7 Reasons First-Time Buyers Should Consider New Construction Homes
The perfect time to buy your new home is when you’re ready. Out of the many options you have, new construction homes are the best! While they are slightly more expensive, they make your money worthwhile. Older homes can’t match the perks of lower maintenance costs, energy savings, and better financing options that new construction offers.
Here are 7 reasons why first-time home buyers should consider new construction homes:
Lower Maintenance Costs
From finishes and stainless steel appliances to HVAC systems and flooring, everything in your new home is brand new. That means you can expect minimal maintenance, at least for the first few years. It can never be guaranteed with older homes, which often come with hidden issues. As a first-time home buyer, you might not have enough budget to surprise expenses, which can be anywhere between $200 to $20,000.
Energy Efficiency Means Lower Utility Bills
New construction homes in Ontario come with energy-efficient windows, insulation, and heating systems. Together, these elements lower monthly utility bills. For example, you can up to $126 a year with energy-efficient windows. With insulated windows, you cut heating costs by around 15% to 20%.
7-year Tarion Warranty
In Ontario, new builds come with Tarion warranty that provides up to seven years of coverage. The warranty covers:
- One Year: Protects against defects in work and materials as per Ontario Building Code standards
- Two Years: Covers major systems such as electrical, plumbing, and heating, including water penetration through the building envelope
- Seven Years: Protects against major structural defects
The warranty fee is included in your purchase price, so you aren’t paying any hidden cost later.
Tax Rebates for First-time Home Buyers in Ontario
When you buy a new construction home as a first-time home buyer, you are eligible for two rebates – Land Transfer Tax Refund (up to $4,000 in rebates) and GST/HST New Housing Rebate (up to $24,000). These are non-refundable tax credits that you can use to pay yearly income taxes. Any money you save can be used for moving costs or furnishing your new home
No Immediate Need for Repairs, Replacements, or Renovations
If you’ve started house hunting and looked at resale homes, you’ve likely made a list of renovations needed to make any of those properties livable. Forget about all these worries when buying a new home. New construction homes by Barr Homes are customisable, which means you can choose the finishes, flooring, and wall colour without any out-of-pocket expenses. If you purchase a home in its pre-construction start, you can also make changes to its layout.
Better Financing Options Through the Builder
Builders have long-standing relationships with A lenders and can help you with special financing programs with up to 1% off on mortgage. Some other perks include flexible payment plans, cash back incentives, and lower prepayment penalties. Of course, you have the option to shop around, but it doesn’t hurt to ask your builder.
Modern Features and Amenities
From open-concept layouts to advanced security systems, new construction homes are designed for your comfort and convenience. Your home is your oasis and should make you feel stress-free and relaxed. When you decide to sell, you’ll enjoy a strong resale value thanks to its timeless modern features.
We’ve got some new construction homes in Kingston and Amherstview with move-in as early as two weeks. Reach out to our sales team to know more!