If you’re considering buying a home, now is the perfect time to explore the advantages of purchasing a newly built property in Canada. Here are three compelling reasons why a new build could be your next dream home:
1) Increased Amortization Options
First-time homebuyers in Canada now have the option to increase their amortization period from 25 years to 30 years only on new builds. This extension means lower monthly payments, making homeownership more affordable. With lower payments, you may also qualify for a higher mortgage approval amount, allowing you to consider homes that might have previously been out of reach. This flexibility can make a significant difference in managing your finances while investing in your future.
2) Interim Occupancy Period
When you buy a brand-new condo, you benefit from an interim occupancy period. This unique phase allows you to lock in your purchase price without locking in your interest rate. During this period, you can move into your new home and wait for potential decreases in interest rates before finalizing your mortgage. This advantage provides you with financial flexibility and the opportunity to secure a more favourable mortgage rate, potentially saving you thousands over the life of your loan.
3) Tarion Warranty Coverage
One of the greatest benefits of buying a newly built home is the comprehensive warranty protection offered by Tarion. This coverage provides up to 7 years of protection, ensuring that you can live worry-free. Tarion covers various aspects of your new home, including structural defects, major systems, and workmanship issues. Knowing that your investment is protected allows you to enjoy your new home with peace of mind.
Don’t miss out on these advantages! We have a range of new builds that could be your perfect next home. Visit our website at Ironstonecondos.com to learn more and explore our available properties. Your dream home is just a click away!