Hi friends,

currently I live in a condo owened by me. I am looking for a house to move in by the end of this year. I would like to ask members' opinion on followings issues based on their experience.

1. Should I go for a new house or a few year old house?
2. If I go for a new house what precautions should I take while getting it booked? What and how should I bargain with the developer? Do they bargain quoted price?
3. What are the advantages and disadvantages going for a new house?
4.What are the closing cost or other sundry costs associated with a new house? The new house could be in the range of $300000 to 400000.
5. If I go for a few year's old house what are the additonal advantages I can expect?

I will appreciate members time and advice.

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Live and Let Live. Together we can make a difference.

DP JAIN, CPA, CGA, CPA (US), CA(I), LL.B.(I)
416-305-0080
(Loans, Mortgage, Tax, Accounting, Investments)

Here is copy of text from CMHC website that you or other members may like to read:

New or Resale

There are advantages and disadvantages to both new and resale homes. Here are some of the characteristics of both that may help you make your choice.

New Home

Advantages:

You may be able to upgrade or choose certain items such as siding, finish materials, flooring, cabinets, plumbing and electrical fixtures.
The latest building code, electrical and energy-efficiency standards will apply. A builder warranty is usually available in all provinces and the Yukon (but not the Northwest Territories). This can be important if a major system, such as plumbing or heating, breaks down.
Unless you are a builder, warranties do not apply to homes you build yourself.
There may also be incentives provided by the provinces and prospective borrowers should consult provincial or local authorities in this regard.
Disadvantages:

Neighbourhood amenities, like schools or shopping, may not be complete if the house is in a new development.
There may be construction noise and traffic.
There may be little to no landscaping or trees.
The 7% GST applies to new housing. However, there is a rebate, to a maximum of 2.5%, on homes which cost less than $450,000. In some provinces, the GST has been replaced by a Harmonized Federal and Provincial Sales Tax known as the HST.

When purchasing a new home, make sure you ask your builder for a Homeowner’s Manual. Customized for your home, the Homeowner’s Manual is your permanent reference tool that provides practical tips and instructions for the upkeep of every aspect of your home as well as warranty information and a maintenance calendar.

Resale Home
Advantages:

It will probably be in an established neighbourhood.
Landscaping is usually done and fencing installed.
It may have upgrades such as a built-in swimming pool or finished basement.
There is no GST unless the house has been renovated substantially, and then the tax is applied as if it were a new house.
Disadvantages:

Maintenance costs will likely be higher than for a new house.
You may require a professional home inspector to check for structural or other problems, such as a leaky basement or faulty roof.
You may need to redecorate, or even renovate.

Regards,

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/

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