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Choosing a home is an exciting process. You have lots of options to consider and they will all affect your budget. We want to make you comfortable with your choice by pointing out some of the additional costs you may not have thought about.
Resale homes tend to have ‘charm’ and are in established neighbourhoods where infrastructure such as transit, hospitals, and schools are well developed. Things to consider include:
- Possible renovations, either to make repairs or to make the home suit your needs.
- Ongoing maintenance may be higher due to the age of the home.
Condo maintenance is mostly covered by your monthly maintenance fee, but can stretch your budget in other ways:
- Amenities like a concierge, pool, or gym may add to your monthly maintenance fee.
- A parking spot or locker may need to be paid for separately.
You may choose to buy your home directly from a builder, before construction has even begun. Buying directly from the builder could mean:
- You can customize your home to your tastes. But, you may need to pay for extra upgrades and finishes that are above and beyond the basic finishes.
- Higher energy efficiency ratings than older homes.
- Ongoing maintenance costs may be lower.