New construction in the City of London has grown substantially over the last decade. The thrill of choosing everything form the kitchen right down to the brick mortar seems to be all the rage these days.
With every new experience, building your own home can come with it’s challenges.
We have extensive knowledge and experience in new construction in London Ontario. We have gone through the process over and over again learning all about the ups and downs. There are so many things a new home owner can forget about during the process. So we have compiled a list of things for you to keep in mind when you are building your new home.
3 Things to Consider When Building a New Home
1. Choose A Real Estate Agent
As much as you hear this step may not be necessary in a new home purchase, that is completely false. Like in any real estate transaction guidance and support is vital. Have you ever had a look at a builder offer form? They are inches thick and filled with more procedures, dates and legalities then any traditional resale home offer. There is a lot you need to know and be aware of in building a new home. Have a knowledgeable real estate agent on your side will help make the process smoother from start to finish.
2. What is Included in the Purchase Price
Nope. The price you see online or in the brochures may not reflect the true price. Model homes that you visit are likely the upgraded version. Builders will use these model homes to showcase what they can do. As well they use these homes to draw home buyers in with the “wow” factor. The price advertised typically reflects the standard or “base” price. Those other features will cost extra. Some examples of builder extras are: wood or upgraded flooring choices, back splashes, light fixtures, counter tops and in some cases even paint. It is important to know what is included in the purchase price of your new home and what you may have to pay extra for.
3. Will You Close on Time? Possible Closing Delays
A typical new construction completion date is around 120 days. However, this can vary depending on negotiations and various other factors. It is not uncommon for an agreed upon closing date to change sometimes more than once. When considering building a home this is something you really need to consider. Particularly if you are selling a home to buy new and must coordinate closing dates. Things that will delay a new home build are most commonly weather, lack of tradesman and other developer delays. Weather is self explanatory. Exterior work such as roofs, framing, windows etc cannot be easily completed in rainstorms. You get the idea. Lack of tradesman or trades people. A HUGE concern particularly in the City of London these days. Houses are going up so quickly and there are only so many companies that can complete the work. Not having enough brick layers for example have really put new homes behind schedule in the past and likely will continue to do so in the future. Other developer delays. This can range anywhere from approvals, to changes, to really anything related to the land development in the area you have chosen. This type of delay you will likely know about well in advance unlike the other two. However, considering and planning for delays throughout the new home building process is something you really need to do.
Although there is much more involved in the details of building a new home, these 3 things are good to focus on when starting out. With this information you can see that building new is more then meets the eye.
If you have questions about or are considering building a new home in the City of London please contact us today and we can arrange for one of our skilled representatives to reach out.