A message from me...
With the prices of established homes rising in cost so much over the past twelve months, new home construction has become an option for many buyers - and represents good value in most cases. When buying a new custom home built home, there are some important differences. There are things to consider and to be aware of when you build a home, compared to buying an established home.
For example...New home builders in BC must be registered by the Homeowners Protection Office. You can check the Public Registry of Licensed Residential Builders on the HPO website (https://hpo.bc.ca/homeowners) to ensure your builder is licensed. Another example is understanding the 2-5-10 New Home Warranty Insurance (an insurance that covers materials, workmanship and more on your new home), and being clear on what is covered and what is excluded. This is something I review with my buyers at the very beginning of the process.
Then you must choose your builder! Once you have chosen your builder, you will enter into a building contract with the builder. Most builders will have a standard contract that clarifies what is in included in the specifications, commencement and completion dates, and any other issues that need to be as clear as possible right at the start to avoid confusion or misunderstanding down the line. I will help my buyers understand these contracts, but will always advise them to get independent legal advice before entering into the final contract.
This is only the starting point in the what can be a challenging but rewarding process. I have had the pleasure of helping previous clients through this process in the past, and I have a good understanding of what you will need to know and be aware of, so if you are considering this option I would be very happy to meet with you and discuss it further.
On another note, I hope you all had a safe and Happy Halloween!
Stay warm and dry during this rainy season!
If you wish to check out the release from the Victoria Real Estate Board please follow the link below:
Inventory levels remain low this fall
"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."