Buying a new home is exciting, it is likely one of the biggest investments you’ll make in your lifetime. But since only about 25 per cent of homes on the market are newly built, we understand that you have a choice as a buyer between new or resale homes. Buying new homes present a lot of benefits to homeowners and homebuyers, so making the decision to buy new is an exciting first step! Arming yourself with information can help make the process of buying a brand new home a lot easier.
Here’s some things you should be looking for when you’re buying a brand new home:
- Family-friendly amenities: Where are the closest schools and what are they? Are there parks or playgrounds nearby? Are there nearby daycare facilities?
- Amenities: Where are the closest grocery stores, businesses and retail locations? Are there restaurants nearby or markets? How walkable is the community?
- Community: What will the neighbourhood look like when completed? What are the architectural controls for the neighbourhood? What kind of development is planned for the surrounding areas?
- Emergency services: How close is the nearest police station and fire hall? How quickly can they respond? Where is the closest hospital or urgent care facility?
- Transit and transportation: How close are you to public transit – light rail and bus transportation? Are there bike and walking paths? What does your commute look like day-to-day? How close are major transportation routes, and what are they?
- Water, heat and electricity: What will your utility bills look like? Do you have energy-efficient appliances? What are the features of your appliances and when will repairs need to be done?
- Warranties: What are the terms of your warranties? What is covered by warranty and for how long?
- Condo and HOA fees: If you’re moving into multi-family dwellings, what will forecasted condo fees look like and what will be included? Are there Home Owner Association (HOA) fees? Are there fees associated with the community you’ll be living in?
- Home features: Are there customizable options for the home? How long will construction take? What are some of the home building or home design features?
- Price and budget: What is the terms of the purchase? How much will the home cost and what’s included? How much are legal, City and related fees for buying the home?