Around the GTA we are seeing so many new home building opportunities. Typical this is a great opportunity for both investment and principle residences, but it is important to consider the following:
1- Incomplete Phases: Inquire on what will be built around you (if not already complete). Buying in an incomplete area leaves a lot of unknowns.. Will a high rise be built behind me? Will church be built around the corner causing a lot of street traffic? etc. Depending on what all the phases of the neighbourhood are, it can be a huge financial win for the purchasers. Getting in early on new building sites in the Guelph area has proven to be a great investment – you just have to live with some mud.
2- Construction: With most new builds you can be surrounded with dirt, mud, machines and noise. Ask your realtor how long expected construction will be and when it is projected to have sidewalks and landscaping especially if you have children and animals.
3- Model Home Tricks: The model home that convinced you to purchase typically is full of upgraded features, professional interior design and of course upgraded appliances. Do not walk through the model and expect your new home to look the same on day one. Ensure you have a understanding of all upgrade costs prior to placing a deposit.
4- Know what is included: Just because the model home has a dishwasher, it does not mean it is included. REVIEW your agreement and ensure you have a clear understanding of what is coming with your new home. REMEMBER everything is negotiable – this is a big purchase and you have the right to make some requests and amendments.
5- Completion dates: Gets the builders expected completion date in writing. Many tend to be rolling targets which can impact you especially if you have a property to sell. A lot of the time new builds are ready for occupancy later than expected- so mange your expectations.
Book an inspection: Even though this is a new home, be sure to have an inspection at your final walk through to ensure everything is in working order.
Watch construction: This is YOUR home- be involved. Get a friend or family member who knows quality construction to walk through with you during the building process to look for any red flags.