There are a lot of new construction opportunities available in Kelowna: single family homes, townhomes and duplexes, and condo projects. Kelowna continues to grow. There are many developments and communities under construction and on the horizon. When buying real estate in Kelowna, many buyers contemplate a new home in one of Kelowna's growing communities.
Developer's / Builder's Reputation
Unless the home is already built, you're buying a promise based on a plan. That's why it is important that the developer/builder has a great reputation. What are other homes and projects they have built? Do they have references? This is one area where having a Realtor representing you is a big help, especially if they have experience in new homes and developments. The team at Nyrose & Associates have built relationships with both home builders and developers and have the pulse on who has built one when. And, while every new builder or developer has to have a 'first project' sometime, we know the potential warning signs and what to look for (and how to ensure your contract protects you).
If the home or building is under-construction or in pre-construction, it can be difficult to ascertain the finished quality. This is where you want to ensure you understand what is included, what are offered upgrades, and how much choice and selection you can have. And, get it writing! If you're making selections, upgrades or changes be sure you get it in writing.
Some people have great spacial awareness can can look at a floorplan or rendering and really feel the flow, size and space. For most people though, it's a bit more difficult to understand or imagine what the floorplan will feel like once built. Ask questions. Having someone on your side who can really walk you through the floorplan and help you know what questions to ask is key.
Typically, there's a lot less room for negotiation when buying a new home. Builders and developers do not like to lower base pricing on homes because it can alter the comps of the development and result in other buyers also looking to negotiate. That being said, sometimes there is room to negotiate financial incentives or discounts on upgrades.
This is two-fold. You want to ensure you have an understanding on the timeline for your own home to be ready for move-in. In addition, it's important to be aware of anticipated completion of the whole project. In other words, if you're one of the first homes, how long will you be living in a 'construction zone'. Also be sure to understand the anticipated completion of any amenities.
Understand your new home warranty, what is included and for how long, and how you go about making any potential warranty claims. On this note, it's also good to be informed on the various companies that were used in case you have issues or have any questions.
Our number 1 tip for buyers looking to purchase a new home is to ensure you have experienced representation. The contracts and process for buying new can be vastly different from re-sale. We recommend that you use an agent with experience in developments and new construction. You will then be able to rest easy knowing you have the right experience on your side.
Nyrose & Associates' realtors are all experienced in new home sales, working with both buyers and builders/developers. Put our experience and knowledge to work for you. Are you looking at new? Get in touch today: 250-258-9888 or email firstname.lastname@example.org
Learn More About Buying New:
Every day, we get asked questions from interested buyers, sellers, homeowners and industry professionals. We love to share our knowledge. Do you have a question you’d like the team to answer? Email email@example.com with your question and we’ll get it answered!