Mike Giesbrecht

If you're thinking about moving, you may be weighing purchasing a new build versus a resale.  For a rundown of the pros and cons of each, read on.

New Build Pros

•   Brand-new condition
•   Can customize features
•   Most are covered under warranty for the first few years
•   Often built with the latest energy-efficient features, saving you money on utility bills
•   Typically pay less in maintenance fees

New Build Cons

•    Lot, floorplan, and views can change during construction
•    Construction delays are common, leaving you at the mercy of whatever the interest rates are when construction is complete and your move-in date in           limbo
•    The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new                   neighbourhoods
•    With no market history, it’s more of a gamble on what will happen with your investment 

Resale Pros

•   What you see is what you get (you can get a sense of the neighbourhood, the amenities, and schools before you buy)
•   Closing date is fixed
•   You know your mortgage rate before you buy
•   You can research how the property has appreciated over time, giving a better sense of how your investment will do 

Resale Cons 

•    Not brand-new
•    Have to renovate if you want specific features
•    Not usually covered under warranty, unless it’s a newer resale home with existing coverage
•    Usually less energy-efficient
•    Typically higher maintenance costs 

Ultimately, the decision between buying a new build or resale home will come down to your needs and wants, your risk tolerance, and of course your budget.