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There are similar steps involved when buying a new home and a resale or previously-owned home. However, there are some differences between new versus old. We are pleased to provide some basic information about new homes and offer some considerations to make during the new home buying process.

A resale home is a home that has been lived in by someone else and may have had several owners depending the age of it. So when you buy that resale home you are also buying someone else’s holes in the wall, scratches on the hardwood flooring, general wear and tear, and in some cases their ghastly choice of paint colour. Again, depending on the age of that home, you may be buying a poorly-designed floor plan with old electrical wiring, plumbing, heating system, and appliances. Although you may think you bought a bargain, once you’ve made renovations to update the home — either by choice or necessity — it may have cost you more than you originally budgeted.

A new home on the other hand is just that, new. The home will be equipped with brand new and advanced electrical, plumbing, heating, and appliances and the only wear and tear on the home will be as a result of you moving into and living in it. Make Your Home Your Own.

The chart below illustrates the difference between new and resale. It is intended to provide the difference between new and older condominium suites, however, similar traits are applicable for all styles of homes.

ITEMNEW HOMERESALE
Brand New HomeYesNo
Floor Plan Adjustments (Pre-Sale)YesNo
WarrantiesYesNo
WarrantiesNew and Current Older Style
ElectricalNewOld
PlumbingNewOld
Heating & CoolingNewOld
LightingNewOld
Energy EfficiencyHigherLower
WallsNewScuffed & Patched
MaintenanceLowerHigher
FlooringNewOld
Interior DécorYoursLast Owners
AppliancesBrand NewOld
Renovation Costs (Inventory Home)Minimal, if anyCan be Significant
PriceNegotiableNegotiable
SecurityState of the ArtOlder Systems
FinancingDeveloper DiscountsNegotiable
Peace of MindYesMaybe