how to buy pre construction homes

How to buy a Pre-construction House

Buying a pre-construction house has to be procedural. You can’t just wake up and get a house. You have to start from somewhere and follow certain steps before you finally own that house that you have always wanted to have. Pre-construction houses are fast becoming the choice for many people who have an interest in investing in the pre-construction market. The steps of how to buy a pre-construction house are highlighted below.

  1. Search for a good realtor to help

The process of buying a pre-construction home can sometimes be challenging if you do not know what is required of you. For you to be able to get everything right from the start, you will need the help of a good and experienced realtor who will be your guide in the whole journey. Make sure you leave no room for making mistakes by seeking the services of a qualified realtor. You don’t need to regret it later just because you decided to do everything on your own. Remember it is the realtor who will help you locate a better deal before you think of investing in it.

  1. Visit the project site

After you have your realtor and you have found the right project, you will have to visit the project site. This visit is not just for the sake of it but it is to help you see and analyze various aspects as far as the deal you are about to enter is concerned. During this visit, you will be able to see for yourself and decide whether that location is appropriate for you or not. You will be able to see how many crucial amenities are from that site. This will help you make an informed choice as far as buying that particular pre-construction home is concerned. Living in an area you do not like should never be your portion.

  1. Check the builder’s reputation

The builder’s reputation is very important because it will help you to know exactly who you are dealing with. Before you get into that deal you should be aware of the building company’s reputation in the market. You have to be sure that they are legit and experienced as well. You should research and get to know how many projects they have completed as well as those that are pending. This will help you to at least gauge their work rate and know if they are up to the task. If you are not satisfied with their work, then there is no need for you to work with them in any investment whatsoever.

  1. Have a look at the model home

Another thing that you should not miss is visiting the model home. When you visit the model home, you will be able to understand what your home will look like when it is fully built. From this visit, you will be able to see all the amenities that will come with your new home. It is during this time that you will get to know which features are upgrades and which ones are not. Make sure you ask about everything so that you can be sure of what you will get.

  1. Negotiate

After you are sure of what you want, looking into what you will pay should be the next thing. You will have to try negotiating with the developer and see how much you will get to pay. If you are lucky enough, the developer will reduce the price a bit but if not then you will have no choice but to pay the exact listed price.

  1. Check the warranty

A warranty is a very crucial thing that you should not fail to inquire more about. Before putting pen to paper make sure that the developer has informed you about everything that is included in the warranty. This is important because it will help you to know what you will incur costs on and what you will not.

  1. Ensure everything is put in writing

After you have assessed everything concerning the warranty, you will now have to make sure that everything you have talked about and agreed on is put down on paper. This is the right thing to do because making sure that everything is put in writing will help to avoid unnecessary problems in the future. Before signing the deal make sure that all you have agreed is available on paper.

  1. Get pre-approved for a house loan

As you know, funds are very important when it comes to buying a pre-construction house or any other kind of house. In this case, you will have to find a lender that will pre-approve you for a house loan so that you can be good to go.

  1. Cooling-off period

You will have a 10-day period of time where you will be able to think again about the pre-construction house you are buying. During this cooling-off period, you will be able to do more research until you are sure that it is the right thing you are engaging yourself in. This is the time that you will pros and cons of living in that neighborhood where your home will be located. You can also ask your lawyer to help you review the agreement just to be sure that everything is right concerning the investment.

  1. Inspection

After finishing other procedures and the house has been fully built, you will conduct an inspection. This inspection will serve the purpose of ensuring that the builder has done the right thing when it comes to building the house according to the specified manner.

  1. Interim occupancy and final closing

When you get to the interim occupancy and final closing stage, you will know now know that everything is set and you are about to start living in your new home. Full ownership of the house will be transferred to you during the final closing. Just imagine this is the final step on how to buy a pre-construction house.

Conclusion

The above-mentioned steps are exactly what you will have to follow when buying a pre-construction house. You will have to go step by step until you get there. Buying a pre-construction house is an easy thing so long as you are serious about it and focused as well. You are now set to go because you now know how to buy a pre-construction house.

Join The Discussion

Compare listings

Compare
Search
Price Range From To
Oakville Yards Condos

GET VIP ACCESS TO LATEST PROJECTS AT PRE-LAUNCH PRICES

Get the newest updates on projects, pricing & floor plans delivered to your inbox..

    Email *
    Are you a Realtor? *