New construction home in the Durham Region of Ontario

If you’re considering buying a home in the Durham Region, the thought of a new construction home may have crossed your mind. There are many advantages to buying a brand new home, the main one being that you could save tons of money in the long run. 

A new construction home could be a brand new home that has already been completed and is ready for you to move in or a pre-construction condo, townhouse or single-family home that hasn’t been built yet. It could also be a home you design and build on land you have purchased.

When you purchase a new construction home, you may have to pay more up front, but your overall costs may be lower than those you would incur buying a pre-existing home. These are a few ways your new construction home can save you money.

No Bidding Wars

If you’ve been actively searching for a new home over the last two years, you’ve probably noticed that homes in the Durham Region are typically selling above asking price. We’re experiencing a seller’s market right now, which means demand for homes is high and inventory is low. This creates a situation where people are willing to pay more.

With pre-construction homes you don’t have that problem. New constructions work on a first-come, first-serve basis and the price you see is what you pay. You may have to pay a larger deposit up front, but at least you won’t get swept up in a bidding war and pay far more than you planned.

Insurance and Warranty Protection

According to the Ontario New Home Warranties Plan Act, all builders in Ontario must register with Tarion and provide a 7-year warranty on new construction homes. This provides you with protection against defects such as structural defects or defects in the work or materials. This only applies to new construction homes.

Moreover, the appliances in your new home may also be covered by warranties because they will most likely be brand new. This may include your oven, HVAC system and water heater. Older homes may have old appliances that are no longer under warranty, so if they break down, you could be stuck footing the bill for a brand new unit.

No Costly Repairs or Renovations

Older homes tend to experience wear and tear over the years, which is why it’s so important to get a home inspection when you’re considering buying a pre-existing home. Even if you don’t find any major issues with the home, there may be aspects of the home that are outdated or that you simply want to change. This can end up being very costly.

With new construction homes, you can customize your home to your preferences. You may be able to choose the floor plan, finishes, and colours. You may also have the option to upgrade certain things like your appliances. Instead of having to pay to tear down walls, redo rooms or replace appliances, you’ll have a clean slate to work with.

Your Home Value Could Increase

There is often a waiting period between the time you purchase your new construction home and the time you actually take possession. A lot can change in the real estate market in a year or two, so you may find that your home appreciates in value. Of course, there are no guarantees that your home’s value will go up, but the way the market has been going recently, this is not an unreasonable expectation.

If you’re concerned about whether your Durham Region home will appreciate in value after you buy it, the best thing to do is work with an experienced real estate agent. A reputable real estate agent will have in-depth knowledge of neighbourhoods in the Durham Region and be up-to-date with market trends. They can advise you on which developments and new construction homes will offer the best long-term value.

Interested in learning more about Durham Region new construction homes? We can help! Contact us online or call 905-668-1511 to speak to one of our Ontario real estate experts today!

Brad Ste-Croix Durham Region Realtor

Contact us today to help you with your next home

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Posted by Dan Plowman on
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