Buying A New Construction Home subdivision In Toronto; How To Choose A Subdivision Builder And The Best Time To Buy? PART 4

​Can I trust the new construction home subdivision builders? Most subdivision builders are large corporations, and some are much better than others.

I do not mean to say that you should NOT consider smaller builders. However, it would be best to know who is building your next home. 

• How big is the company?
• How long have they been in the business of building houses?
• What is their reputation?
• What are they known for; customer service, quality building, closing on time, expensive, flexible?
• Do they work with your real estate agent? You need to know if the builder is willing to work with your real estate agent - most do, but better not to assume.

Should I be one of the first buyers in the subdivision or wait? Looking at the benefits and drawbacks, buying at the earlier phase of subdivision construction makes more sense.  However, let's examine the details and options, so you may decide to be one of the first buyers or not. 

If you plan well and work with the best team, including your trusted real estate agent, you may have early access to the subdivision houses. Here are some of the benefits. 
Builders tend to start selling at lower prices to kick-start the sales and test the market demand. 
They may offer credits toward upgrades without lowering the price too much to attract early buyers.

You get to choose from among the best lots. Since later, those prime lots will be long gone. Some examples of the premium lots are lots backing to a pond, lots within a court, sloped lots for a walkout basement, and more oversized lots. 

You may enjoy a quick appreciation of your property while the building continues in the neighbourhood and the builder increases the prices. 

The drawbacks of buying earlier are the hassle of dealing with construction noise, dust, traffic. Perhaps, dealing with dirt and mess resulting from unfinished roads until the subdivision is completed. 

At the later stage of subdivision construction, your lot choices will be limited. The available lots may have some problems; you should consult with your trusted real estate agent to weigh each lot's pros and cons. Most times, prices are higher since inventory is low and builders are not concerned. However, that said, it depends on the market demand for the remaining properties - you may strike a deal if demand is not as high.
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On the other hand, since construction is slowing, you won't have to endure construction noise, dust, and so forth. 

Go to PART 5

Buying A New Construction Home subdivision In Toronto; how do I choose the best subdivision lot in Toronto?  PART 5

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Author

The above Real Estate article was provided by David Khosravi, a leader in his field in North York, Willowdale Real Estate, Reach out to David via email: drdavidkg@gmail.com or by phone: 416.990.2424
Are you thinking of selling your home? I will be glad to share my marketing strategies with you.