Some people prefer opting for a new property instead of a previously owned one. Is this also the case for you?
There is no doubt that electing for a new house comes with a few perks (although buying an existing residence also offers many benefits!). Here are the main ones.
Zero Renos
A new home or a property under construction will have the advantage of not needing any renovations. This means you won’t have to put up with building dust for weeks after having moved in. You can invite friends over and enjoy your home to the fullest as soon as your boxes are unpacked.
Of course, there are plenty of turnkey properties available on the real estate market that don’t require any work! So, buying new isn’t necessarily the only way of avoiding this kind of hassle.
A Tailor-Made Residence
Picking out your own materials can be an exciting part of buying a house under construction. Often, the owner has far more options to choose from when it comes to the kitchen countertop, bathroom vanity, flooring, etc.
However, this is not as great an advantage as it may seem if the owner doesn’t have an eye for interior design and the selection of materials doesn’t yield the desired results. In this case, they are more likely to be happy with an existing—and tastefully renovated—property.
The Guarantee
A major advantage of purchasing a new build is that it comes with a guarantee certified by the Régie du bâtiment du Québec (RBQ). This protection covers, among other things, the costs incurred by the buyer to relocate or to temporarily store their belongings if there is a delay in taking possession of the residence.
This guarantee is just as useful in the five years following the acquisition: if the homeowner discovers a building defect, they can inform the contractor who is (usually) obligated to carry out repairs. If such is the case, the file is handled by the Garantie de construction résidentielle (GCR).
More Energy Efficient
The construction industry’s environmental standards are constantly evolving and improving. New buildings are typically better insulated and constructed with a focus on reducing their carbon footprint. Using new materials also significantly increases energy efficiency.
Buying a newly built property therefore equals lower heating and cooling costs. This will be just as true, however, for a recently built property or for one that has been renovated to improve the insulation.
Government Grants and Incentives
There are new home purchase grants and programs available for buyers. For example, once again this year, the Government of Quebec is offering a rebate on part of the taxes payable when acquiring a new property. These programs can change over time, and having up-to-date information is essential before signing on the dotted line, especially if your budget depends on these grants.
No Competition From Other Buyers
When the real estate market is overheated and there are biding wars on properties for sale, buying a new home is a less stressful alternative. In fact, as the price is fixed, you won’t have to compete with any other potential buyers.
Reduced Chance of Hidden Defects
There is little chance that a newly constructed building will have a hidden defect that might jeopardize your real estate investment or compromise your quality of life in the residence. Moreover, the Building Code contains rules and standards which evolve over time, and which require that contractors use compliant and safe materials.
But even in this case, an existing house can be just as safe and worthwhile!
To conclude, buying an existing house also holds several advantages. No matter which option you choose, the important thing is that you feel confident about it. Partnering with a real estate broker will definitely help increase your peace of mind.