Should you buy new or resale house? Here's what you need to know

There are many decisions to make before deciding to buy a house and one of those is whether to buy a new or a resale one.

There are many decisions to make before deciding to buy a house and one of those is whether to buy a new or a resale one. 

While the end result is going to be the same – owning a home—the process of how to get there and how long it takes might vary between buying new and resale, Taylor Bennet from Bennett Property Shop Broker told CTV Morning Live Thursday.

Purchase price

Bennett says there’s really not much of a difference between the purchase price of resale or new home.

“However, there could be some hidden costs,” he said. “So, typically the purchase price that you see in there reflects the actual upgrades that you get. Those are additional costs. It also reflects the rebate that the Ontario government gives for new home purchases as well.”

He notes that the government’s rebate might not be valid if you aren’t an investor.

Bennet warns that specific clauses can result in a higher price, citing the cost of construction that includes lumber and labour costs.