Buying a brand new housefrom the builder


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Surjeet   
Member since: Nov 01
Posts: 47
Location:

Post ID: #PID Posted on: 18-07-07 11:21:18

Hello Guys,

What are the advantages/disadvantages of buying a brand new house v/s buying preowned house?

Also there are few constructions companies offering your "build your own home" services. Have anyone experiences?

Thanks in advance.



Simmi   
Member since: Feb 07
Posts: 77
Location:

Post ID: #PID Posted on: 18-07-07 12:02:22

9



Simmi   
Member since: Feb 07
Posts: 77
Location:

Post ID: #PID Posted on: 18-07-07 12:02:25

repeat post



Maharaj   
Member since: Oct 02
Posts: 1721
Location: Brampton

Post ID: #PID Posted on: 18-07-07 13:53:44

I bought my first home from Builder (Mattamy) and experience has not been bad at all.

- I booked Semi with 15,000$, I got keys after a lil above 1 yr.
- I knew what I was getting by looking at Blue Print. I know a bit to read drawings though I am not civil engineer or architect - But more interestingly, say if you are looking at 1500 Sqft Semi detached, no mater which builder you go for - layout & design will be more or less same.
- You have a choice & selection for standard & extra
- It is covered under Tarion Warrenty.
- Mattamy has been good so far with any small or big complains.
- I bought in Phase II, & phase III was coming up near by ... so first 6 months were bad with regards to Noise & Construction
- The best part that I liked about new home is that you are choosing & enjoying everything new & of your own choice which includes Appliances, Curtains, Patio, Plants, Room Reno
- Yes, you can't make any major construction change in first two years ... but believe me, you won't have time or money :) to do that at the end of first 6 months.

- I paid around 20K as closing cost (lawyer fees + appliances + water tank + curtains + don't remember all specifics). Around 11k went in Appliances. This 20k includes almost 5k that could very well have been avoided if wanted.
- I didnot buy this house thinking of resale.

Its again personal choice. Some like to touch before buying. We did not fall in that category.


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Mumbai Maazi Ladki ...


Surjeet   
Member since: Nov 01
Posts: 47
Location:

Post ID: #PID Posted on: 18-07-07 19:03:03


Thanks for replying.

Is it blue print only you can see? I thought the model homes are there to see.

Is it possible that the builders may have ready houses for sale? Or are they always prebooked?

Looking at your replies it looks like I should not go for new ones.

Anyone with positive things about it?



alexm   
Member since: Jun 05
Posts: 419
Location:

Post ID: #PID Posted on: 18-07-07 22:51:03

One of the posters here mentioned a bad experience with a builder (I think it was in Vancouver?) where the builder hiked the price by 80K after a year.

Someone mentioned that these builder's contracts are loaded in their favor, and there isn't much you can do about it.

Can't find the link. Something to be aware of....



tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 19-07-07 09:29:30

Since i am in the contsruction field, I can share my 2 cents with you.
Buying a new house is probably a good decision if :
1. You are planning to stay in that area for 2 or 3 years
2. YOu want your house 1 year from now
3. Appriciation is more if you can wait for 3 years.

Buying a new house is very suitable if you are (say a new immigrant) and you have job which gurantees you stability and if you are prepared to buy a house 1 year from today, then you can go ahead and book a house. Your price is locked in and you donot start paying mortgage until the day the house closes. You donot pay the expensive brokerage (5%) and you get a very good profit in 3 or 4 years since the house is new and all amenities will be nearby in 3 or 4 years since your house was built. reputed builders (Greenpark, Mattamy, Regal craft, Regal crest, Aspen ridge homes) donot back out of their word or commitments.
There are a instances where the builder is not able to sell some houses in a sud division but does build it by his own so that the sub division is complete. you can buy these . An example that i know is (ISlington and QEW) where townhouses are for sale (free hold and 400K). Generally when the area is not good or if the price is very high, you will see such examples.
There are builders who can give you custom plans for $5K more. So in those cases, you can design your own inside to match to your taste or customs.
The downside is that it is very hard for you to back out of the contract (not that it does not happen with the resale homes too).

TK A


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I am a Gents and not a Ladies.




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