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The choice between buying a new home and buying an existing home is largely a personal one. If you're not sure which is right for you, take a moment to consider the following for each option:
Buying a New Home
When you buy a new home, you're usually part of the building process. You know exactly what you're getting, and you can get everything you want (within the limits of your budget, of course) right from the start, without worrying about renovating down the road.
In a new home, you know where everything is, how it works and who built it. With your choice of standard features and upgrade options, you create the look and style of your home, customizing it to suit your taste.
You'll also find that new homes are laid out with contemporary lifestyles in mind, designed to conserve energy and built to last. Most brand-new homes have a warranty covering defects in materials and workmanship, and leaky basements. And many new homes are erected in ready-made modern communities that offer families a thoughtful balance of private and public spaces.
The Buying a Home section of this site offers a wealth of information about buying a new property. To learn more, visit:
Buying an Existing Home
"What you see is what you get" when you choose an existing (or resale) home. You take the home largely "as is" and make any upgrades after you close on the purchase. If you're in the market for a starter home, enjoy do-it-yourself projects, have the budget (and patience) to perform renovations, or just prefer a dwelling with "lived-in" character, look at resale homes.
An existing home may also be the right choice if you want to live in an established neighbourhood or central location. Often, recreational facilities, transportation links, support services, schools and shopping centres are already in place.
Many people believe existing homes are better values because appliances, light fixtures, floors and window coverings and other features can be negotiated into the deal. Improvements like fences, paved driveways and landscaping automatically go with the house, too (they may not be part of a new home's price).
You can usually move into a resale home quicker-depending on financing and other contingencies, you can go from offer to closing in less than two months.
If you're on a tight budget, a resale home in ready condition is always an appealing choice-you even avoid the Goods and Services Tax (GST)!
Learn More
Whether you're thinking of buying an existing property or a new home, explore the Buying a Home section of this site to get tips on:
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