There are many benefits to purchasing a new construction home and it all begins with the opportunity to customize. For many, this is a key selling point when they purchase a new home as they feel more involved in the process and more welcome before they even step inside the front door. While the lure of customizing layouts, cabinets, appliances and so much more is something to keep in mind, there are certain items which need to be fully researched before you sign on the dotted line.
What to Know About New Construction Homes in Ottawa
Hidden Fees
Such as upgrade costs, registration of a new title, new home warranty and activation fees for your home TV, internet or phone service on top of the purchase price.
First Year Added Costs
such as window coverings, landscaping, and air conditioning installation.
Construction Delays
and how these may hinder your plans to move in and create more stress.
Ontario’s Tarion Home Warranty
provides coverage for new home buyers and builders as long as your home fits the standards and regulations. Your home could be covered for up to seven years should you qualify, be sure to consider what is covered and for how long.
Protect Yourself
By hiring a Buyer Representative to professionally represent you and our family’s best interests. This may avoid buying a home with a bus stop at your front door.
Hire an Inspector
Just like with purchasing an older home you should always hire an independent professional to inspect your home. A home inspection will cost approximately $500 but could potentially save you thousands in the long run. Better yet, consider inspections during the different phases of construction so you can be assured that nothing has been overlooked.
Consider the Cost vs Value
Additional costs can be incurred during the process of buying new that may not be compensated for when it comes time to resell. These can include but are not limited to GST, lot premiums and purchasing price competition if lots are selling quickly. Consider all options before signing anything.
Post-Move Challenges
While your home may be new, no builder is perfect. From fuses blowing to inadequate water heaters, you may find yourself dealing with a few surprises after you unpack your boxes. When working with your Buyer Agent to draft a contract pre-construction, make sure to include a clause ensuring all unidentified problems are fixed by the builder.
Does the New Construction Suit Your Lifestyle
Does your day to day routine fit with a new home development?
Future Development
May create more foot and car traffic around your property if things such as bus routes, sidewalks or feeder streets are going to be added.
May hinder your day to day actions while flying dust, blasting of rock and loud machinery may even present unwanted health risks.
Lack of Privacy
From proximity of neighbouring properties. Many new home developments share the same cookie cutter layout with neighbouring homes being built within proximity of each other.
Ultimately, you need to consider your lifestyle and the lifestyle of your family. If you prefer the hustle and bustle of the downtown streets, a new development may not fit with your view as most new developments are outside of the downtown core. If your family is alright with commuting and prefers the new neighbourhood feel, a new development may just be the perfect fit.
If you would like to learn more tips and information about whether or not a new home development is right for you – call us at (613) 288-2455, email us here, or book a buyer’s appointment to take the first step.