Ontario real estate: Buying pre-construction or existing property

There are so many choices when it comes to home purchases. In addition to all the real estate styles from which buyers have to choose in Ontario, there is also the question of whether to purchase an existing dwelling or to invest in a pre-construction home. There are pros and cons to each type of purchase.

Swelling metropolitan centres like Toronto cultivate the most attention when it comes to purchasing pre-construction homes that could consist of simply blueprints or computer illustrations. But the practice is starting to gain momentum across the rest of the country. And there are some advantages to buying homes before they're constructed. 

For instance, buyers have enough time to raise as much down payment as they are able prior to actual construction. While the home is being built, it will continue to increase in value and in the world of Ontario real estate, which is a very good thing. Purchasers in a pre-construction deal will be the first owners of the home and so will have some say as to its location, its construction and its overall look and curb appeal.

There are some issues about which a purchaser of a pre-construction home should be aware. Research builders meticulously. Be very aware of costs that aren't included in an original agreement. Purchasers should speak to others who have had dealings with a builder they're thinking about hiring and check out some of the actual builds.

Whether buying an existing or a pre-construction home, it is best to speak with an Ontario lawyer who has overseen a myriad of real estate transactions. Ontario residents would do well to get a lawyer's advice prior to and after signing any pre-construction home contract. Be prepared before signing on the dotted line in any real estate transaction.

Source: The Globe and Mail, "The joys and pitfalls of preconstruction ownership", Marlene Habib, Accessed on July 28, 2017

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