If you’re in the market looking to buy a home in Ontario, chances are you’re feeling overwhelmed. Buying a property in Ontario is a big decision and there are so many ways you can go wrong. Take the process, one step at a time. The very first step is choosing between old and new properties in Ontario. Both have their own advantages and disadvantages but they are subjective to your situation.
Buying an existing or resale property in Ontario
There’s nothing better than moving into a brand new, never lived before home. Unfortunately, it can be an expensive affair, which can be very difficult to manage as a first-time home buyer.
Let’s take a look at the pros and cons of buying a resale property in Ontario:
- You like a home, you put an offer, it gets accepted, and you move in. It’s a simple process and faster compared to purchasing pre-construction homes.
- Older homes are priced lower because of the anticipated renovation costs that you’ll have to bear. You can purchase the house and then make gradual changes as your budget and time allows.
- Resale homes are usually bigger than pre-construction homes. They will likely have more storage. These homes also have a custom appeal as compared to today’s cookie cutter homes.
- Resale homes don’t have any warranty and are less energy efficient. However, you can make any necessary changes.
- There might be hidden damages that the home inspector might miss. No matter which house you purchase, as a homeowner you should always have some amount set aside to use for urgent or unexpected repairs or upgrades.
Buying a pre-construction property in Ontario
Ontario has a huge pre-construction market. There are hundreds of projects underway, which means you can find a pre-construction property within your budget.
View the latest pre-construction projects in Ontario. I, Ose Ainabe, have exclusive access to these projects and can help you throughout the entire process starting from mortgage pre-approval and house shopping, all the way to closing.
Let’s take a look at the pros and cons of buying a pre-construction property in Ontario:
- The builder often gives you some control over the interior of your house. These include colour of finishes and wall paint, kitchen layout, and option to choose between carpeted and wood flooring.
- New homes come with a 1-year warranty on the house and up to 10-15 years warranty on electric fixtures and appliances.
- New homes are equipped with the latest technology of appliances, heating and cooling system, and modern bathrooms.
- Most builders only display the starting price for the base model including basic appliances. You’ll have to pay extra for appliance upgrades and lawn maintenance.
- Pre-construction homes take a few years to complete. Booking opens 2-3 years before move-in, so you’ll have to continue paying rent while making regular deposits towards your new home.
- You have to pay HST on new homes. It might be included in the house price but it’s always better to check before booking a unit.
Whatever you decide, I am here to help you. Contact me today and let’s start searching the house of your dreams together! Book a free discovery call with me today.