Are you Curious about buying New Construction?
Here in the Lower Mainland we have many new developments popping up in all areas.
Here are some benefits to buying new:
The most obvious advantage to buying a new construction home is that everything--from the roof and the windows to the appliances and systems--is new. And many items, along with the house itself, often come with warranties. That means you should see relatively low repair costs during the first few years of ownership.
Operating costs are also lower with newer homes since they are more likely to be energy efficient. Energy Star appliances, more efficient heating and cooling equipment and energy efficient windows can save you money in the long run. Many energy-efficient upgrades could even earn you an income tax credit
(but don't take our word for it, be sure to check with your tax adviser).
Another pro is that if you purchase a new construction property early during the preconstruction phase, you might be able to customize many features, such as the paint colors and the appliances, to suit your personal tastes.
But you should remember that New Homes in BC have additional taxes on them.
For most construction at this point there is approximately 7% tax on which will be on the purchase price 5% GST and 2% "Transitional" tax.
However this differs from development to development with some developers even paying the tax costs so it's best to contact your realtor to find out the details on the development you are interested in.
Please Click the areas below to see new developments in your area of interest.
You should always go into a pre-sale offer with your realtor.
1) As mentioned above, your realtor works for you not the builder therefore your best interest is at heart.
2) Your realtor will be invited to VIP events which gives them access to the best floor plans and prices per square foot before being released to the general public.
3) If your realtor has experience in pre-construction he/she will ask the right questions regarding construction financing status, assignments, occupancy and so forth.
4) Your realtor will be able to negotiate the agreement in your best interest. As price is usually not negotiable, they may fight for upgrades, certain parking stalls or storage lockers on your behalf.
5) Your realtor has access to the MLS system which can provide you with prices and useful information of comparable properties in the area.
6) Your realtor can keep you updated on the project. Questions concerning construction and occupancy can be easily answered.
7) If you are looking to assign your unit, your realtor can help you find a buyer as certain types of advertising is not permissible by the project builder.
The most important benefit of using your own Realtor is that they have your best interest at heart. Your Realtor will represent you honestly and ethically and will assist you in making the best decision for your needs.