Buying a New Home

 

Buying a New Home is for most people the single biggest Investment they will make in their lifetime. We at RE/MAX Premier Inc. work with many new home builders across the Greater Toronto Region, please contact rbergamin@remax-premier.ca for a full list of builders we are working with across the GTA. We have put together a list of new home buying tips and links to give you all the information you will need in order to make an informed buying decision.

 

Here are 5 tips that every home buyer should consider before making a new home purchase:

1. Be a pre-approved buyer. Keep your credit clean. Talk to your mortgage professional or bank about how much you can afford before you start looking. Getting pre-approved is easy and will save you time and disappointment later buy knowing exactly how much you have to work with. Also, by being pre-approved by a mortgage lender, they guarantee the mortgage rate for you for a period of up to 120 days even if the rate increases, you will get the same rate. If your new home completion date is longer than 6 months away, look into the mortgage rates offered by the builder, they are usually capped and normally are locked in until the completion date of your home.
2. Determine what your needs and wants are in a new home some ex.’s: if you are concerned about energy efficiency for example you may want to investigate some Green builders and some developments are more energy efficient than others. If you are elderly or have mobility problems you may want to consider a condo or a bungalow community. Make sure you make a list of “must have’s” for your individual lifestyles.
3. Decide where you want to live, in what area, narrow down your search. For many people proximity to family, friends and work are important considerations. Drive through the neighbourhood yourself during different times of days and different days of the week to get a real feel of the neighbourhood and its inhabitants. Talk to some people in the area if you get a chance and familiarize yourself with the community amenities.
4. Get legal advice before signing the contract. Contact a real estate lawyer and go over the contract (agreement of purchase and sale) and make sure you understand exactly what is included and what isn’t included in purchase price. Don’t leave anything to chance and make sure even verbal agreements are clearly spelled out on the contract to avoid any confusion or miscommunication later on.
5. Pre-Delivery Inspection is crucial and make sure you are an active participant. Before you take possession of your new home or condo the builder is required to do a pre-delivery inspection with you. The most important thing to remember is to write down as much as possible on the pre-delivery inspection form, note anything that is missing, damaged or not working properly. We suggest you write it down yourself on the form to make sure nothing is missed. This is the most important opportunity for you to check out your new property and make sure anything obvious is fixed in a timely manner. Tarion warranty is given at the time of the pre-delivery inspection.

Here are some helpful links we think you should explore, there are HST rebates and Land Transfer Tax rebates available to first time buyers, certain restrictions apply.

• Tarion Home Warranty
• Tarion Top 10 Tips for New Home Buyers
• CMHC (Canada Mortgage and Housing Corporation) – Home Buying Step by Step
• Land Transfer Tax Refund for first time buyers
• HST Rebate Form – Check with builder, some work it into the price of the property

For a list of new home developments please click on builder logos below and you will be redirected to their website:

 

 

 

If you have any further questions, or would like to speak to one of our real estate professionals please do not hesitate to contact us at 416-987-8000.

Best of Luck and we hope we made your New Home buying experience, a little easier.