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

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

Website: https://dukerealtyhomes.com

Contact: info@dukerealtyhomes.com