Buying a Home from a Builder: What you Should Know!
Having a brand new home, where you get to pick out all the finishes and fixtures is so exciting! No one else has ever lived in this home, it’s just yours and you get to make it exactly the way you want it. It’s a very attractive option to work with a builder and purchase a brand new home, but it isn’t always going to be a smooth ride. If you’re considering working with a builder to buy a home, here are a few things you should know before you sign any agreement.
It can be a one-sided deal
In the province of Ontario, the agreements a homeowner will sign will heavily weigh in favour of the builder – especially if something goes wrong.
In general, the builder could delay closing days, change your finishes/fixtures (sometimes without telling you) and even cancel the agreement under the right circumstances.
Buyers do have 10 days after the signing of their documents to change their mind, but after that time has passed there is very little recourse for a buyer dealing with a builder. So before you do that, take a little time and consult with a real estate lawyer.
Make sure you do your research
Check out other projects this builder has completed and see what their work looks like. When it comes to builders, their current or previous projects will speak volume for how they are going to handle your home.
Talk to people who have purchased from this builder, and don’t be afraid to ask them questions. Are they happy with their experience? Were there any problems in dealing with the builder or did everything go smooth? Did they upgrade any of their fixtures?
Whatever it is that you want to know, don’t be afraid to ask. This is your home that you’re purchasing and it’s important to get it right.
Know about any additional charges
A builder may give buyers a base price, and that base price really doesn’t include very much at all. There could be additional charges for certain finishes or changes to the floor plan.
It’s important to ask exactly what the additional charges will be, even itemized if you want to see them like that.
Discuss the timelines
We all know that when building a new home, we may experience delays that cause the move in date to be pushed back. If you’re selling your current home or you have to give notice to your landlord that you’re moving out, you will have a timeline.
It’s important to understand that the builder could push back the closing day for you, depending on what happens with the building of your home. Having a backup plan, or some buffer between moving out of your current place and into the new house will be really helpful just in case there are any unexpected issues.
Building a new home with a builder can be a really exciting and a rewarding experience, but it is important to know that it is not quite the same as purchasing an existing home, and there could be some challenges.
Contact Minhas Lawyers today
Before you purchase a home from a builder – or conduct any real estate deal for that matter – it is important to consult with a real estate lawyer who will ensure that your rights are protected. It is crucial to have the agreement reviewed by a lawyer. Contact Minhas Lawyers today to speak to a member of our team and have your agreement reviewed!
