There’s nothing quite like the feeling you get when you first step foot into your brand spankin' new home. Buying a brand new house means a fresh, clean slate and the ability to customize your living space to your own personal tastes. Let’s look at some of the things you should consider when purchasing a home from a builder.
Believe it or not, there are times of the year that are typically better to buy from a builder. When business slows for the builder, they become more willing to negotiate and the buyer has more power. For example, July and August and December and January are the best times to buy from a new home builder in Ontario. Keep in mind that buying cycles can vary by city, so it’s best to check with your real estate agent.
Once you start looking for your dream house, try to avoid falling in love with the show home. Show homes are built with every possible upgrade included because this where the builders make their profit. It may look beautiful, but don’t lose sight of the fact that your finished product likely won’t look the same. On the bright side, there is usually room to negotiate with the builder on your chosen upgrades. The more upgrades you add, the bigger the discount you should be looking for.
Another mistake that buyers can make when going down the builder route is not getting a real estate lawyer to review the purchase agreement before signing. Some builders may pressure buyers into signing on the spot to secure their spot or to lock in on a specific price, but without legal representation you might end up legally bound to terms you don’t understand. Take the extra time and get a lawyer involved before signing on the dotted line.
Buying brand new has also become synonymous with construction set-backs resulting in delayed move in dates. If this happens, seek legal advice. The law now stipulates that in those cases buyers have the option to accept the delay and seek compensation, or cancel the deal altogether.
And a final tip to keep in mind is to always get a home inspection. Hire a licensed and accredited professional to carry out the inspection and make sure to attend so you can ask questions. Even though the home is brand new, there may be defects and you’ll want to address them before your warranty expires.