Buying a New Home

When buying a home in Canada, there can be an overwhelming amount of information and many decisions to make. One of the first choices you will have to consider is whether you want to buy a resale or new home. When you are buying a new home, there are three options available to you; you can buy from a builder’s plans, a house that the builder has already started, or a “spec” home that the builder has already completed.

One reason people choose to buy in a new housing development over a resale home is the lack of maintenance work that will need to be done. A new home will be ready to live in when you move in and there won’t be any initial maintenance or construction that will need to be done; the roof, flooring, plumbing and electrical systems will all be in proper working order and your home will comply with the latest safety regulations and standards. A builder’s warranty is also available in many provinces across Canada and will cover major household systems including plumbing and heating.

Although a new home’s initial cost may be higher than that of an older home, there are many other cost factors to keep in mind such as the inspections and appraisals that may be needed for an older home, as well as any remodelling or renovations required. New homes are more energy efficient so monthly and annual costs may be lower.

When you are buying a new home in BC or Ontario, you may also be able to have some input on the internal and external features such as tile choices, or cupboard handles. There may be upgrades available as well; making the little personal touches you desire more affordable than having to replace already installed features. You will also have a large say in the landscaping allowing you to begin to create your ideal garden and yard area.

The location is often an important consideration when buying a new home. New projects and developments in British Columbia and the lower mainland, or in Ontario and the greater Ottawa or Toronto areas are often placed in convenient locations or play a key role in creating new neighbourhoods and communities. Access to transportation can be good and in most cases, modern and useful amenities will be built to complete the brand new area. Be sure to check the schools in the area as well as traffic patterns; it is also a god idea to drive by at different times of day to give you a clearer picture of what living in the area would be like. Also be sure to inquire about the plans for the neighbourhood. It is important to know what amenities will be built and where as well as when the projected completion date is.

Another benefit to moving into a new housing development is the closeness of most of these areas. As most of these developments are geared toward a particular stage in life or lifestyle, you will be generally be living with people who you may have more in common with than if you moved into an already established neighbourhood, and you will all have the common bond of anticipating your new condo or townhouse.

Having as much information as possible will generally make the home buying process go more smoothly and give you a greater investment in your new home; take part in your new community and you will give yourself a greater chance of developing strong ties to your new home, community and life.