New home construction in Ottawa is on the rise, and more and more buyers are looking at buying new.
But did you know that you need a real estate agent for new construction? Even if you’re just going to look at a house, you should have an agent with you. Otherwise, you could actually lose your right to representation.
Don’t Lose Your Right to Representation
It’s true! Countless times I’ve come across home buyers who signed in at a model home showroom or asked for more information online, and unknowingly signed away their rights to have an agent represent them in a transaction with that particular company.
That’s why even if you’re just going to look, you need an agent. Commission for buyer’s agents are already built into new build agreements, so it won’t cost any money to work with one.
By reserving your right to representation before signing anything, you ensure if you do decide to buy, you have someone to negotiate and handle the nitty gritty details on your behalf.
The Benefits of Having a New Construction Buyer’s Agent
Besides reserving your right to representation, there are a lot of other benefits to having a real estate agent for new construction.
1. You’ll Have Someone with Real Estate Expertise on Your Side
Buying a new construction seems straightforward, but it’s still a real estate transaction. It’s always better to have an expert on your side who understands the language of the contracts, how financing works, and more.
2. Your Agent Will Ask the Right Questions
I had a client who decided to buy a new construction home. At the time, it faced a large undeveloped lot. I asked them what that lot was going to be, and they said the builder informed them it was going to be other residential homes in the future.
Not long after they bought their home, the lot was rezoned. Today, the look out onto a 4-storey condo building.
Zoning can change. I’ve talked to many people who buy a house facing an empty lot, and 2 years later they have something like a condo building or a shopping centre basically in their backyard.
This is just one of many questions a real estate agent will know to ask. By asking the right questions, you avoid problems in the future.
The Difference Between Buying New and Buying Resale
There are 2 big differences between buying a new construction and buying a resale home.
1. New homes are a longer process. In general, you’re looking at approximately a year between purchasing a new home and moving in. This won’t work if you’re in need of a more immediate move-in date.
2. Fewer inspections/negotiations. On a resale home, you have things like:
- Condition of finance
- Home inspections
These aren’t necessary for new builds. On a new construction, you’ll have a home inspection when you move in, and there will be 2 periods: 30 day repairs and 1-year repairs.
What this means is that little things you can see – splotchy paint or missing trim – will be fixed in 30 days. Things you can’t see, or more in-depth repairs will be fixed within 1 year.
We’ll Help You Buy Your Brand New Home
If you’re interested in buying a brand new home, come talk to us first! Our agents have the experience and knowledge to help you find the best home for your needs, and ensure that you love it from day one.