Tuesday, April 26, 2011

Pros and Cons of Buying a Resale Home by Ravinder Tulsiani


•A resale house as the name suggest is the house, which is available for second sale. Since it is not a brand new house, its price is far lower than a brand new house.
•A resale house a lived-in feeling, and the general landscape is mature
•Since the landscape is mature enough, a resale house has well developed mature society and close neigbourhood area.
•Resale house offers the purchaser a completely developed community services.
•A resale house is usually an old house whose architectural style is out of place and looks unique with all the grandeur. This is simply sensed by most of the purchasers of resale house property and love it by al its nature.
•If there are any cracks, settling in the building, these are checked by an experienced building inspector and can be corrected on the very first instance.
•A resale house has often got extra features that were made or installed by the previous owners. These customized features sometimes add to the beauty of the house all the more.
•The purchaser does not have to pay GST. However, there are certain provinces that take Harmonized Sales Tax (HST), which is the combination of GST, and provincial sales tax.


•The equipment already installed in the resale house has crossed the warranty date and there are chances that it might need repair.
•There have been instances where the house has been renovated many times through any local handyman, who lacks any building permit or inspection permit.
•Many of the old homes don’t have a good set up, with small rooms, poor layout, no lavish structures, low basement ceilings; bathrooms and kitchens might be too small. The costing of renovating such homes is not only time consuming but out of budget as well for many purchasers.
•There can be many hidden defects in the house, which cannot become evident immediately. It takes time and energy.
•Most of such houses do not often meet the electrical and insulation codes, using aluminum wires than copper wires. Many use lead pipes instead of copper pipes.