Thinking of building your first home? That’s great! Not sure where to start? We understand. As with most things, the best thing you can do is gather lots of info ahead of time – and this post is a great place to start! Here are a few things you should know before setting out on your new home building journey.
1. Your Numbers
First thing’s first, you’ll want to ‘know your numbers’ when it comes to your new home build. In addition to determining your down payment (5% is a requirement), you also want to be sure you can afford the home you want.
While a great builder will go out of their way to help you get everything you want, your budget should match your dreams. This will mean chatting with the builder, securing enough financing, and making sure you have enough left in the bank for any additional costs.
2. It’s More Affordable Than You Think
As previously mentioned, a good builder will always do what they can to help you build the home of your dreams. In addition to offering advice as to how you can save on your build, they will also do their best to help with flexible payment options. Using the builder’s preferred lender, for instance, could help you forego closing costs and/ or find a better interest rate.
A new home build may even help you SAVE money. With resale homes especially, there are often unseen maintenance and repair issues that can really add up. Not to mention, if you choose to do renovations, you could easily end up spending far more than if you had built new in the first place.
3. You’re Protected
Comprehensive home warranty is mandatory on all new home builds in Alberta. In addition to being covered for materials and labour for the first year (this can include everything from nail pops to paint imperfections), you’ll also have two year coverage on mechanical systems, five years for building envelope and ten years for structural defects.
In short, the 1-2-5-10 warranty on a new home build means you can rest easy knowing you’re protected for any and all warrantable defects for years to come.
4. You’ll Get More Value
The increased value that comes with a new home build is really two-fold. Firstly, working with a flexible builder guarantees a customizable experience. From your preferred community to features, as a homeowner, you gain all the value of having nearly everything you want, exactly how you want it.
Secondly, newer homes retain their value longer. When and if it ever comes time to sell, a modern, well-designed home is likely to sell far faster and for more than an older resale.
5. Options, Options, and More Options
You are in the driver’s seat when it comes to your new home build. Below are just a few of the many exciting choices you’ll get to make.
Community – Whether you’re looking for the relaxed lakeside living of a community like Kinniburgh or the wide-open spaces of a family friendly neighbourhood like Evanston, you can choose your perfect location.
Lot – Have you always dreamed of the roomy backyard that accompanies a corner lot? Or perhaps you prefer to forego yard work for an extra large garage? You may even want your home orientated in such a way you can see the sunrise from your back deck. It’s all possible.
Model and Floor Plan – From large double front-attached models to stylish, rear-detached single family homes, here too, a flexible builder will quite literally ‘move walls’ to create the perfect design for you.
Features and Finishes – Prefer hardwood to vinyl? Quartz to granite? How about that extra large soaker tub you’ve always dreamed of? You should be offered an endless array of high-quality, affordable options. From your light fixtures to your kitchen hardware, you’ll be able to select features and finishes to reflect your unique style.
6. Not All New Home Builds Are Created Equal
One of the most important things to keep in mind when building your first home is the home build process and materials used will vary from builder to builder. For example, one builder may offer lower prices and incentives but will forego higher quality materials and service.
When it comes to choosing your home builder, be sure to do plenty of research into product quality and specifications. While you may pay a little more, it will be well worth it for the durability and value in the end.
Keep the above in mind as you start the new home build process and you’ll be in great shape. Also, rest assured a good builder will never leave you in the dark. In addition to guiding you every step of the way, they will go above and beyond to keep you informed throughout (some builders will even post pictures on Facebook!). Happy building!
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