Buyers looking at Nanaimo real estate for sale have the choice between already built resale homes and buying a new construction home. In this article we’ll cover the 10 most important questions to ask when buying a new construction home in Nanaimo.
1. Is the cost of the lot included?
New home construction comes with a base price on a standard lot. But usually there are premium costs for certain lots that have bigger back yards or are closer to community parks.
2. Which features come standard and which are upgrades?
In addition to a standard lot size, the base price of a new construction home includes standard finishes that are ‘builder-grade’ in quality. While these finishes are alright, many buyers choose to upgrade certain features. Knowing what the upgrades run will help you to determine the true cost of the newly built home you’re buying.
3. How long will the new home construction take?
It’s important to know when your new home will be ready to move into. If you’re renting, you’ll need to give your landlord notice. If you’ll be adding your home to the list of Nanaimo real estate for sale, you’ll need time to work with your realtor on a marketing plan to get your current place sold for the best possible price.
4. Who can I speak with during the construction process?
It’s unlikely that you’ll have direct contact with the builder throughout the entire new home construction process. Builders usually delegate the daily details to someone else. Be sure to find out who that person is, because you’ll likely have a lot of questions that come up throughout the construction process.
5. Can I purchase my own appliances or materials?
Maybe you have your heart set on stone countertops that the builder doesn’t offer or specific wood flooring color that perfectly compliments your living room set. Some builders don’t mind if you buy your own appliances and materials. Others may only offer you a limited number of options from their own inventory.
6. What warranties come with the new construction home?
Buying a new construction home doesn’t necessarily mean that everything will work perfectly. Newly built homes usually come with standard warranties for structural items like the foundation and roof, and for major systems like plumbing and electrical, heating and cooling. But, be sure to ask before you buy.
7. Can I still conduct a home inspection?
Nobody is perfect, and even a new home builder or subcontractor can make mistakes. Ask if you’re allowed to perform your own home inspection. If you are, be sure to conduct one. Because not doing a home inspection is one of the riskiest moves a buyer can make.
8. Is landscaping included?
Some builders offer basic landscaping while others sell you the newly constructed home with an unfinished lot. Even the most basic landscaping with sod, trees, and shrubs can easily cost thousands of dollars extra.
9. Is there a home owner association?
Even if your newly constructed home isn’t governed by an HOA, the builder may still set guidelines for what homeowners can put on their property. For example, a certain style of fencing may be required or installing a storage shed in the backyard may be prohibited. Builders often set rules like these to comply with zoning and building codes set by the city.
10. Are there incentives for using the builder’s lender?
Builders often work with a preferred lender that may offer better deals on closing costs and financial incentives than your own lender. This doesn’t mean you shouldn’t shop around for a home loan. But it’s good to know about any benefits of working with the builder’s preferred lender.