A home is more than just a roof over your head. A home is a lifetime of memories waiting to be made, and compared to other dreams like a yacht or sports car, buying a new home is a pretty safe bet with new homes almost certain to increase in value in the long term. But with all that’s wrapped up in those four walls, buying a home is nothing you want to rush into.
Take your time, do your homework, and always look at a variety of new homes in your price range. To help you, we’ve put together 4 important things to consider before you buy a home.
Should you buy new or used? While older homes have advantages and charms, they also have significant drawbacks. The biggest is usually that old homes come with old plumbing, old wiring, old roofing, old flooring, old kitchens etc. If you're handy, you can fix them, if you're not, you pay someone else to fix them, which detracts from it being a good investment.
With a new home, you can pick a community that suits your lifestyle, and choose from a variety of contemporary styles and floorplans. When you've purchased from a reputable builder such as Morningstar Homes, you'll enjoy years of maintenance-free living if something goes wrong. And, because we build in some of the most sought after communities, your new home is almost certain to appreciate in value.
Find out the quality and reputation of any homebuilder you're considering buying a home from. In the building business a company's reputation is shaped by the quality they put into each home, because the ultimate test of a home isn't how it looks when it's built, but how it looks years in the future.
Talk to their customers. Ask if they'd buy a home from them again. Many of our homeowners would not only buy another home from Morningstar, but would recommend a Morningstar home to their friends and family.
Find out what kind of Service Program they provide. Morningstar's Customer Service Team will look after you from the time you buy until well after you have settled into your new Morningstar home. It's also comforting to know that in an emergency you can call on your Customer Service Team 24/7.
What warranties do they have, and do they handle warranty issues? Morningstar's Warranty Program and the Travelers Guarantee Company of Canada will cover your home with 2-year warranty on materials and labour, 5-year warranty on the building envelope and 10-year warranty on structural defects.
Find the right neighbourhood. If you have kids, that will mean great schools. The right neighbourhood will be convenient to the things that are important to you: places of worship, transportation, hospitals, shopping, banks, parks and recreation. Do the neighbours seem like people you want living next door? All these factors are important when deciding where to live.
Find the right style and floorplan. Architecture, landscaping, setback (the distance from the street to the home), lot size, roof line, elevation, proportion, finishes, site orientation and layout. They all combine to create curb-appeal, that feeling you get when you see a house that touches your heart. Try to imagine how you would live in the home, how will you get the groceries into the house, is the kitchen big enough or too big, do the windows allow for natural light. Make a wish list (there's one below) that takes all these things into consideration. Then go out and find a home that's perfect for you.
Real estate values aren't seasonal. Housing prices are determined by the overall state of the economy and market conditions in your area. So, unless your crystal ball is 100% accurate, the real answer is that the right time to buy is when it makes sense to you.
Helpful mortgage affordability information is available from various banks and financial institutions. Below are links to Morningstar project lenders: