The very thought of buying a new home can make you feel giddy.
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And if you have already decided to go for it, then buying a pre-construction home can be a good idea as you are likely to get it at a much lesser price than the completed ones. You can start by visiting the ongoing projects or consult a real estate broker. Other than doing these, you need to keep in mind certain things before you finally decide to make the move.
Don’t get too swayed away by touring the model homes
When you will be paying visits to the various construction sites, you will be taken for a tour of the model homes. Don’t get blown away by the way they have been decorated because in most of the cases they have been made with premium quality materials and have been deliberately made that way to uphold to you the full potential of the house. Their configurations aren’t reflected by any builder in the base sales prices. Base prices are based on what the builder is offering to the buyer. Frankly, that tells you that they will give you much less premium quality materials and finishes than what you see in these model homes. They are never the standard designs for most builders.
There’s no harm in asking questions
Out of three, two of them are pre construction homes Toronto buyers usually opt for. But a general trend that has been observed among these buyers is that they clear out every single doubt they might be having either by questioning the developer’s agent or their chosen real estate agent before they finalize the deal. This is very important for any buyer as they would be investing money on something that they can’t see in front of them. A lapse in communication may be responsible for misunderstanding and that may affect your expectation of the finished home.
Understand your financing options
Many builders also provide financial assistance to the willing buyers in addition to the option of customization of the preconstruction homes. Often while on your visit to the sites of the projects you are most likely to find a person who can assist you to find a lender. Reliable builders are well connected with reputed lenders and they can refer them to you. Understand the loan options that would be available to you and more so if you are a first-time homebuyer.
Consider the waiting time
An under-construction project may take some to finish. So, if you are planning to purchase such a property then be prepared to wait for some time before you get the full handover of your new home. Moreover, if you have made some upgrades, then the waiting period might increase. It’s advisable to make your current rent agreement keeping this in mind.
Arrange for a proper inspection of the new home by a licensed professional
Even though they have been newly built, they may have flaws that might not be visible to you. Mistakes might happen from your builder’s end. So, it’s better to get your new home inspected by a licensed professional before the drywall covers them up. Another inspection should be done after the project finishes.
Buying a home can be a bit tricky at times. But the joy you will get when you will finally move into your own space is not comparable to anything. That would make you forget all the troubles you had to go through to buy it.