5 Economic Benefits Of Buying A Brand-New Home

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5 Economic Benefits Of Buying A Brand-New Home

The process of buying a house is not simple as it involves a lot of decisions. The first major decision is about choosing between the new house, condos or resale one. Both categories have some pros and cons but most of people prefer to buy a brand new house or condos.

Some of the significant benefits of buying a brand new house and condominium like Saskatoon Condos include the energy efficient cite, warranty, open layout, high resale value and more options for personalization like selection of flooring, cabinetry, paint colours etc. Building or buying a new house is a great way to get your dream house with a lot of economic benefits. Here are significant economic benefits of buying a brand-new home that you could enjoy.

You Won’t Have To Do Maintenance And Renovation

The newly constructed homes have a feature of personalizing finishing that’s why the owner or buyer can choose the flooring, paint colours etc. Additionally, the newly built homes have brand new appliances, heating and plumbing system. So it does not require maintenance and repair for some years.  So, you would save more money.

Lower Utility Bills

The newly constructed homes are built using new construction material and new accessories that consume less energy and made them more energy efficient. They consume less energy because the newly built properties or condo buildings like Regina Condos have sealed building envelope that prevents conditioned air. It means that sealing envelope controls the flow of heat in summers and winters. Secondly, the new houses are equipped with the modern appliances and accessories which are also energy efficient. They consume less energy and consequently lowers the hydro and electricity bills significantly.

Home Warranties

The biggest economic benefit of buying a new home is the home warranties or a guarantee plan. Generally, in the newly built homes the builder or promoter provide the warranty or guarantee plan covering all the appliances, repairs or flooring system for the first few years. So, if you find any defect during the warranty period then the builder will do the maintenance or repairs.

Ownership Access

The ownership programs are becoming popular that made it easy for the Millennials and new-buyers to purchase a newly built home or condos with a low down payment. It allows people to buy homes and condos with 5% of the building value as down payment which the buyers will refund it with 5% appreciation at the time of selling or refinancing. It is the biggest economic benefit that makes buying a new home more attractive for millennials or buyers.

Financial Assistance And Tax Refunds

In Canada the trend of buying a newly built home is increasing because buyers are getting financial assistance from the municipal level and the property transfer tax will refund by the government. It is a plus point and many buyers benefit from it. For example, the Government of Quebec is refunding the some portion of tax to buyers which includes 50% of the property tax and almost 36% of the good and services tax.  The City of Montreal also opts a refunding policy for buyers.