(NC) You’ve scrimped and saved and you’re finally ready to take that first step into homeownership. But where do you start? If you’re in the market for a newly built home or condo, here are four helpful tips:
- Choose the type of home that meets your lifestyle needs.Do you like the downtown convenience of city life or do you want to live in a quieter setting? Where do you want your children to attend school? Are you hoping to have outdoor space for gardening or barbecuing? These are lifestyle considerations that can play a big role in the new home buying process.
Depending upon your location, there are two major types of new homes available to you — freehold and condominium. Each has its own advantages and disadvantages as well as different construction timelines and warranty coverage.
You also have more design choices than ever before. Would you like a smart home that’s pre-wired for home monitoring and media, a gourmet kitchen for entertaining or both?
- Determine what you can afford.Once you’ve chosen the location and type of new home that fits your needs, meet with a financial advisor to determine a mortgage amount that you can comfortably afford. This will help you understand what fits your price range. You should also consider getting a pre-approved mortgage so you can shop with added confidence.
- Research the builder.You want to make sure that your home is built by someone you can trust. New home builders should be registered and the homes they build should be enrolled in the new home warranty program. Look up any builder you’re considering in the online Ontario Builder Directory. You’ll be able to see how many homes they have built in the last 10 years, and whether Tarion has had to pay warranty claims on them.
You should also do some other research, including talking to homeowners in the neighbourhood you’re interested in and finding out if they were satisfied with their builder.
- Talk with a real estate lawyer.Before you sign your Agreement of Purchase and Sale, have it reviewed by a qualified real estate lawyer.
A new home is one of the biggest investments you’ll make in your life, so it’s important to be prepared. Find more homebuying tips online at tarion.com.
