NEW NO-NOS: Parabola’s Checklist for Buying New-Built Properties
Posted on: 2015-12-14
Private contractors vary from high-volume builders to smaller outfits that produce a highly specialized product (carbon neutral homes, for example), so there is no shortage of choices for a buyer looking to purchase a ‘new build.’ There are a few universal tips that will benefit anyone considering, starting or closing a newly built property. Read below for Parabola Development’s comprehensive checklist:
Check Your Surroundings.
Be wary of buying in developments that are only half-sold or partially completed. The builder may be offering considerable discounts, but this may be due to upcoming construction delays or a significant lack of interest from other buyers. You may also be disappointed if you fail to anticipate how your neighbourhood will look once fully developed.
Show Yourself Out.
We’ve all been to a show home or open house that takes our breath away, but any prospective owners should familiarize themselves with selling strategies before they buy. Show homes, open houses, model units– by any name, they are carefully designed to accentuate and embellish the property. From furnishings to colour schemes, every detail is tweaked to enhance the layout’s appearance. Look at measurements and compare it to your existing space and its contents.
No Such Thing as a Free Upgrade.
Many show homes are loaded with extras and upgrades that add significant cost to a basic layout. Before you fall in love with a new property, consider the true cost of the features you value the most. Also, some upgrades may infringe on or prohibit other changes or future renovations. Finally, keep both your current and future budget in mind– you may be able to afford a premium feature now, but is it worth it when you can’t afford essential or emergency maintenance down the road?
Get it in Writing
While you may be comfortable taking a builder at their word, this can leave you waiting a long time. Without a legal and binding agreement on a completion date, your builder is free to delay your project at their discretion. Don’t suffer financial burden or life disruption; ensure your new-built property has a completion clause before you close.
Inspection, Inspection, Inspection.
Most home and property buyers know the famous saying about location, but too many overlook the importance of having a newly built home inspected. “Inspections are for old homes,” you might say– but without an inspection, the buyer is financially responsible for any oversights or repairs discovered down the road. Don’t get burnt, protect yourself with an inspection. It is better to pay a little now, instead of paying a lot later on.
Buying new and still concerned? Visit or contact Parabola Developments today for expert advice from the professionals. From renovations to inspections, we can cater to your specific needs – no matter what you want out of a dream home.
Photo by Pixasquare on Unsplash
