Living in a brand-new home, one that has been recently constructed can be a sweet temptation. You won’t be inheriting the mysterious stains on walls or ceilings. Instead, you’ll be enjoying the modern design and appliances, clean look and feel of a home that’s never been lived in before. However, buying a newly built MLS listing in Toronto also has certain cons that many homebuyers are not aware of.
The Upsides and Downsides of Buying a Newly Constructed Home
A newly constructed home is usually recently constructed and has never been occupied or lived by before. These MLS listings in Toronto come with modern features including up-to-date appliances, energy-efficient systems, and the latest building materials.
Pros -
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Customise the Home to Your Lifestyle and Taste
The biggest perk of buying a Toronto newly built home is customisation. Unlike in pre-existing homes, you get to pick out various features in the newly built home that can make the house uniquely yours. You get the chance to choose the layout of the rooms, the kind of appliances you use every day, the colours on the walls, and even the finishing touches just the way you like.
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Energy-Efficient Materials and Appliances to Lower Your Utility Bills
Newly-constructed Toronto MLS listings are typically built with energy-efficient materials and appliances. In these homes, you can find low-energy windows, better insulation and smart heating and cooling systems. These energy-efficient materials can lower the utility bills of your new property significantly and keep your new home environment cosy and comfortable.
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No Large Repair Bills Causing Stress for a While
Newly constructed homes often come with a safety net - a warranty! This warranty might cover the structural parts of the house like the foundation, roof, and walls and also other important systems such as plumbing, electrical, and heating/cooling.
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A Touch of Luxury and Convenience in Your New Home
The modern amenities and features in a newly built MLS listing in Toronto can make the space look more luxurious and elegant and can also make your daily life convenient. The modern amenities found in newly constructed homes include open floor plans, walk-in closets, smart home technology, and updated kitchens and bathrooms.
Cons -
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The Initial Cost Is Steeper
There’s a trade-off you should be aware of when it comes to the shiny appeal of a new home: the upfront cost. Usually, a newly constructed home in Toronto has a higher price tag than an old home.
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Possibility of Delays
When you buy an existing home, you can move into the property right away after the closing day, unless the seller needs more time. But in a new construction home, you may have to wait longer than expected.
Unexpected weather conditions, material shortages, or even labour issues can slow things down. These issues can push back your move-in date and put a wrench in your moving plans.
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Quality of New Homes Can Be Unpredictable
Builders of Toronto MLS listings may prioritize speed to meet deadlines or take advantage of favourable market conditions. So, it’s possible you won’t be getting the premium quality you may be expecting in the new home. These factors can lead to a situation where a new home might have hidden problems that don’t show up immediately.
Key Points to Remember When Purchasing a New Build Home in Toronto
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Location
The first thing you must consider is the location of the newly constructed home. See how far the new property will be from your workplace, kid’s school, grocery stores, and any other amenities you need in your day-to-day life. Also, make sure to take a walk around the neighbourhood during your visit to gauge if you can fit in the area.
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Builder Reputation
Evaluate if the builder of the newly constructed MLS listing in Toronto is known for quality construction or great customer service. You can ask for references and visit other properties that were recently built by the same builder to gauge the quality of their work.
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Design and Layout
Consider the design and layout of the Toronto home to ensure it meets your current and future needs. You must think about factors such as the number of bedrooms and bathrooms, and the size of the kitchen and living areas.
See if the property has any extra features you desire in your new home such as a spacious backyard or finished basement area. You may also want to inquire about customisation options in case there are any specific designs you would like to include.
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Warranty and Support
Ask about the warranty and after-sales support provided by the builder on the MLS listing in Toronto. As stated above, most newly constructed homes come with a warranty that covers defects in materials and workmanship for a certain period of time. Also, find out how responsive the builder is to addressing any issues that may arise after you move in.
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Future Development Plans
Consider any future development plans in the area surrounding the new construction home. Check out if there are proposals for new roads, schools, or commercial development projects that could impact the value and livability of the property.
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Timeline and Completion Date
Lastly, ask about the timeline for the construction and the expected completion date for the Toronto MLS listing. Make sure the competition date aligns with your own timeline and any deadlines you have for moving or selling your current home.
Also, keep in mind that there are chances of the construction timeline being delayed because of unforeseen circumstances. This is why it’s good to have a backup plan in case the move-in date is postponed.
Existing Homes Are a Good Option Too!
If the cons of a newly built home feel like a bit too much for you, don’t worry. There are a bunch of existing properties in the Toronto housing market Toronto housing market that have the potential to be the “it” home for you.
You can move into an existing home right away after the property ownership is transferred to you unless the seller has some issues. Also, if you don’t like certain designs or layouts in the MLS listing in Toronto, you can always renovate and update it to your taste and preferences.
Happy home buying!