How to Buy Pre-Construction
Monday May 07th, 2018
Thinking of buying a new construction home directly from the builder? Here are some tips to buy and what to bring to a new home sales centre!
Having worked for a New Home Builder in the GTA for many years I could tell you the whole process, however in this post we will cover the pre-purchase.
Builders will have a sales center that can host either internal sales reps or licensed Realtors. The difference between the two is internal sales reps are employees of the builder and therefore represent that builders interests. Realtors on the other hand typically do not represent the builder, rather the interests of the potential buyer - YOU! In some cases, the builder coopoerates with agents and covers the commissions - meaning you get this service for free.. and who doesn't like free?
We can save selecting a pre-con agent for another blog post, but in short I always encourage working with an agent that you know and trust to work hard and represent your interests.
Particularly with pre-con condo sales, sales centres can get very hectic and securing a unit can seem like a black friday sale - so it's really important that you have everything prepared if your a serious buyer.
- Personal Cheques. Keep in mind some builders will not allow a company to buy a home. Know ahead of time how many deposit dates there are, you will need to provide post-dated cheques for all of these dates.
- Pre-Approval. You will have to present this when going over the agreement. If you are buying a condo there is a 10 day cooling off period and in some cases can send it within this time frame.
- ID. Photo ID (passport, drivers license) is required for all parties on the agreement.
- Top 3 choices. When the market is hot, you may not get your first pick so have some back up options and have your agent submit it on a worksheet to the builder.
Have more questions? Feel free to follow up with me if you would like details.
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