What to consider when buying a new home

Buyers today are faced with a multitude of options and decisions when trying to purchase a new home and it can easily feel like an overwhelming process. One of the best ways to tackle this challenge is to narrow your focus by determining your key priorities and using them to guide the decision-making process.

For most new-home buyers, your top priorities will include one or more of the following factors:

Price/budget

The cost of a new home is usually the number one consideration for buyers. One of the best things you can do for yourself before your home search begins is to secure mortgage pre-approval so that you have a clear understanding of how much you can afford to spend.

Also, try to create a realistic budget that takes into account all the costs of buying your new home. This should include any work that you plan to do (e.g. painting, upgrades), closing costs and legal fees, as well as moving expenses and the cost of new furniture.

Location

After price, neighbourhood is often the most important consideration for a homebuyer. When studying a location, think about how it works for you and your family from a commuting perspective, whether it is close to your workplace, or if there are transit options and/or major highways nearby. Look at the quality of the neighbourhood in terms of shopping, community services, parks and schools.

If you are considering an area that you do not know very well, try to spend time there with your family. Visit the neighbourhood on multiple occasions at different times of the day or week to understand how it changes.

Builder

For any new home or condo project that you are considering, do your research on the builder. Visit the builder’s website and ask the sales staff about their past experience and previous projects. How long have they been building new homes? Are they very active with multiple projects or do they focus on one development at a time? Do they have a dedicated customer care team? What can you expect when it comes to after-sales service? Do not be afraid to ask these kinds of questions so that you feel reassured and confident that you are buying with a professional and experienced organization.

Also, visit the Tarion website to confirm that you are buying from a licensed builder and while you are there, look up statistics about how many homes they have built in the past, and check out their after-sales service record.