{"id":965,"date":"2017-03-25T15:27:26","date_gmt":"2017-03-25T15:27:26","guid":{"rendered":"http:\/\/www.chrisbrownrealestate.ca\/blog\/?p=965"},"modified":"2017-03-25T15:27:26","modified_gmt":"2017-03-25T15:27:26","slug":"whether-to-buy-resale-or-presale-the-pros-and-cons","status":"publish","type":"post","link":"https:\/\/www.chrisbrownrealestate.ca\/blog\/whether-to-buy-resale-or-presale-the-pros-and-cons\/","title":{"rendered":"Whether to Buy Resale or Presale: The Pros and Cons"},"content":{"rendered":"<h2 class=\"subheading\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-495\" src=\"http:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2015\/11\/Orizon-High-Res-20-1024x681.jpg\" alt=\"\" width=\"700\" height=\"466\" srcset=\"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2015\/11\/Orizon-High-Res-20-1024x681.jpg 1024w, https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-content\/uploads\/2015\/11\/Orizon-High-Res-20-300x199.jpg 300w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/h2>\n<h2 class=\"subheading\">Home buying is fraught with tricky decisions, and one is whether to buy an older resale home or a brand new one. Here\u2019s the case for each.<\/h2>\n<div>\n<h3>Resale home<\/h3>\n<p><strong>Pros:<\/strong><\/p>\n<ul>\n<li>Resale homes purchased through the MLS\u00ae tend to be cheaper per square foot than a new home \u2013 and there\u2019s no GST to pay.<\/li>\n<li>Resale homes are already built, so you can go and view the exact home you will be living in \u2013 no nasty surprises about space, feel, views and so on.<\/li>\n<li>As the resale home is already built, there\u2019s no waiting years to move into your new place.<\/li>\n<li>What you see is what you get \u2013 and a home inspector can inspect the unit thoroughly, in person, before you remove subjects.<\/li>\n<\/ul>\n<p><strong>Cons:<\/strong><\/p>\n<ul>\n<li>A resale home has been lived in before \u2013 the unit\u2019s fixtures and fittings, will unlikely be brand new (unless it has just been renovated) and may wear out sooner.<\/li>\n<li>The building also won\u2019t be brand new \u2013 and the older the building, the more wear and tear it will have, which means maintenance costs.<\/li>\n<li>You\u2019ll have to pay Property Transfer Tax on the purchase \u2013 unless you are exempt (first-time buyer and purchase price is under $500,000).<\/li>\n<\/ul>\n<h3>Presale home<\/h3>\n<p><strong>Pros:<\/strong><\/p>\n<ul>\n<li>You\u2019ll get a brand new, never-before-lived-in unit that is (or should be) in top-notch condition and will be under a New Home Warranty.<\/li>\n<li>New home developments usually have great amenities and be in established or up-and-coming neighbourhoods.<\/li>\n<li>You could have the chance to customize your unit to your own tastes, or at least choose from colour and design options offered by the developer.<\/li>\n<li>If the home is under $750,000, you\u2019ll be exempt from Property Transfer Tax.<\/li>\n<\/ul>\n<p><strong>Cons:<\/strong><\/p>\n<ul>\n<li>New homes are desirable, which means they tends to cost more than resale homes per square foot \u2013 plus you have to pay GST.<\/li>\n<li>Your chosen home won\u2019t be built yet, so there could be a long wait to move in \u2013 and even if the value drops in that time, you\u2019ll still pay the contracted price (which is also true if values increase). Plus a lot can change during that time and you need to be sure you can get a mortgage and a down payment for completion date.<\/li>\n<li>You might get a pretty good idea of the home you\u2019ll be getting, but show suites and floorplans can sometimes seem quite different than your finished unit \u2013 especially in terms of intangibles like views and \u201cfeel\u201d.<\/li>\n<li>There\u2019s a lot of paperwork and other risk-mitigation factors to consider \u2013 you have to be sure you\u2019re getting what you pay for.<\/li>\n<\/ul>\n<p>Whether you choose a resale or presale home, make sure you work with an A-team of real estate professionals \u2013 REALTOR\u00ae, lawyer and mortgage broker \u2013 to ensure you get exactly what you want and can afford.<\/p>\n<\/div>\n<div id=\"pressboard-ad-sponsorship-msg\">Read more:<a href=\"http:\/\/www.rew.ca\/news\/whether-to-buy-resale-or-presale-the-pros-and-cons-1.12723469?utm_source=REW+Consumer+News&amp;utm_campaign=13bae65519-REW_Consumer_News_Friday_03_24_2017&amp;utm_medium=email&amp;utm_term=0_f826d0054c-13bae65519-96265813\">\u00a0http:\/\/www.rew.ca\/news\/whether-to-buy-resale-or-presale-the-pros-and-cons-1.12723469?utm_source=REW+Consumer+News&amp;utm_campaign=13bae65519-REW_Consumer_News_Friday_03_24_2017&amp;utm_medium=email&amp;utm_term=0_f826d0054c-13bae65519-96265813<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Home buying is fraught with tricky decisions, and one is whether to buy an older resale home or a brand new one. Here\u2019s the case for each.<\/p>\n","protected":false},"author":2,"featured_media":495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[12],"tags":[104,266,389],"class_list":["post-965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice-for-buyers","tag-advice-for-buyers-2","tag-presale-homes","tag-resale-homes"],"_links":{"self":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/965"}],"collection":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/comments?post=965"}],"version-history":[{"count":1,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/965\/revisions"}],"predecessor-version":[{"id":966,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/posts\/965\/revisions\/966"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media\/495"}],"wp:attachment":[{"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/media?parent=965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/categories?post=965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbrownrealestate.ca\/blog\/wp-json\/wp\/v2\/tags?post=965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}