Don’t forget closing costs when buying a home Legal fees: In Ontario you are going to need to hire a lawyer to complete the sale of your home. Talk to your lawyer, or potential lawyers for their fees. Also make sure you are clear on what their fee will be, and also what other charges…Details
Working with a builder
Deciding to build a new home is a great adventure, one that some people come to right away, as they do not want what others have chosen. They may also have exact needs that they know are not available or are difficult to find.
Where do you start?
First job is understanding what size and style of space you need. This starts with understanding the room sizes that are a minimum you require for either furniture you currently own or plan on purchasing.
The next step is, like any home purchase, understanding what budget you have as it is the key to knowing what neighbourhoods you can choose. Go and see your banker or mortgage broker and know what your maximum is as there are bound to be upgrades that you will want no matter how well planned your new home purchase is. Usually people spend 5-10% more than they initially contract for, so be ready.
Once you know how large a home and how much you can afford the search begins. Hiring a professional realtor can aid you with this process as it’s a Realtor’s job to know what is available and they will help you with negotiating the contract. If you walk into a building home site often the builder will not agree to pay a Realtor as they did not do the initial introduction and you will be on your own to negotiate – so find your Realtor first.
Now that you have your Realtor, budget and housing requirements set, your Realtor will make sure that the builder is Tarrion approved and in good standing.
You will now go and visit the sites in the locations that you find most advantageous to your lifestyle. Gather all of the floor plans, specifications, site maps and take them home or back to your Realtor’s office. Certain plans will only fit on specific lots as the width of the home needs to allow for side yards as required by the local building department. In London Ontario, in most subdivisions, it is at least 4 feet on each side of the home. The wider, deeper, and better the lot, the greater the premium. In London, most builders buy their land from a independent developer and will have zero room on the price of the land component to negotiate on.
Knowing which plan to pick is a matter of getting out the graph paper, drawing the rooms, cutting out the furniture, and placing the furniture to make certain that your stuff is going to fit. There are great resources on-line for helping to understand the minimum space needed between things to make the space work properly. If this seems daunting, a space planner is a great asset to have on your team to make this process even easier.
Have a look at Harasym Developments Inc for examples of working with a great builder, and viewing some options for floor plans.