If you're thinking about moving, you may be weighing purchasing a new build versus a resale. For a rundown of the pros and cons of each, read on. If you're thinking about moving, you may be weighing purchasing a new build versus a resale. For a rundown of the pros and cons of each, read on.

New Build Pros 

✔️ Brand-new condition 

✔️ Can customize features 

✔️ Most are covered under warranty for the first few years

✔️ Often built with the latest energy-efficient features, saving you money on utility bills 

✔️ Typically pay less in maintenance fees

New Build Cons

X Lot, floorplan, and views can change during construction 

X Construction delays are common, leaving you at the mercy of whatever the interest rates are when construction is complete and your move-in date in limbo 

X The amenities, school, and sense of community can be unknown for some time after construction is complete since housing takes priority in new neighbourhoods 

Resale Pros 

✔️ What you see is what you get (you can get a sense of the neighbourhood, the amenities, and schools before you buy) 

✔️ Closing date is fixed 

✔️  You know your mortgage rate before you buy 

✔️  You can research how the property has appreciated over time, giving a better sense of how your investment will do

Resale Cons

X Not brand-new

X Have to renovate if you want specific features

X Not usually covered under warranty, unless it’s a newer resale home with existing coverage

X Usually less energy-efficient

X Typically higher maintenance costs

Ultimately, the decision between buying a new build or resale home will come down to your needs and wants, your risk tolerance, and of course your budget.