Factors to Consider When Buying a New Home: Should You Buy A New Build?

For many homebuyers, a new home is something that they would love. The thought of a clean, up-to-date new house that is ready for their personal touch is very appealing. Aside from these advantages, it is important to acknowledge that there are pros and cons of buying a new build according to John Osborne, owner of Oborne Contracting Inc., in Richmond Hill, Ontario.

Osborne said that a new home is like a "blank slate" because no one else has lived in the house before, therefore the first buyer can truly make the home their own. When purchasing a new home, the buyer may be able to choose the layout and work on the design prior to construction. Other elements such as flooring, countertops, and cupboards are also often customizable.

Although some buyers like to renovate and maintain an older property, with new homes, there is a much lower chance of having to pay for significant repairs and renovations within the first few years of ownership. The new build usually comes with warranties that protect against defects and sometimes a builder may provide an additional warranty on top of that according to Osborne.

A disadvantage that may be associated with buying a new home is location. A homebuyer may have to sacrifice their preferred location especially if they like living in the city with all amenities close by. As land available for home construction dwindles in urban centres, construction of new, single-family homes is largely taking place in suburban areas.

Another disadvantage is the possibility of ongoing construction and all that comes with it — noise, dust, and unpaved roads. It may be years before the surrounding neighbourhood is completed. Plus, trees and greenery isn’t usually as fully developed and lush.

Osborne stated that it is important for prospective buyers to do their homework and look into the builder before making a purchase. Buyers should research “financial strength and reputation of the builder”. He also recommends checking into their history, their rating with the Better Business Bureau, the number of homes they build each year, and their membership with different home builders’ associations.

Reference: http://homeownership.ca/…/findi…/should-you-buy-a-new-build/