Are you torn between a builder vs. resale home or condo in Mississauga? Here, let me help you out!
All I can say to alleviate this confusion is, look before you leap. It is crucial to research, review and re-assess all options before you decide to invest in resale or pre-owned homes or condos vs. builders’ new homes or condos in Mississauga.
Both come with their pros and cons.
The good thing about buying builder property is that you will be the first owner. (If you end up buying a condo during interim occupancy period via an assignment sale, you also become the first owner. But in this case, you will not be able to choose your finishes, fixtures etc.).
Buying builder property is a great attraction since you can do it up your way. You can choose your own colours, textures, fixtures and fittings, tailoring it to your needs at the outset. Newly build condos in Mississauga are trendier with swankier new fittings than a pre-owned condo. On the other hand, resale homes and condos are also less expensive than builder’s new homes and condos.
Buying from builder’s floor plans poses a problem of not knowing what the finished property might look like. You make your choice judging by the floor plan or site map and may find that the builder’s upgrades do not come up to your expectations. It’s tough to tell with surety how your view would turn out.
If you are unprepared, you may end up spending far more than what the new builder package offers. In my experience, I have seen first time buyers spending from $3,000 to $5,000 dollars in builder upgrades alone even on a small 600 sq ft condo. For a larger home by the builder, say about 2000 sq. ft, you can easily look at $10,000 to $20,000 or more.
The bottom line is, the higher your expectations, higher the price you pay!
There are also not many new subdivisions being developed in Mississauga. Most constructions concentrate around the Square One area. On the bright side, you can purchase your new condo two or even three years in advance.
In the case of homes, you have to remember that newly build homes (freehold homes) do not come with appliances, air conditioning unit etc. Nor will you get any finished patios, landscaped rear and front yards and such. If you don’t watch out, first time buyers can find new builder closing costs amount to twice as much as a resale properties in Mississauga.
That’s where the advantage of a re-sale or pre-owned home and condo in Mississauga lies.
Many pre-owned (resale) homes and condos offer modern designs and layouts (especially those that are built recently). They also come equipped with appliances, fixtures and fittings. If the re-sale condo is newly upgraded, you have a win-win situation in your hands.
So be prepared for extra expenses apart from the down payment if you choose to invest in a new home or a condo from any builder in Mississauga. With a resale home or condo, you will be spared from such upgrades. However, there could be other costs such as repair work and renovation to suit your taste.
It serves well to carefully weigh the pros and cons before you invest in your new home. It also helps to consult an experienced real estate professional.
Most importantly, you move into your new home with a positive spirit and peace of mind.