I should say as SS said I might be just lucky.

As far as air ticket goes, I anyway go to India every two yrs or sometimes earlier as my parents are old. So I would not add the ticket costs.

Most people think that a new home comes with everything. Not so. They give basic minimum. Rest are additional cost. Also painting not done, as I have seen. As someone pointed out, u need to have $20-$30k extra for additional fittings/items. Need a finished basement? That's extra, big time.

Some of the old houses have been built using good wood. They are sturdy and dont make creeky noice when walking or climbing stairs. I have seen in some of the new houses how noicy it is.

Again it is an individual choice since u r paying for the house. As I know, new houses are built by sub contractors. If the builder has reputation, then why not.

DIO

I was planning to finish basement this yr but I am now thinking against it.

Thank you all

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Desi Lion

If I were you, I would buy an existing house first, then maybe, when I become more experienced over a period of time, think of buying a new house.

An average canadian changes house every 5 years...you will have ample opportunities to try both in the future.

All the best.

Hiren

Closing costs for newly contructed homes increase

Ontario releases tax guidelines on amount of land transfer tax buyers pay for a newly constructed home.

Purchasers of new homes often agree to a base price and then advise the builder of any extras and upgrades they would like to add. AS per the tax bulletin the value of these extras and upgrades are to be included in determining the amount to be declared in the land transfer tax statements, called the “value of the consideration”.

The bulletin says this includes items that are part of the permanent structure, such as architectural changes, extra doors and entrances, whirlpool baths, finished basements, roughed in washrooms and fireplaces. It also includes upgrades to flooring, cupboards, doors, windows and counters, as well as exterior upgrades like lot premiums, tree plantings, driveway paving, sodding and grading.

The guidelines also appear to introduce a form of double taxation. The bulletin states that the value of the consideration is to include the value of any liability assumed and miscellaneous costs incurred by the builder as part of the arrangement relating to the conveyance that are passed to the new homebuyer. These include lot levies, development charges, school levies, architect fees, and the Ontario New Home Warranty Plan Fee.

Land Transfer taxes and closing costs. http://realestate-ontario.com/landtransfertax.htm

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
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Mississauga, ON L5B 2C9
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