If you are a first-time home buyer, it’s important to find out what kind of mortgage you can afford even before you start looking. Once you know how much you can put down, contact a bank or mortgage broker about getting qualified. Based on personal information such as your income, debt and assets, you can receive a pre-approved mortgage, including an interest rate commitment for a set length of time. Once you receive a pre-approved mortgage, you can confidently purchase your home.
For more information on new home financing, visit www.cba.ca [Canadian Bankers Association]. It offers two helpful brochures called Mortgage Wise and Managing Money. Or call 1-800-263-0231
Down payments can vary from individual to individual. A conventional mortgage down payment is 20% of the value of the home, however there are mortgage options now that can offer you a 5% down payment.
The Pre-Delivery Inspection (PDI) is the first time you’ll visit your new home in its completed state. During this inspection you will learn how to operate and maintain your new home as well as ensure that everything has been built according to your Agreement of Purchase and Sale (APS).
Concrete floors may crack during curing due to shrinkage. The drying process of the concrete is a normal process in new home construction. Only when cracks are greater than 6mm in width should the builder be notified.
The curing of the materials used in the construction of your home (ie. concrete, and lumber) may cause dampness in the basement or condensation on windows. Maintaining a proper humidity level in the home prevents damage to the components of the home (such as hardwood flooring) and, more importantly, physical health. The level of humidity can be maintained by dehumidification, ventilation and air conditioning. However, some condensation can still be expected.
Throughout the first year of a new home, there is a varying amount of settlement. This settlement is what causes the nail/screw pops, and cracks in drywall. Unfortunately, these deficiencies are unavoidable. At the 11TH month anniversary of your home, our policy is to repair all drywall deficiencies; however, we do not repaint.
Natural wood products are highly reactive to changes in humidity. Properly maintaining the level of humidity in your home will help mitigate any problems.
In accordance with the Ontario Building Code, to help reduce the amount of water used for waste, all new homes are required to be equipped with low-volume toilets. These new toilets use less water to flush, which may result in additional flushes.
The first two to three weeks after installation it is imperative that your grass is watered heavily between 9:00pm and 9:00am. This will ensure a healthy, smooth lawn and will reduce the prevalence of weeds.