Are you buying a pre-construction house? Here are some benefits of buying pre-construction rather than a resale home in Ontario.
Clients regularly ask about the pros and cons of purchasing pre-construction over a resale home.
Some of the pros of a pre-construction purchase are listed below; regardless, it boils down to the needs and goals of the individual purchaser.
1) You can customize the design of your pre-construction house and choose available upgrades offered by the builder. With a resale, you are buying the property as-is;
2) Pre-construction houses are built over a period of time and are typically not ready when you sign the purchase agreement. This provides sufficient time for you to save money towards the closing costs. For a resale home, you are buying an existing property which you can move into after the closing;
3) Ordinarily, the purchase price is relatively cheaper on pre-construction houses than resale properties;
4) Being the first person to live in the brand-new house, the maintenance fee should be low for the first couple of years when compared to a resale home where you may need to carry out repairs and maintenance work immediately you move into the house.
If you are purchasing pre-construction property and need your agreement reviewed, we can help. Contact us today at info@ibitoyelaw.com.
*excerpt from paradisedevelopments.com
Ibitoye Law Office
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