When you are in the market for a new home you will want to take a close look at the many variables in purchasing a new home.
There are certain reasons why you would consider buying new...
The first reason is well it's new, and you get to be the first one to make it your home. There are many benefits to buying new and I will outline them for you:
1) New homes have a warranty otherwise known in BC as 2-5-10 new home warranty. All new homes in BC have to have the mandatory 2-5-10 new home warranty. At a minimum, home warranty insurance coverage includes:
- 2 years on labour and materials (some limits apply)
- 5 years on the building envelope, including water penetration
- 10 years on the structure of the home
- 12 months on detached homes and on non-common property in strata units (including fee simple homes)
- 15 months on the common property of strata buildings
- 24 months on all new buildings for defects when related to delivery and distribution systems; defects related to the exterior cladding, caulking, windows or doors that may lead to detachment or material damage to the new home; coverage for violations of the Building Code that constitute a health or safety risk or is likely to result in damage to the new home; and defects which render the home unfit to live in.
Having these insurances in place will make purchasing new homes a little more reassuring then buying used homes that do not have any warranty existing.
Another reason you may want to purchase a new home is you will have the opportunity depending on the builder and the offering to customise the home to your liking as the home is usually under construction when making an offer.
If you are buying off of plans and there is no existing home make sure you get the following:
1) a copy of the building plans to approve
2) a copy of the builders spec sheet to approve showing everything going into the home and everything that is included in the home. ***Every builder is different so make sure you know this***
3) a copy of the builders new home warranty showing they have it in place.
4) a timeline of expected completion and an understanding of unanticipated delays that typically happen in the construction of new homes.
5) a detailed outline as to the colour schemes used on the finishing materials (paint, counter tops, cabinets etc)
Some things to consider about the long term holding of homes in new developments is that the homes in the development if the build and size are similar throughout you will fairly easily be able to determine market value of your home based off of any recent activity in the development. Its a positive effect having similar homes all of good quality in the same area creating pocket communities that are attractive to outside investors. When looking to secure good long term stability look for new projects where all the homes are new with new amenities like parks and trails and close to schools.
Having a new home will give you peace of mind that your home is built to current codes and will outlast your ownership of it and usually without having to do major repairs during the first 10-15 years.
Obviously you will want to keep up on your maintenance of your home throughout ownership all of which you will have a maintenance manual provided by your warranty provider to keep you on track and informed.
Till next time,