4 Things to Know Before Buying a Newly Built Home in Hamilton

Buying a newly built home can be appealing.

You get a brand-new space, modern finishes and the opportunity to be the first person to live in the home.

But “new” doesn't necessarily mean “finished,” “perfect” or free of things you need to think about.

If you're considering a newly built home in Hamilton, here are four things worth understanding before you buy.

1. Understand the Warranty

New homes in Ontario are covered by the provincial new-home warranty system, but that doesn't mean every issue is automatically covered or that you can simply assume everything will be fixed.

Make sure you understand what is covered, what isn't, the applicable timelines and what you need to do if you identify a problem.

Keep your documentation and records, and don't ignore issues simply because the home is new.

2. Construction May Continue After You Move In

This can be particularly relevant in a new development or condominium project.

Your particular home may be ready for occupancy while construction continues elsewhere in the development.

There may still be unfinished landscaping, roads, common areas or neighbouring homes under construction.

That's not necessarily a reason not to buy. It's simply something to understand before you make your decision and plan your move.

3. Understand the Ongoing Costs

If you're buying a new condominium or townhouse, pay close attention to the projected maintenance fees and what they actually cover.

Don't build your entire budget around the assumption that today's estimate will remain unchanged indefinitely.

Look at the overall costs of owning the property—not just the purchase price.

That includes property taxes, utilities, maintenance fees where applicable, insurance and other ongoing expenses.

4. Ask What You Are Actually Getting

With new construction, what you see isn't always the whole story.

Depending on what you're buying, there may be differences between the model home, the builder's plans and the finished property.

Understand what is included in the purchase price and what may be an upgrade or additional cost.

Pay attention to the specifications, finishes, appliances, parking, storage and any other features that matter to you.

New Doesn't Mean You Should Stop Asking Questions

One of the attractions of a newly built home is that you aren't inheriting decades of someone else's maintenance and renovations.

But you're still making a major purchase.

Take the time to understand the property, the builder, the agreement, the costs and what you're actually buying.

If you're considering a newly built home in Hamilton, I can help you work through the questions you should be asking before making a decision.

Sincerely,

Mike McCarthy, MBA
REALTOR®