9 important questions to ask when buying a new home for the first time

By Debbie Cosic
November 03, 2021

Buying a new home for the first time will be a new experience, even for seasoned homeowners. Go into it knowing everything you need to know to make the best decision. Here are some questions you’ll want to ask yourself:

1. What am I buying?

This may sound simplistic, but it is important to understand, especially if there is a “condominium” component to the homes you are considering. Find out about this component and what it covers. In addition, find out everything you can about the area.

2. What advantages are there to buying new?

Tarion Warranty Corp. coverage is a major advantage. In addition, if you purchase early enough in the selling cycle, you get to select the features and finishes that satisfy your tastes and needs. New homes are built to the most current Ontario Building Code standards and are more energy efficient than ever before.

3. What are closing costs, and will I know how much they are ahead of time?

Closing costs cover items such as Land Transfer Tax, the balance owing on your deposit, your enrolment in Tarion, development charges and legal fees. To find out what the charges will be, ask your sales representative and your lawyer. I recommend budgeting five per cent of the purchase price to cover your closing costs.

4. Why might I have to pay maintenance fees in a lowrise home?

Some lowrise communities enlist third parties to take care of exterior maintenance such as snow-clearing and landscaping. It’s well worth the time it saves to have it handled for you.

5. What if there are amenities in the community I don’t care about? Do I still have to pay for their maintenance?

The simple answer is yes. You may not, for example, care about a playground, but others do. And, remember, it can be an important amenity when you go to sell your home someday.

6. How long will I have to wait to move in?

If you buy pre-construction, you will likely have a few months to a few years to wait, meaning more time to save money and figure out what you will buy or take with you from your existing home.

7. If I buy something smaller than my current home, where will I put all my stuff?

You may have to downsize your possessions. Be realistic and ruthless. The less cluttered your home is, the larger it looks and “lives.” Remember, too, that modern designs offer a lot more usable space than older homes. Square footage is less important than layout.

8. Where can I find out more?

At cmhc-schl.gc.ca, you can download CMHC’s booklet Homebuying Step By Step.

9. What is your main advice?

I can sum that up in one word: Ask – ask your sales rep, real estate agent, lawyer, family members and friends. You’ll be glad you did your homework.

About Debbie Cosic

Debbie Cosic, CEO and founder of In2ition Realty, has worked in all facets of the real estate industry for over 25 years. She has sold and overseen the sales of more than $15 billion worth of real estate. With Debbie at its helm, In2ition has become one of the fastest-growing and most innovative new home and condo sales companies. In2ition has received numerous awards from the Building Industry & Land Development and the National Association of Home Builders.

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