Pre-Construction or Existing Build?
WHICH OPTION IS BEST FOR ME?
When you’re deciding whether to buy a brand new home or one on the resale market, think about the pros and cons of each option.
Regardless, it’s always smart to consult with professionals when purchasing a home. The home buyer is ultimately responsible for making an informed decision, so it’s good to work with a realtor and other professionals in the real estate industry.
Some people are looking for new properties and are ready to sign a pre-construction contract, while others want to move into an existing home more immediately. Resale homes provide exactly what these buyers want and they don’t have to wait.
In my opinion, having the right realtor will ensure you find the property that works for you. Resale and pre-construction have their advantages and disadvantages, but ultimately, it’s up to you to decide what works best for you.
Benefits to Buying an Existing Single-Family Property
It can be quicker to move into an older home instead of waiting for a new build
Older homes often have more space than new builds, which could mean a backyard or an extra bedroom.
It takes time to build a house, so if you are looking for something right away, an older home can be a good choice.
Benefits to Buying an New Build
Everything from the appliances to the roof to the rooms is brand new.
Everything will be brand-new and under warranty. You won’t have to worry about the furnace dying, the roof caving in, or any of those common troubles.
Heating and cooling costs will likely be lower than in existing homes.
If you can put enough money down early enough in the pre-construction process, you may be able to customize your home’s floor plan, as well as its quirks.
Some existing homes will have undergone subpar renovations before being flipped; you won’t have to worry about finding that out the hard way with a new build.
You might also be able to pay over time instead of all at once (eg. with a down payment, and then more down every 30-90 days until the project is completed).
It’s possible that your property may be worth more by the time it is built if overall prices continue to rise.
Weigh Out All your Options
Whatever your decision may be, be sure to weigh out all your options, as well as the pro’s and when looking at pre-construction and existing builds.
How can Ahmad, mortgage specialist at AskAhmad.ca and the Total Mortgage Source 360 Team help you?
Ahmad and his team are industry experts on mortgages. They offer excellent customer service and pride themselves on their ability to help you find the right mortgage product for your needs.
We can offer you some of the most competitive interest rates and mortgage products available because we have access to Canada’s leading lenders, including banks, mortgage firms, trust companies and private lenders.
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