If you’re thinking about buying a new home, you may be considering purchasing in a new development.
How does that compare to purchasing a resale property?
Buying a newly-built home has some advantages. Depending on the development, you may have leeway in the style of the home and the lot you choose. Also, when the home is built, you’ll be moving into a place where everything is brand new!
On the downside, however, you may be forced to make a decision based purely on marketing brochures and floor plans. Unless there’s a model home just like the one you want, you’ll be buying sight unseen. Also, there may be unpredictable construction delays — an unpleasant experience if you’ve already sold your current property.
Of course, buying a resale home may also have a downside. For example, the house might need work, such as a new roof. What you see is pretty much what you get. And, that’s true for the floor plan too. You can’t ask for the living room to be five feet wider, unless you decide to renovate.
On the other hand, a big advantage of a resale home is moving into a neighbourhood that is already there for you to see and explore. Unlike in a new development, you can get a very clear idea of what it’s going to be like to live there.