With spring now in full spring the local real estate market is definitely blooming and with that comes many properties for sale in the market, but when you are looking for a property to buy, is it best to buy a new construction home or look for an existing that has had one or many owners prior to you?
There are many things to keep in mind when buying a new construction home versus an existing one, here is a top 10 list of things to keep in mind:
1. Check out the builder’s reputation within the local community as well as within the construction industry too.
2. Take a look around at what has already been built in the area you are looking in, if possible. Talk to neighbours to see how their new construction homes are since they’ve moved in and ask questions about how the builder has treated any issues post-construction.
3. Regardless of a new construction home or existing always hire a home inspector, someone accredited who will be able to spot things before they become an issue for you.
4. Be practical and choose location and square footage over upgrades. You can always upgrade a bathroom or flooring later on but you cannot change the location of your home.
5. Ask about warranties. Find out what is and is not covered, and what the process is to get something fixed.
6. Going off the above, always have a lawyer take a look over new construction home contracts. It is better to have an expert navigate the process instead of you trying to go it alone.
7. The early bird gets the worm. A builder of new construction homes may offer discounts to get buyers on board, that in turn can make the project seem more enticing to future buyers.
8. Always make sure you have an agent on your side before you go looking, that way your best interests can be represented in the process.
9. Take pictures of the process that way you can have documented proof of the process, and if something goes wrong later.
10. If you move into a new construction home in the late fall or winter, ask the builder when they may be completing paving of the driveway or landscaping. These typically have to be done during warmer months, and make sure you get it in writing.