Buying A House vs. Building A House In Toronto

Buy or build?

So you’re looking for a new dream home. Should you buy a house, build or wait? High interest, difficult approval processing, material and labour costs, low supply, conceding timelines, hard to determine development prices, existing house prices too high…

All these things are not helping with the decision making process.

We’ve been in the industry long enough and have worked every day to find answers to these problems, and we want to share some of the pros & cons of building a house versus buying a house in Toronto right now.

Pros of building a house vs buying a pre-existing house 

1. Customization.

First and foremost - building a house from the ground up will let you have full control over the personalization. You will be able to suit it to your unique lifestyle needs, other than trying to make it work with what you have.

It’s true when they say that some people look for a home while others make a place feel like home – no matter which one of those you are, building your own dream home is actually easier than trying to make it work.

And most importantly, it will be tailored specifically to the way you live. Want a huge kitchen with lots of storage space and plenty of room for the whole family to cook together –  you got it. Work from home and need a home office to maximise your concentration - say no more.

2. No competition.

This year’s real estate market has been hot. In March, some pre-existing homes spent just 17 days on the market before being sold.

With this competition, it’s hard to get the best home for the best price. If you own land to build a home on, you have zero competition!

Now if you’re looking for a lot, it may be harder than starting with a pre-existing land. But it is still more achievable than finding a house that is both conveniently located and suitable for your lifestyle.

3. Less maintenance.

It may be obvious but still needs to be mentioned – you’ll be saving tons of money on maintenance and repairs. 

New homes have to meet current building codes, which have changed dramatically over the years. This means that when building a new home you will have everything up to date and you won’t have to worry about repairing and upgrading the existing issues.

No leaky roofs or failing HVAC systems – everything will be ready to go before you move in. 

4. Energy efficiency.

Additionally to saving on repairs and such, you also will be saving your energy bills. 

And – most importantly – you will be helping out the environment. 

Newer buildings are greener and more energy efficient, both because of the new building codes and because of the availability of different sustainable building technologies and materials, such as ICF.

With proper insulation, you will be able to save way more energy (and money), while still being warm and comfortable.

5. Newness.

We love the feeling of a sparkling-new home! Who doesn’t?

When you buy a pre-existing home, no matter if you will be redesigning it or simply changing up the furniture and touching it up with decor – you still will be living in a space that was created for someone else’s lifestyle. 

And, someone else has already lived there.

When you build a house, you will be the first one guaranteed.

Cons of building a house vs buying a pre existing house

1. Longer wait time. 

Yes, closing a deal on an existing house is way faster than planning, approving, and constructing a new one. It can be basically done in a course of a day instead of months of development. 

You also have to keep in mind that you will still need to live somewhere during the construction process – so plan accordingly.

Hard to negotiate

Most buyers are entering the market with hopes to lower the price. And it is indeed a common practice in the resale industry. 

However, there are not a lot of options to negotiate on a new-built home.

2. Hidden expenses.

You already know that material prices are constantly changing.

However, you may have not thought about the unforeseen problems and needed upgrades – things that are not so common, but are still existing when building a house.

3. Stress.

There are so many things to keep in mind when building a house.

Choosing and purchasing land, creating a design, picking out flooring, cabinets, countertops… And it’s not even half of it.

However…

Choosing the right builder will help you solve 99% of these problems.

How can we help?

Goldentrust is able to predict most of the ‘hidden’ costs so you don’t have to worry about not matching your budget.

Our own construction team allows us to maintain your schedule while not compromising on quality.

Our scale of operation allows us to negotiate with suppliers, resulting in lower prices for you.

And don't worry about planning and stressing out – Goldentrust will provide you with peace of mind, updating you on the progress and managing all the details for you.

Contact us today to get your project started!

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