How Buying a New Construction Home in the GTA Could Save You Money
by C21 Atria
on Wednesday, April 11th, 2018 at 2:33pm.
As a homebuyer, you are looking to make a purchase that is the best bang for your buck. Chances are, you have a list of definite features you want in your next home, as well as some deal breakers and compromises you’re willing to make. For many homeowners, they must choose between the quality of the home, location, and price. Agents often tell buyers that getting two out of three of these is a good deal.
But when it comes to finding a home in a desirable neighbourhood, close to your favourite amenities, loaded with exceptional features, many buyers expect to break the bank. However, there is a way to get your cake and eat it too. Buying a new construction home is a great way homeowners in the GTA can get everything they’re looking for while also saving money. Here’s how:
There Are No Surprise Fees with a New Construction Home
When it comes to buying a new construction home, Toronto buyers can expect to see all the fees up front. In many cases, you’re buying it directly from the builder or from a sales centre, which means all the prices and fees are discussed from the start. Additionally, many builders offer incentives for new buyers. Exciting features like $30,000 worth of upgrades or your first mortgage payment on them are just a few perks that some builders use to get you in the door. Ultimately, these features might not save you a ton of money over the years, but when you’re buying a home, everything helps and a little incentive upfront is always welcome.
The Home Is Guaranteed
New construction homes are also built to a specific standard. In all cases, these are modern standards that older, existing homes won’t match. Additionally, new construction homes always come with some sort of guarantee. So, for example, if you move in and the plumbing system breaks down, you are completely covered. Buying an existing home means you are taking a risk because once you sign the documents and take possession, anything can happen and you are stuck dealing with it. These guarantees can help save a lot of money in expenses if something goes wrong.
New Homes Are More Energy-Efficient
What is more energy-efficient; a 25-year-old house with wood frame windows, a 15-year-old water heater, and an old furnace; or a new home with dual-pane windows, a tankless water heater, and a radiant heat system heat pump? If you guessed the latter, you are right. Newer homes are more efficient. It’s just that simple. When a new construction home is built, they are always built to the current standards for energy-efficiency. Most homes build nowadays could even be considered “green homes.” Although buying a LEED-certified or high-efficiency home may not save you money on the purchase price, it will save you money over the years on your utility bill. When choosing between a new home and an existing property, don’t simply look at the listing price. Consider the costs associated with the home because those will have an impact on your life for years to come.
Expect Fewer Repairs or Renovations
When you move into a new house, the first thing you want to do is make the space your own. This is why many agents recommend that sellers do not renovate the kitchen or bathroom before selling because, chances are, the new owner will want to renovate it themselves to their own personal tastes. With a new construction home, there is no waiting period where you have to plan a renovation when you move in because the work is already done. Buying a new construction home is almost like choosing home features out of a catalogue. The builder will have a variety of floor and counter materials, wall colours, and fixtures for you to choose from, so that the moment you move into your new home, it’s exactly how you want it.
Additionally, many new construction homes offer options for the actual floor plan too. So, for example, if you are an avid chef, you can opt for a larger pantry or kitchen space instead of a second powder room or more garage space.
Whether your looking for instant savings or extended value, a new construction home is a great option for GTA residents who are looking to save money and get a great deal on a home. Many new construction communities are located in desirable neighbourhoods close to amazing amenities and beautiful parks and recreation.