Buying a newly built house has its own unique rewards, but it is different from buying a resale house. A little homework can help you make a choice that you'll be happy with.
Know the builder. Research the builder's reputation and track record. Ask for references. Find out whether they are members of the Canadian or local Home Builder's Association. Check whether they belong to a provincial new home warranty program and investigate their warranty record. Look at the model home in careful detail for quality and workmanship.
Investigate the area. Check out the location of schools, transportation links, medical services, shops, recreation, and park land in the neighbourhood. Inquire with the local municipality about future developments that may change the area's character.
Detail the costs. Be prepared for several costs in addition to the base price of the home and lot, plus the transaction and closing costs. These include: the cost of any upgrades; fees for services such as utility hookup and tree planting; local municipal charges to cover infrastructure, development applications, and permit fees; and GST. (Homes under $450,000 are eligible for a partial GST/HST rebate) Ask your builder to list all charges and when they're due.
Review the documentation. Make sure you understand the terms of the Agreement of Purchase and Sale. Have your lawyer review it, together with any warranties. A one-year warrantly to protect against defects in work, materials, and major structural elements is common. Ideally it should include deposit and completion insurance. In B.C., Ontario, and Quebec, third-party warranties are also mandatory.
Confirm the timing. Ask for written confirmation of start and completion dates, and ask what happens if construction falls behind. Make sure you have the name of a contact person, and find out whether you may visit your new home while it's being built.
If you're considering a new home purchase, I can help ensure that your financing arrangement can cover all the costs associated with new developments.
Lisette Amalfi Harris, AMP
Senior Mortgage Consultant/Owner
Mortgage Alliance o/a OAC Mortgages Inc.
(905) 529-1199
TF: (877) 529-1199
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Mortgage Alliance Oac Mortgages
As a registered franchise of the Mortgage Alliance Network, we have a number of mortgage professionals who can bring you the choice, convenience, and counsel you need to get the RightMortgage®. Working with over 40 lenders (some offered exclusively through brokers) we'll provide unbiased guidance in your mortgage decision.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
We are legislated by the Ministry of Finance FSCO and our brokerage license is 10928.
We are dedicated to educating our clients about their mortgage! We want you to be well informed and comfortable with the mortgage you have and the options available to you. This blog is intended to offer information, updates, current mortgage products and current rates.
Please provide your feedback and let us know if there is anything else we can provide to help you in your mortgage process.
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