Are you in the market for a newly-built home? Maybe you’re considering having one built. Either way, there are certainly advantages. You can expect a brand-new home to be constructed to the most recent standards and have the latest design features. As well, if you’re having a home constructed, you’ll have more choice in how it’s finished. While you’re feeling excited about the prospects, keep in mind the following do’s and don’ts.
Don’t forget that a new build takes time
When hiring a builder, ask for their estimated completion time then ask them for their experience in managing unforeseen delays. This applies also if you’re purchasing a home already under construction in a housing development. Even if your home is substantially complete, landscaping, driveway paving and other exterior work may yet need to be finished and you’ll want to know how much time this will take.
Do research the builder
Find out all you can about the builder’s reputation. Are they a new company? Have they built elsewhere in Calgary or in another city? Look up online customer reviews and search their website for examples of their work and client testimonials. You’re making one of the biggest investments of your life so you want to be sure that you’re working with a stellar company.
Don’t just think about your present housing needs
While your present requirements are important, try to think about the longer term. You’ll likely want to stay in your new home for a while so you don’t want to outgrow it too quickly. For instance, your housing requirements may change with children born or elderly parents moving to live with you. Maybe you’d like to offer accommodation to a niece or nephew studying in Calgary? Changes in family composition are often difficult to predict. Therefore, give some thought to whether the home you’re considering has the flexibility to grow with your family’s needs.
Do plan your budget well
Understandably, if you’re hiring someone to build your home it’s critical to have a very clear idea of your budget and what, specifically, it will buy. Ask the builder about the potential for cost overruns. You want to make sure that you’re hiring a builder who is able to stay on budget. If you’re buying a newly-built home this will be less of a concern. But remember, there could be additional finishing or optional upgrades that will increase the final purchase price.
Don’t forget to read the fine print
You want to ensure that the contract lays out exactly what you had agreed to with the builder and that there are no surprises. When buying a home in a new subdivision, ask as many questions as you need to so you’re sure that you understand everything fully. This includes finding out what plans there are for undeveloped land nearby. Also, doing your homework by contacting the city planning department can help assure you that your property value will not be impacted in the future by a busy roadway or mall.
Do use an agent
Using a realtor comes to mind when looking to purchase an existing home on the market. However, an agent’s advice and connections can also be invaluable when you’re wanting to build new or buy in a recent subdivision. Realtors know how to find the best building contractors and can also give you the information you need about the latest housing developments. For building industry expertise, first-hand knowledge of what to consider in new builds and personal connections to the best in the business, remember to give me a call.
