As a home buyer in Brampton, your biggest doubt would be whether to buy a new construction home or an existing resale home in the city. Both types of homes come with a set of pros and cons, which are subjective to your situation and preferences. The real estate market in the Greater Toronto Area has been intense since the pandemic started. Buying a custom home makes more sense if you’re feeling overwhelmed with the bidding wars but it’s an expensive affair. As a realtor based in Brampton, I’ve seen most of my clients experience this dilemma. So today, I’ll answer a few questions they ask me and I hope it helps you in making the best decision for you.
Are new builds or resale properties easy to resell?
New builds in Brampton are easier to sell compared to resale properties. Since they are newer and updated with more recent fixtures, appliances, and ready to move-in, you’ll have an easier time selling them too. Resale homes, on the other hand, are a big category. A resale home that’s updated with the latest technology and appliances and renovated will sell at a higher price than one that’s not been updated.
Is buying a new construction house a good investment?
If you’re a first-time home buyer in Brampton or GTA, please don’t consider your first home as an investment and hope for a return in just a few years. You also need to remember that delays are frequent when buying custom built or pre-construction homes. If you’re thinking from a purely investment point of view, resale homes are the way to go.
What should I keep in mind while buying a pre-construction property?
Nothing better than buying a house that’s never been lived in before. However, buying pre-construction isn’t as simple. Most developers only mention a “starting at” price, which is the cost of buying the most basic model with basic appliances. The cost starts piling up when you add more features or choose to customise the layout, trims, or flooring. Custom build homes in Brampton often get delayed because builders only get a few months in spring and summer to work. It can be a stressful process but can be mastered if you factor in your expenses and set a budget for emergencies including delayed construction.
What should I look for when buying resale?
With this intense real estate market in Brampton, most homes are bought without an inspection clause. That’s very bad news but if you put the clause, it’s likely the seller won’t select you. Working with an experienced realtor in Brampton will help you weed out the bad homes. As an informed buyer, make sure to check for structural damage, uneven flooring, floorplan that’s free flowing, and kitchen appliances while viewing a house you’re interested in.
What issues would a resale house give that a new construction won’t?
One of the biggest issues selling a resale house is the construction. Older the home, the bigger the issue would be. However, that doesn’t mean new construction homes always have the best structure. When buying a new home, check for reviews about the builder’s previous projects. Put your query out on a forum and use the responses to make your decision.
Buying a home is a lot more than just saving for a downpayment and getting pre-approved. Be an informed buyer who doesn’t fall prey to sales gimmicks and is thorough with their research. If you’re looking to buy a pre-construction, new construction, or resale home in Brampton, reach out to Realtor Catherine Nacar today.