Feb 11, 2010
There’s a divide amongst home purchasers: Some like new and some like resale. For those considering both, the question ‘Why buy new?’ is a good one.
In a speech to Realtors at the Empire Condo Living Store on Wednesday, Christine Brennan, Vice President, Sales & Marketing High-Rise, Empire Communities, answered the question ‘Why buy new?’
Brennan summed up the advantages of buying new in several brief but poignant points:
1. Warranty – Resale homes do not come with a warranty. Purchasers of resale homes all too often learn that should your newly purchased home have a mold, roof or even structural problem that manifests itself after purchase, your options are limited; You can pay for the repair yourself or you can ask, threaten or sue the former owner.
New homes, on the other hand, come with new home warranties. Brennan explained that Tarion Warranty Corporation licenses all new home and condominium builders in the province and ensures that all new homeowners receive new home warranty coverage.
2. Customized Finishes – New home purchasers receive customization options that are simply not available in resale. If you purchase a resale home outfitted with unattractive laminate counter-tops, then that is exactly what you end up with in your kitchen – unattractive laminate counter-tops, assuming you don’t renovate.
New homes, on the other had, generally provide you with a wide range of finishing options from floor types to counter-tops to kitchen appliances.
3. No Bidding Wars – Canada is back to bidding wars. They left us for a bit but they’re back now. Unless you are the seller, bidding wars are not pleasant.
Developers selling new homes, on the other hand, don’t support bidding wars. They’re a non-issue.
4. The Smell – Said somewhat in jest but also true, there is something in the smell and feel of new ‘things’ that old ‘things’ just don’t have. This is exemplified best by a new car but is also true of new homes.
For someone like myself who has only ever purchased resale I found the above four points interesting. One could surely expand upon the list but there are no doubt significant advantages to purchasing new.
Interested in purchasing new? Check out the below new construction homes that Empire Communities is currently showcasing at the Empire Communities Condo Living Store in Downtown Toronto.
If you’d like to book an appointment you can contact ‘The Empire’ at 416-979-1333.
The Modern on Richmond (map) at Richmond Street and Sherbourne Street in the St Lawrence Neighbourhood.