BUYING A NEW BUILD
Buying A New Build
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Buying a new build property usually entices a certain kind of home buyer. They have a vision of a dream home and nothing previously created will suffice. They want a custom design, not inherited. They want everything in their home to reflect their own personal taste; no memories of past residents carved into the walls. It will be new, shiny, and all theirs. If this sounds like you, here are some things you should know about buying a new build.
Investigate The Developer’s Reputation
Developers maintain their success by the quality of their work. If someone has had an awful experience with a certain developer, the word will quickly spread throughout the internet. It is important to be able to decipher when something is an isolated experience or if the developer’s behaviour is patterned. See if you can find out if your developer sells to investors. Some developers are able to sell as many units as possible to investors in order to maintain their profit margins, others are required to only sell to homeowners. Buying a condo that is mostly filled with tenants can be a fun lifestyle if you are not focussed on the community in your condo, but for others, being in a subdivision of tenants can feel distant.
Determine What Is Basic And What Is An Upgrade
Walking through a model home or unit, you will quickly fall in love. Everything is perfectly laid out, the most luxurious appliances and fixtures are installed, and the unit will have the best views. What is cleverly kept from people who visit model units is that most of what you see is an upgrade. Do not fall in love with a basic price of a home that is full of optional and upgraded features. Find out how much each feature that you are seeking costs so you can determine how much your budget could be stretched.
Get A Home Inspection
One of the most common misconceptions when buying a new build is that the home will arrive in perfect condition. This is not often the case. Developers are often crunched to finish homes within a certain time period or else they pay hefty late fees. It is entirely possible that some units will be hastily completed. By hiring a professional home inspector (aka not a friend or family member) you can find out important information like if the plumbing was installed backwards or if the HVAC system is too small for your unit.
Obtain Legal Advice
Just like with buying any property, forming a solid and positive relationship with a real estate lawyer is crucial. They will be able to determine in a contract whether the developer has used hazardous chemicals that are detrimental to your health, advise you of your cancellation rights, and much more. Developers will create standard purchase agreements that, while designed to keep as many people out of court as possible, will not inherently protect the rights of a buyer. A real estate lawyer will be able to determine if there are items you will want to negotiate in order to get the home and lifestyle you are seeking.
Buying a new build house or condo is exciting! There is so much room to customize and create the home of your dreams. Just make sure you are aware that some dreams are too good to be true. If you have a dependable real estate agent and real estate lawyer, your new build property should be exactly what you were hoping for. If you are interested to learn more about new builds, and how to ensure that you are getting the best experience when purchasing one, please feel free to message me here. I would be delighted to answer any and all of your questions.