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 call me at 905- 683-7800. I would be delighted to answer any and all of your questions.




 

Thanks for reading today’s BLOG!!!

Brian Kondo
Sales Representative / Team Leader
The Brian Kondo Real Estate Team
Re/Max Hallmark First Group Realty Ltd.
905-683-7800 office
905-426-7484 direct
brian@briankondo.com
www.BrianKondo.com
www.BrianKondoTeam.com

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