Purchasing a New Home

Buying a brand-new home is an exciting venture and an achievement you can be proud of. Many buyers don’t realize that professional advice from a Realtor is crucial and in most cases FREE!  Developers often won’t negotiate on price and Realtor commission is always built into this price whether you use a Realtor or not! With the help of your Realtor you can finalize the transaction with a better understanding, your interests better protected and often some upgrades or changes that your Realtor was able to negotiate or suggest.

Before you sign a contract with a builder, make sure you understand the details, and that your interests, concerns and questions are answered and outlined to your satisfaction. Your Realtor can help guide you through this often overwhelming process. Remember, your Realtor works for you, the sales people at the design centre work directly for the builder and are obligated to represent the interests of the builder.

When Buying a New Home or Condo

1. Hire a real estate agent prior to your first visit to a sales centre. Most builders cooperate with agents and pay the commission – you simply benefit from the Realtors help and advice.

2. Focus on a location as this is one aspect of a home that you can never change. Talk to your Realtor about transit, recreation and commercial needs that must be met by your location and make sure not to sacrifice in this respect.

3. Remember that model homes usually feature upgraded finishings and materials. Make sure you are aware of costs of materials that will be used in your home.

4. Get it in writing! Without a detailed contract outlining updates and changes, there may be no reference point in case of a misunderstanding between you and the builder. It may not be possible to prove what was spoken about or agreed to, and therefore difficult to enforce a promise that’s not written down.

5. Be aware that a builder’s contract will include provisions for the benefit of the builder. These may include opportunities for the builder to move back the completion date and/or limitations and disclaimers. It is not uncommon for a new development to be pushed back 6 months to a year.

6. New home contracts are generally more complex than resale. This reflects the fact that a new home is usually a complex purchase. Your Realtor and your lawyer will walk you through the finer points and make the transaction as stress free as possible.

Tom keeps up to date information on new home builders, developments and legislation that can affect your new home purchase – for example – did you know that in 2012 every new home built will have to meet current “Energy Star Standards” based on Canada’s Energuide rating.

Call Tom today or fill the form below to start your new home search! Receive a free download with a handy moving checklist just for contacting me!

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