Do your homework before you go shopping

Buying a home is a big decision. You need to do some homework before you get too far into the process. 
Know what you need. Spend time considering your housing needs. Is your family still growing? What sort of neighbourhood services are important to you? How long do you expect to live in the home and how will your needs change over time? Will you need a working space in your home? How much home repair and maintenance work are you prepared to do?

Know what you want. If you haven't toured a model homes in the last few years, have a look at the new designs and features available. A lot has changed! Visit model homes in your area to get ideas. This sort of "tire-kicking" is an important part of the process. Tell sales staff at the model sites that you are not ready to buy a home yet, you're just looking. Good salespeople will be happy to help without trying to push you into buying before you're ready.

Have a financial plan. Buying a home is an important financial decision. Start by talking with mortgage lenders or a builder who offers buyer financing. They can review your current financial situation and tell you where you stand in terms of a mortgage. Ask to be pre-qualified for a mortgage so you know exactly what you can afford to spend. Also ask about other "closing costs" such as mortgage insurance (if required), taxes, interest adjustments and land taxes. You want to know about this before you buy.

Know the professional home builders in your community. Before you look at new homes, contact your local Home Builders' Association and ask for a list of builders who are members. There are a good reasons why you should do this. In becoming a member of the BIA, a builder makes a commitment to our Code of Ethics. The importance of treating customers fairly and honestly is a central part of this Code. Builders who voluntarily take on this obligation are telling you where they stand and what you can expect from them.

As well, the BIA provides builders with a wide range of technical and business training courses, technical publications and other information. So BIA members have access to up-to-date knowledge about all aspects of the business.

Ensure that you get quality and value. Whether you look at a new or used home, you want to know you're getting your money's worth. 

If you're considering the purchase of an existing home, get a professional home inspection so you know what maintenance and repair costs you may face. It takes a trained inspector to recognize many of the defects common in older homes, from damp basements to roof leaks. Existing homes are sold "as is" with no warranty, so getting this information is your responsibility. 

With new homes, the builder or sales agent should explain what products and materials have been used in construction-everything from the windows and flooring to the heating system and exterior finishes. Many major components are backed by manufacturers' warranties-ask for details. 

In addition, reputable builders offer a complete New Home Warranty.  Ask the builder for details. 

CONTENTS:

A great time to buy a new home
Do your homework before you go shopping
Financing your new home
Buying a new home may be possible sooner than you think