Questions About New Homes in Yonge & Eglinton

A custom-built home is designed according to the buyer's specifications. Pre-construction houses are designed and constructed by a developer. Buying a custom-built home allows the buyer to tell the builder what they want and what materials they want to be used in the home. However, custom-built homes may take longer to build and cost more than resale or pre-construction homes. The advantages of purchasing a pre-construction home also include the fact that it is less expensive than buying a custom-built home or a resale property. Additionally, upgrades can be made to customize the home. There are some differences between buying a pre-construction home and a customized home, such as the home's appearance will be like other newly constructed homes in the area, and buyers cannot select the materials that will be used.

There is a possibility of construction delays, whether it is due to a shortage of materials, adverse weather conditions, or other unforeseen circumstances. In the event of a delay during construction, the buyer and developer will follow the terms of the contract. If your occupancy is delayed, you may be entitled to compensation. When buying a pre-construction property, it is a good idea to have a real estate lawyer present. If a buyer receives legal advice, they can determine if the contract has been violated or find out what their rights are as buyers and guide them through any legal steps in the process.

Down payments for properties typically range from 20% to 30%, depending on the developer. In the case of a 20% deposit, payment of the 20% down payment is made in several installments. A 5 percent down payment will be due within the first 90 days, followed by another 5 percent after 180 days and a final 5 percent before occupancy.