the house has been lived in and used
  • Older homes tend be known for their solid construction
  • Everything in the neighbourhood is already established - no surprise developments
  • Purchasing price is more negotiable
  • You don’t have to pay full value for new renovations or upgrades

Brand New Homes

  • You pay GST upon purchase
  • Very sparse lawns and trees in the beginning, and you may have to endure noise, dust, and construction for the first while
  • Flaws in new homes are not evident right away and may take a number of years to be discovered
  • Will require little to no renovations and are usually energy efficient that could save you money in the long run
  • Additional expenses such as appliances, driveway, fencing, landscaping
  • Closing costs for new homes are typically higher
  • Purchasing a new home is like buying from a book - you don’t really know what it looks like until it’s built
  • You pay full value for any upgrades or renovations that you add to the house
  • Prices set by the builder have very little room for negotiation

Again, it really comes down to a preference and to a personal need. Some people simply enjoy buying things that are brand new, while others may be content with moving into a resale home that’s ready to be occupied. If you still have questions, speak to your real estate agent and visit new homes sale offices and see what may be best for you. Best of luck!

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