What are the benefits of downsizing to a new condo?

(NC) Are you feeling done with yard work? Tired of paying utility costs to warm up space you no longer use? Or are you just looking to simplify your life?

Whatever your reason, there can be real benefits to choosing a new build over resale. Here are several to consider:

No renovations required

Buying pre-construction gives you the power to personalize your home before you move in. What’s more, the selections you’re entitled to make as part of your purchase agreement are protected against unlawful substitutions by the builder.

The latest innovations.

New homes come with the latest in building and home technology, including energy-efficient features such as low-flow showerheads, smart thermostats and high-performance windows. Having these updates in your home not only makes things better for the environment, but also for your wallet when it comes to utility costs.??

Deposit protection

The Condo Act requires that your builder hold your deposit in trust and return it to you in the event that your builder breaches your agreement or you exercise your right to terminate it. A pre-construction condominium also comes with $20,000 worth of deposit protection under the new-home warranty, which also covers any additional payments you make for upgrades and extras.

Customized living arrangements

More and more developments are being tailored to people’s particular lifestyle preferences. Do you want to live close to nature’s trails and hills? Would you like to have access to a pool and/or fitness room without having to leave home? Looking at pre-construction can provide the answer to living where and how you want.

Warranty coverage.

Newly built homes in Ontario come with a builder’s warranty that is backed by Tarion, a consumer protection organization for new home buyers. Your warranty includes, among many other things, coverage against construction defects, water penetration and building code violations.