Buying before a home is built can be a smart play, but only with a clear game plan. J.S. Yao helps you read the builder, the contract and the numbers before you commit.
You choose your home early, lock in terms with the builder, and take ownership when construction finishes. Here is what draws buyers in.
Deposits are spread over a schedule, which gives you time to organize your finances before the final payment is due at closing.
You move into a never lived in home with modern layouts and, in many projects, choices on finishes and upgrades.
New homes in Ontario are covered by the Tarion warranty, and builders must be registered with Tarion.
Every project is different, but most purchases follow the same path.
Decide if you are buying to live in or to hold, and what total cost you can handle, including closing costs.
Check the builder's track record, Tarion registration, location, and how the project compares with nearby resale homes.
Read the agreement of purchase and sale and the disclosure documents with a real estate lawyer before you sign.
Deposits are paid on the dates in your agreement. Put every date in your calendar.
Stay in touch for updates on construction, the estimated occupancy date and any changes.
Complete your inspection, finalize financing with your lender and your lawyer, and take the keys.
A good coach tells you about the tough plays too. These are the points I go over with every pre-construction buyer.
Pre-construction real estate is a condo, townhome or house that you buy from a builder before or during construction. You sign an agreement now, pay deposits over time, and take ownership months or years later when the home is ready.
Deposits are usually paid in instalments on dates set out in the agreement of purchase and sale. The amounts and schedule vary by builder and project, so have a real estate lawyer review the agreement before you sign.
New homes in Ontario are covered by the Tarion warranty, and builders must be registered with Tarion. Coverage periods and limits are set by Tarion, so confirm the details for your specific home.
Yes. The occupancy date in a pre-construction agreement is usually an estimate, and it can move. The agreement and Ontario rules set out how much notice the builder must give and what your options are, so review them carefully with your lawyer.
Tell me what you are looking for and I will walk you through current launches, the numbers and the contract before you sign anything.
Talk to J.S. Yao