Buying New Homes Vs. Resale Homes In Vaughan

You might only be able to preview the blueprints of a newly constructed home in Vaughan, but you might also have some input on the design.

Newly Constructed Homes In Vaughan

Advantages to buying newly constructed homes in Vaughan
Depending on the home’s progress, you may be able to have some input on the finished product. You might have a say in things like flooring, cabinets, and even general design. If that bathroom next to the dining room doesn’t seem like a great idea on paper, turn it into a closet.
Newly constructed homes are more likely to have modern styles, features, and materials – even some that might be eco-friendly and energy-efficient.
A new home means that all of the systems and appliances in the home are also new, and likely still covered under warranty. This means your annual home maintenance costs will be significantly lower.

Drawbacks to buying newly constructed homes in Vaughan

New homes in the Vaughan Area may be built in areas that aren’t quite developed yet – meaning parks, playgrounds and other promised nearby amenities won’t be ready for quite some time.
The Harmonized Sales Tax (HST) applies to new homes in Ontario. This is a 13% tax, but there is still some good news. Buyers of new homes will receive rebates of up to $24,000 regardless of the price under the Enhanced New Housing Rebate, which results in a similar or lower tax payment on a new home under $400,000 than would be paid under the old GST system.

Resale Homes In Vaughan

Advantages to buying resale homes in Vaughan
There is no HST applicable to resale homes, which means they can cost tens of thousands of dollars less than newly constructed homes.
The home is already “established”, meaning that you won’t have to sod the yard or landscape from scratch. This also means you can see the home in its entirety and not have to rely on floor plans or semi-finished construction.

Drawbacks to buying resale homes in Vaughan

There may be some redecorating, renovating, or repair for garage doors costs associated with older homes to bring them up to date or make them suitable to your needs.
The appliances that come with the home may not be up-to-date and may need replacing – or you could be looking at higher energy bills.
Don’t hesitate to talk to a Vaughan real estate agent about what homes are available for sale in your desired Vaughan neighborhood, and which type of home would be best for you. If you’re looking for more information on buying your first home, sign up for our Vaughan Real Estate Buyer E-Tips!