(NC) There are many reasons you might choose a new build home over a resale property, but the buying experience is very different.
If you go for new build, here are a few tips to help make your purchase process easier:
- Understand the rules around closing delaysClosing delays can turn your life upside down and cost you money. But the reality is that many purchase agreements provide builders with the ability to extend a closing date if they feel they cannot complete a home in time. When reviewing your agreement with your lawyer, be sure to look carefully at the addendum section, which clearly sets out the conditions under which your builder can delay your home’s completion. Also, take some time to understand how and when you can seek financial compensation for improper delays under your new home warranty.
- Get ready for your pre-delivery inspectionThe pre-delivery inspection, also known as a PDI, is an important step you take before you can move into your new home. In short, it’s a builder-led walkthrough of your new property. The main purpose is to make an official record of its condition before you move in. This includes identifying anything that is missing, unfinished or defective so that your builder can address it. The PDI is also your chance to learn how to use and maintain features of your home, like the HVAC system.
- Know your warranty inside-outYour builder’s warranty begins on the date you take possession (or occupancy if you are buying a condo) and lasts for a total of seven years. This protection comes with responsibilities on your part, and the sooner you understand them the better. The Learning Hub on Tarion’s website has tools to explain coverage and the process for requesting warranty assistance. When it comes to your new home warranty, timing is very important, and the last thing you want to do is miss out on the coverage you’re entitled to.
If you would like to discuss available projects around the Greater Toronto Area, or have questions about pre-construction and new build homes, I’m here to help. Please reach out and we can chat.
If you know anyone looking at buying or selling real estate, I’d love to help guide them home.