The decision to buy a home is usually both exciting and daunting. While you may know the size or style of home you want, such as condominium or townhouse, the choice between a new or resale home is another important consideration.
Both new and resale homes have their advantages and drawbacks, which may range from having a home with character and history to customizing a brand new space for a turnkey experience.
“What some people may not know is that there are different legal considerations when purchasing a new versus resale home,” says Ray Leclair, vice president of public affairs at LAWPRO. “Purchasing a home is a significant investment, so be sure to protect it by addressing uncertainties with a real estate lawyer.”
To help in your decision-making between a new or resale home, Leclair advises considering the following factors:
• The work is compliant with the latest construction and safety code requirements;
• Warranties for construction/appliance/system defects provide peace of mind;
• A building-location survey is generally available.
• Construction may not be completed in time for the proposed move-in;
• The buying decision may be based on plans, rather than actually viewing the property or seeing a similar model;
• There may be ongoing construction around the home or in the neighbourhood and landscaping and upgrades are discouraged while work proceeds or within warranty periods.
• Buyers can see what they are buying and have the opportunity to inspect the home;
• Generally the home will be in an established neighbourhood without ongoing construction;
• The neighbourhood landscape and infrastructure is known and ready to enjoy – think parks, schools and shopping.
• There will likely be no warranties or recourse if a defect is discovered;
• It may be difficult to see any hidden problems and there is no guarantee that plumbing, electrical or the construction are up-to-code;
• If there is a building-location survey, it is likely dated.
While these lists aren't comprehensive, they can help buyers determine
what's most important when shopping for a new home. Ultimately, the key is to
make an informed decision and find something that suits budget, neighbourhood
preferences and personal style.
The Fielding Team can assist you with your home purchase whether you choose to buy new or resale.
Content courtesy of www.newscanada.com
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