Buying a Brand New Residential Home or Condo versus a Resale

Prospective home buyers are spoilt with a myriad of choices these days, and a number of them are overwhelmingly ambiguous, particularly for the first time buyers. Today’s discussion will concentrate on drawing an apt comparison between buying a brand new residential home or condo versus a resale in Brampton (or wherever you may require). As a wannabe homeowner, it is imperative for you to get well-versed in the nitty-gritty of new and pre-owned property sales.

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Major advantages of purchasing a new property

One of the fundamental advantages of purchasing a new residential home or condo in Brampton (or wherever you may need) is that you can afford to decorate it precisely the way you wish to. You can select all the colors for your paint and the flooring as well. Furthermore, you can pick your favorite tiles and opt for the cabinetry that you love for your kitchen and the bathrooms.

More often than not, expect your new home to be equipped with latest amenities as well as better insulation, and could really prove to be significantly more energy efficient.

·    Major advantages of buying a resale property

The primary advantage of shopping for a resale property in Brampton (or wherever you may want), such as a residential home or condo, is that the new owner is relocating into an established locality. The lawn is green and the shrubs are growing, the driveway is already paved for your convenience, and the neighboring trees are eagerly waiting to meet and greet you.

In terms of financial investment, a resale property is to offer you more return and value for every dollar that you are to spend. It is pretty much of a standard practice for a vast majority of the potential home sellers to engage in home enhancement works, such as a finished basement or a landscaped garden, and with a hope that it will increase the resale  price of their property. However, such makeovers may not drive the price all the time. The buyer will procure the property at its present rate, as dictated by the existing real estate market conditions, and is typically dependent on comparable fixed assets for sale in the neighborhood. All those fancy facelifts, much to the joy of the new property owner, will be acquired at no additional cost from the ex-owner.

During the sale of a pre-owned fixed asset, the asking price quoted by the existing owner is virtually negotiable, which is not the case when you are trying to bargain the price of a new property.

Also, do keep in mind that resale properties less than ten-year-old could still be considered as fairly new, which means you are to get the benefits of owning a comparatively new residential home or condo at a reasonably low resale price.