5 Benefits of purchasing a new construction
In this short blog I will present to you a few benefits of purchasing a new construction:
1) You can choose from a variety of choices and plans since most builders offer several options when it comes to layouts and square footage.
2) You will get to choose your finishing options such as flooring, cabinets, kitchen countertops, etc. Basically, you will be able to customize your home.
3) If you are planning to increase your down payment before taking possession, you can choose a project whose delivery date will be in 2-3 years. This would give you more time to save or maybe apply for a better job and make more money which could help you with your purchase.
4) Another very important benefit of purchasing a unit in a new construction is the guarantees that you will have. Most reputable builders offer you a one-year warranty for the unit itself and any potential problems that can be found inside the unit within the first year from the delivery date. In addition, there is another 5-year warranty that protects the whole building (in the case of high-rise condo buildings); these issues can be problems such as foundation, brick work, etc. The idea is that if there is any major problem, it will become evident within the first 5 years and since you have purchased a new unit, it is the builder's responsibility to fix any problems that may occur.
5) In the case of condos, in most cases your condo fees will remain low since the building is brand new and it should not cost the co-owners a lot of money to do any repairs. So, this would allow the owners to contribute a considerable amount of money toward their reserve fund to tackle any maintenance work that needs to be done in the years to come.