New Home Real Estate Top 10

Your Handy New Home Shopping Top 10 List

Buying a home is one of the biggest purchases you’ll ever make. With a myriad of options, it could also prove stressful if you’re not prepared. Here are 10 things you’ll want to consider when shopping for your new home:

1. Buy what you love when you need it: Choose a home that reflects your needs and pick the most home you can comfortably afford. Don’t buy into ‘boom’ or ‘bust’ soothsayers – buy when you’re ready, not when you think the market’s ready for you.

2. Builder Reputation: Ensure your builder has a portfolio of quality-built homes. And there’s nothing like a getting a referral. If someone you trust recommends a builder based on their personal experience – even better!

3. Location: Consider travel time to-and- from work, your proximity to the neighbourhood amenities you want including access to public transit.

4. Design: Do you need an office/den or more bedrooms? Do you prefer open concept living or structured rooms? How you use your space will dictate the perfect layout for you. You’ll likely live with these decisions for a long time.

5. Amenities: In the case of condos – consider the building’s amenities. For both a condo and house, you’ll want to consider what’s nearby. Sources like walkscore.com can provide a good idea of local hot spots.

6. Finishes: Everything from lighting to bathroom fixtures, kitchen and bathroom cabinets and flooring will affect the way you’ll feel in your space. Quality features and finishes reflect who you are, how you live and should withstand normal wear and tear. 

7. Upgrades: Consider additions that will make your home more efficient and/or will increase its value when it comes time to sell. Plus, have upgrades you want completed prior to occupancy, as work done by the builder will be warranted. Most importantly, understand what’s included as standard when you decide to buy.

8. Condo vs. Freehold: Consider whether you love projects around the house or would prefer that someone else take care of things. All homes require regular maintenance and repairs. Condo maintenance fees cover upkeep on common areas, parking and amenities. A percentage of these fees is also automatically ‘saved’ in a reserve fund for replacement of major items. Freehold maintenance costs are more ad hoc, so save some money monthly for that rainy day when the roof may leak.

9.Outdoor Space: Do you like to barbeque and dine al fresco? Does your dog need somewhere to run? Planning a treehouse for the kids? Do you need a balcony or a backyard? All these things affect how much outdoor space you need.

10. Resale vs. New: Buying new often means waiting to move in.  However, new homes in Ontario are covered by one of the most comprehensive mandatory warranty plans in North America.  When buying resale, determine what additional expenses you’ll incur should you require renovations or updates that might be avoided by buying new.