What are the things that you can expect when buying a new build property? Here are a few to remember:
Not a fan of getting an old home when you’re willing to pay top dollar for your next home? New builds might be the best options for you. The real estate market in Canada has seen an increase of them in the recent years which means that there could be a good deal of options available to you today.
However, buying a freshly constructed property or even one that hasn’t been built yet is way different from buying an old property. What do you need to know about buying such properties? Here are a few of the most common points that you can expect from this process:
Dealing with builders can be tricky.
This isn’t to say that you shouldn’t deal with them entirely, but it’s more of a warning that you should know how to handle transacting with builders effectively. This is why experts say that you should hire a real estate agent before stepping inside a builder’s office. They will serve as your representation in this major transaction and will ensure that you won’t be tricked into agreeing to things that you don’t completely understand.
Some experts also strongly recommend hiring a lawyer when handling the contract of your new build home. Based on other people’s experience, there are tons of legalities this purchase comes with. It’s best to fully understand what your liabilities and commitments are when making this transaction.
Delays can happen.
It is not uncommon for construction to experience delays. This is just one of the most frustrating parts of buying a new build. This is also the very reason why you’d want to have your contract looked over and handled by a lawyer. Doing so can help you avoid or at least minimize issues later on.
There will be significant differences between the show home and your actual home.
A lot of people opt for new builds because they fall in love with the show home. However, it should be noted that you won’t get the exact same thing. Sometimes, the measurements will vary. The interiors and furnishings will also most likely be different in your home. They will most likely note this in the fine print so make sure to read that thoroughly.
You can customize your home.
Another reason why your home might not look exactly like the show home is the fact that you can add some custom details to your home if you’re going to purchase the property during the pre-selling period. The builders might consider your requests, so even if you liked the show home, your tweaks can still make a significant difference between the two.
On the bright side, you can make sure that your home will include elements that you actually like. You don’t have to worry about making changes later on since you’ve already had the work done during the construction process.
You’ll still need to get your property inspected.
Not because your home is newly built does it mean that it’s already completely free from flaws and issues. In fact, a lot of people who bought new builds strongly recommend having your property inspected before moving in to ensure that there are no problems with it. Doing so will also help you get your contractor or builder fix the issues without an additional cost to you.
Buying a house, whether it’s a new build or not, requires ample research and preparation. These are just a few of the things you should be ready for when buying a new build, though. So make sure to keep them in mind as they might just help you weigh your options better.