Do you need help with two ways of buying a house and pre-construction a house? Which one is more suitable for you? You must know about the advantages and disadvantages of each before making a decision, so in this text, At the GTA Home Network, we review the details of buying a house and its benefits with the details of pre-construction of a house and its benefits. Ultimately, it is up to you to decide which one to choose.
Pros and Cons of Pre-construction Condos
Buying a home in advance helps you avoid problems like how much your rent will increase next year. But you don’t have enough funds to buy the house of your dreams, and think about more economical options like pre-construction a house.
I also agree that a pre-construction house is a reasonable investment. Because you can own a house with the money you spend on rent for years.
Pros of Pre-construction Condos
The most important advantages and reasons that our customers choose to pre-purchase a house are:
They can pay for it in several stages
In the pre-construction of a house, you don’t need to pay all the money at once, but you pay the down payment in the first stage and the remaining installments in the later stages of building the house.
You can apply for a mortgage
Your house is still being prepared, and it is several months before its final completion. So you can apply for a loan and pay the remaining installments of the house with its help.
Participate in the design and construction
You can choose the colour of the walls of the rooms, kitchen cabinets and tiles according to your taste. It all depends on your own taste, and you can design all house parts to your liking.
You do not need to rebuild
When pre-construction a house, you are handed a unit that has never been lived in, and you are the first owner, so put down your hammer because no part of the house needs to be renovated, and you can safely live in it for several years. Stay safe from additional costs for renovation and repair.
Cons of pre-construction:
- Home delivery may not be done at the appointed time
- It is possible to abandon the construction of the house in the middle of the work
- After construction, the condition of the house may not be to your liking
Pros and Cons of buying a resale home
First, it is good to remember that a resale home is not necessarily a house built more than 40 years ago. Rather, it means that another family lived there before you.
Pros of Buying a resale home
Resale homes offer the allure of established communities, beautiful landscapes, and the opportunity to customize a space with a rich history, reflecting your unique style. Follow the more pros of buying a resale home:
The main advantage of buying resale homes is that it is easily accessible, and you can visit the place where you are going to live. In addition, there is no need to wait for months until the house construction process is completed.
Another thing is that you can move quickly to your new home. There is often a few days between signing the home purchase contract and handing over the keys. For this reason, buying a resale home is a good choice for those who are in a hurry.
You see the reality
You can check the necessary conditions for the location of the house you buy for living and don’t dream. Nothing is certain when pre-construction a home, and the quality of the work may not be as beautiful as you imagined. So if you want to avoid risking yourself, skip the pre-construction of a house.
They have a special charm
Do you agree that some things become more beautiful with time? Some resale homes have an undeniable charm and beauty, which has increased in value over time.
If you are the type of person who appreciates these types of elements in your home, it is better to buy a resale home. On the contrary, some people feel uncomfortable living in a house where other people used to live, so we should not offer them to buy a resale home.
The location is more suitable
Generally, resale homes have a better location than new houses. These houses are often located in the city center or near it. As a result, more amenities are available near them.
Therefore, if proximity to the city with amenities and schools is important to you, it is better to prioritize only buying resale homes.
Cons of buying resale homes:
- They have high energy consumption
- They need to be renovated
Pre-Construction Or Resale Homes? Why?
If you have clearly defined your budget for investment, you can make decisions more quickly.
The second step after setting a budget is to start looking at the ideal home for you. You have to weigh the conditions. Would you like to live in a newly built house that you are the first owner of? Or do you want to choose a bigger house that needs renovation?
According to what we said, the main risk in the pre-construction of a house is that the project on paper will not be implemented. The seriousness of the construction company and the people in charge of the sale is undoubtedly the most important thing you should pay attention to avoid fraud.
If the property is built, much money, especially the start-up capital, can be recovered. So if you are not a risk taker, choose a resale home and renovate it to your taste.
What is the difference between a pre-construction house and a resale home? Which one is better for a living? Usually, when buying a house, we don’t know which one to invest in because we need to understand the advantages and disadvantages. We are aware of your concerns and want you to focus on buying the house you wish; that’s why we have told a series of advantages and disadvantages of pre-construction houses and resale homes in this article so that you can make a better decision. If you need more advice and guidance, don’t hesitate to call the GTA Home Network consultants.
It’s a matter of personal preference. Pre-construction allows customization but comes with uncertainties, while resale offers immediate occupancy and a clearer understanding of what you’re getting. Consult with Yervand Safarian to make the best decision for you.
The main difference between a pre-construction and resale home is that pre-construction homes are purchased before they are built, while resale homes are already built and available for immediate purchase.