Tips For Buying New Construction Real Estate

With a lot of competition in the real estate market, many of us have started to contemplate buying a new construction home. They have a lot of perks, such as low maintenance charges, being ready to move in, and are cost-efficient. Read along to know some tips to make your new construction home purchase a successful one.

1.Hire A Real Estate Agent
A realtor that you will hire will have your best interest during your home search and the home building process. Just as you would with any house purchase, research, interview, and hire your own real estate agent, who has experience in new construction and regularly deals with builders.

Usually, model houses are represented by agents who are hired by a builder. They get paid a commission for every house they sell by the builder itself.

2.Research the Builder
You need to thoroughly research the builder whose house you are going to buy. You can go online and search their websites for testimonials and portfolios. Check whether their designs are trendy and match your style.

Furthermore, you can talk to their customers to better educate yourself before making a choice. Talking to the local homeowners will also let you know about the neighbourhood and if there are any schools, parks or malls nearby (which is important). Also, consider how your commute will be affected by its location.

3.Research the Lender
When choosing a lender for your mortgage, always ask at least 5 lenders their rate and options. Know that even the slightest point can help you save a lot of money in future.

Builders have their preferred lenders, which they want you to go with, However, keep in mind that they don’t always have your best interest. Don’t automatically take the builder’s preferred loan without doing some research. They might look enticing at the moment but that might not be the case. These are the points to keep in mind:

●Always consider at least 5 other options

●Research and interview your lender

●Don’t blindly choose a loan that has a low-interest rate

4.Get a Lawyer
Hiring a lawyer might sound like an unnecessary expense to you, but it can help you save a lot of time and money in future. You should have a lawyer review all of your contracts before signing them.

Keep in mind that the purchase agreements arent necessarily in the favour of the buyer. A lawyer will ensure that your rights are protected. You should ask your lawyer to inspect the following parts of the contract:

●Rights of the Seller

●Cancellation Policy

●Warranty Section

●Contingency Clauses

●Time taken for the completion of the Project

At the end of the day, it all comes down to the builder you choose. If you are looking for new construction real estate in Calgary, reach out to RareBulilt Homes. They have over a decade of experience with executive and custom home projects and aim to deliver customer satisfaction above all. To get in touch with them, click here.

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