(NC) Whether you’re buying your first home or looking to upsize or downsize from your current one, you may want to consider purchasing new versus resale. While there are many benefits to “going new”, here are some top reasons:
1. Comes with a best-in-class warranty
Most new homes in Ontario that are seven years old or less will come with a new home warranty. That means you’re covered for seven years from the date of initial possession for up to $300,000.
2. Built by a registered builder
Buying new means that you can check that your home is built by a licensed builder, is covered by a comprehensive set of warranties, and is built legally.
3. Customized finishings
Buying pre-construction allows you to select your own finishings, so that your new home suits your personal style. What’s more, your selections are protected against improper substitutions by your builder.
4. Innovative technology
New homes come with the advantage of energy efficient features such as low-flow showerheads, smart thermostats and high-performance windows; making it easier on your wallet when it comes to utility costs.
5. Emergency assistance
The new home warranty protects you against emergencies that are within your builder’s control, such a gas leak or a loss of electricity or water. Builders must address an emergency within 24 hours to ensure the home is made safe and secure.
6. Radon gas protection
Radon is an invisible, odourless gas that can be harmful to your health and can seep into a home through cracks in the foundation or other access points. Ontario is the only province that has warranty coverage for excess levels of radon.
7. Protection of shared spaces beyond your condo unit
If you’re buying a condo, you’re covered by two warranties: your unit warranty; and a common elements warranty that covers shared spaces such as gyms, lounges and pools.
So, when you’re debating whether to buy new it’s good to know that not only do you have lots of options but also some extra benefits. Find more information at Tarion.com.