Preconstruction vs Resale Buying: 8 Major differences you should know!

2021-07-24

Welcome. When looking to invest in real estate here in Canada, you are most likely going to buy a resale home on the residential real estate market, or a pre-construction home or unit from a builder. Here are 8 differences between the two purchases you should know to help you make the best decision and investment. 1. Buying used vs new 2. Preconstruction is buying a floor plan. Resale homes you can walk in and feel the home! 3. Pre- Construction homes are 5-15% more expensive 4. Pre- Construction requires limited...

Welcome.

When looking to invest in real estate here in Canada, you are most likely going to buy a resale home on the residential real estate market, or a pre-construction home or unit from a builder. Here are 8 differences between the two purchases you should know to help you make the best decision and investment.

1. Buying used vs new

2. Preconstruction is buying a floor plan. Resale homes you can walk in and feel the home!

3. Pre- Construction homes are 5-15% more expensive

4. Pre- Construction requires limited mortgage information

5. Long closing vs short closings

6. New builds will have additional developmental charges

7. Assignment clauses

8. Pre- Construction units have a 10-day cooling-off period, no questions asked Cheers,

Filip

Duke Real Estate

352 Hinton Terrace, Milton, ON L9E 1E1

Phone: 647-460-0911