Chris Lamb of St. Catharines Explains How Pre-Construction Homes Work
When you consider buying a pre-construction home, you really need to do the necessary due diligence to prevent any surprises down the road. Unlike a resale, a pre-construction home means you’re buying a brand-new place to fill with your own memories. From choosing the right floor plan to maximizing your return, there’s a lot to consider about pre-construction homes.
Chris Lamb of St. Catharines, Ontario, is a property developer and investor. His passion allows him to work around the clock. Currently, he works under Revel Realty in Niagara Falls with a fun and compassionate group of people. Buying a pre-construction home is a multi-step process, he says, and patience is truly a virtue. From the time you sign the documents to the day you finally get the keys to your finished property, there are a lot of aspects to consider.
Why Choose a Pre-construction Home?
One of the advantages of buying a pre-construction home is that you won’t have to make a large down payment. Meanwhile, as the property nears completion, the value of the home goes up. And when you consider that you can also make customizations to the place according to your specifications, you can see why more and more people prefer pre-construction homes. Other advantages include low costs and a litany of amenities that old homes don’t usually have. Not to mention that new homes are usually built with new technologies that make them safer and more convenient to live in, says Chris Lamb. By purchasing a pre-construction house, you are buying a home that is ready to move into and will likely not require any renovations or upgrades for several years.
Chris Lamb on Buying a Pre-construction Home
According to Chris Lamb of St. Catharines, there’s more to buying a pre-construction home than meets the eye. You should start by researching the developer of the property you plan to purchase. You want to make sure they have a good reputation and that the completion date is set beforehand. Even before you sign the contract and make the down payment, negotiate with the builder to make the payments in increments payable at the completion of each construction stage.
After you sign with the developer, there’s usually a 10-day cool-off period in case you change your mind. Also, make sure to have your own real estate agent who represents you as opposed to relying on the developer’s agent. While looking for an agent, you might as well shop around for a mortgage that works best for you. You always have the option to go with the bank or lender the developer works with.