Buying a brand new home or condo has many advantages. It also has several disadvantages. Let me help you work though some of the pros and cons of making the choice to buy a brand new home or not.

First let’s look at the Pros:

  1.     Everything will be brand new and should meet the current building codes.
  2.     You may be able to choose some or all of the specification for your new home.
  3.     Your home will be covered by a warranty for the first 10 years of your homes life in some cases.

Now let’s consider the Cons:

  1.  Your brand new home or condo will be constructed using today’s labour and material costs. Therefore, you should expect to pay more than an equivalent home in the   resale market that was constructed using yesterday’s labour and materials costs.
  2.  Unless you are buying infill the location of your home may be out in the suburbs. Suburbs can take a decade or more before the landscaping matures enough to create a nicely blended community that is more pleasant to live in. And don’t forget commuting time.
  3.  There are many hidden costs to bring a brand new home up to the completed specification offered by resale homes including: landscaping, fencing, garage construction, window coverings & basement finishing etc.

In the end the choice is yours. Should you pick new or used? I hope that this article has given you food for thought. You can also watch my video discussion here The Pros & Cons of Buying a New Home

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