Solution: be an informed consumer.

New Home advantages include:

• Latest innovations -new homes offer the benefit of the latest technology.
• May be built to a higher standard than some resales -because they are built in compliance with the latest Building Codes
• Warranty is high on new homes (i.e. Ontario New Home Warranty Program offers seven years warranty on structure)
• Typically the buyer has an opportunity to inspect the house before closing.
• Because all systems and appliances are typically new -more likely that you will enjoy worry free home ownership (for a while)

Resale advantages:

• May be in a more established neighborhood
• See what you are getting -do not have to buy from plans.
• Shorter closings
• Warranty now available for Resales from several suppliers across Canada
• Inspection before closing can be inserted into contract
• The fact that the resale may be in a more established neighborhood may impact positively when you try to sell - you know what the competition is likely to be - whereas for new homes, because the area may be entirely new, you may be competing five years down the road with even newer homes.

There are legal issues which differ between new and resale ...more on that later!

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