Who looks after the Home Buyer when buying a New Home? A savvy home buyer must look after his/her own interest when buy a new home. Unfortunately many buyers believe that the sales representative working for the builder and the home warranty program offered by Tarion is all that they need. This can easily lead to disappointment, frustration and financial lost. Buyers need to do their homework: 1. Check out the builder; this is critical due to the fact that many of the flaws found in the new home is not covered by the Tarion warranty or that the Tarion performance standards leave a lot to be desired. Example, if the tiles in your front foyer cracked or loose, this is Tarion policy; “Where floors are not required to provide water resistance, cracked or loose tiles resulting from normal shrinkage of materials due to drying after construction are excluded from the statutory warranty.” Many defects will fall under repairs made as part of “builder goodwill” and these types of repairs can make the difference between a positive buying experience versus a never ending headache and financial loss. Finding the right builder is not easy, you cannot count on Tarion for much help, see this article from the Toronto Star – thestar/news/canada/2013/07/06/star_investigation_homebuyers_not_getting_full_picture_from_protector_tarion.html Talk to your relatives and friends to see if they have had positive experience with a new home builder. Talk to home owners already living in homes built by the builder you are considering. 2. Use a buyer’s agent; this agent will be looking after your interest and will use her/his years of experience to guide you through the buying experience. 3. Find a registered home inspector (OAHI); depending on the inspector background he/she may be willing to look at the plans and options to offer advice before the contract is signed. You will also want this inspector, who is trained in new construction inspection (CAHPI), to inspect the house before either the 30 day and/or one year warranty form(s) are filled out. It is critical that these forms are submitted in time and that the proper follow-up is completed or the warranty will be considered closed by Tarion. 4. Have a lawyer review the contract before you sign; many contracts are very one sided in favour of the builder. I have provided a link to a “Money Sense” article that I believe all new home buyers should read; moneysense.ca/2011/11/21/the-top-10-mistakes-new-home-buyers-make/ Please feel free to contact me if you have any questions and "Share this status with your friends. Paul Christensen RHI, NCI [email protected] 1-866-841-1370
Posted on: Wed, 17 Jul 2013 14:03:44 +0000
Trending Topics
Recently Viewed Topics
© 2015