Here is blog post #1 on my new site covering everything about new real estate developments in Nanaimo.
Having worked in new developments since starting my real estate career back in 2007, I have seen a great cross section of what to expect with buying in a new development in Nanaimo. Having sold 100's of new homes in new developments in Nanaimo, I can assure you that the process is not always the same and prospective buyers should arm themselves with as much background information on the process as possible.
Here's a list of some of the most important things to remember when pursuing buying a new home in new developments:
1) You know the track record of both the developer and the agent representing you.
2) You have a team on your side, that includes (mortgage brokers,inspectors, accountants, lawyers, insurance agents & of course your trusted real estate agent. P.S.--A good real estate agent will have a list of options for you to choose from.)
3) You are aware that new construction can and will most likely be delayed somewhere along the line, have a back up plan!
4) You make sure that everything you expect to happen in regards to upgrades is in writing or it may get missed.
5) Make sure you read and understand the fine print (Again step 2 your trusted agent will cover you so long as you have a condition to allow for those professionals to review the offer & property you are covered)
6) Understand that making an offer is just that in new developments with disclosure statements, you will have a 7 day right of rescission to make sure you made the right decision. A disclosure statement I will cover in another blog post but if you don't know it covers everything the developer intends to do with a specific site that is proposed.
7) Know what you don't know.... That is a broad statement but is meant to urge you to ask questions!
8) Financing--It is sometimes difficult to secure financing on properties that are over 4 months away from completion so be aware of these constraints and make a plan with your broker to attack these issues.
9) Know your rights as a buyer and new home owner in regards to New Home Warranty and the process of having work repaired both before occupancy and after as the process is very different. There is a process for repairing work on new homes and it will make everyone happier if the process is understood up front. For more on the process I will post another blog post on New Home warranty, in the meantime here is a link to the BC New Home Warranty
10) Always be careful on the construction sites as they are just that "Construction Sites" so always visit them with a professional for safety and insurance reasons.
If anyone has any specific questions they would like me to answer about New Developments in Nanaimo and or any real estate related questions please contact me at the various methods on this site,
Have a great day everyone and till next time,