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16 · NEW HOMES, March 12, 2004 P O R T F O L I O O F N E W H O M E S Compare several factors when selecting a new home I Other benefits of buying new include: t used to be that price dictated whether or not a · Modem layout/floor plans, finishing and construction home buyer bought a new or resale (previously including state-of-the-art materials, fixtures and technology owned) home. But competitive pricing between · Durable, sound construction utilizing modem building the two types has meant that buyers can make com practices and materials parisons based on different criteria, such as warran · Increased energy efficiency courtesy of modem ventilation, ty protection. heating, electrical and plumbing systems · The opportunity to custom select the home's plans, finish es, upgrades and decorative touches to suit personal taste and lifestyle · The opportunity to live in desirable locations in new and growing communities · Warranty protection (for one, two and seven years on vari Aside from cost, buyers should consider a number of other criteria and advantages. For example, new homes are most often bought from plans or models. This means new home shoppers have the advantage of selecting features that are designed to meet the needs of their individual lifestyles (addi tional rooms for growing families for example). ous components, including defects in work, materials and Ontario Building Code violations) under the Ontario New Home Warranties Plan Act, administered by the Ontario New Home Warranty Program (ONHWP) · Deposit protection up to $20,000 and up to $5,000 for costs incurred as a result of delays in closing or occupancy without proper notice · A choice of financing options through builders or banks, with competitive rates and terms These are just some of the advantages of buying a brand new home. Additional information about buying a new home and warranty protection is available at ONHWP's web site at www.newhome.on.ca. Read carefully before signing a legally binding real estate contract Continued from page 10 response, after which your offer is no longer valid. Read the contract carefully before signing it. Professional new home builders will go through the contract with you, point by point. This helps to eliminate errors or possible misunderstandings and is a great opportunity for you to ask questions. Here are some pointers for your contract review. Verify the description of the home (e.g. model name) and lot. Make sure you understand what's includ ed and not included in the base price of the home - particularly important if you have Ijased your decisions on a model home with a mix of standard and upgraded features. Check that any extras and upgrades you have chosen are documented accurately (e.g. model, brand name, size, colour, price). If the price includes allowances - for instance, for lighting and kitchen cabinets the amount should be noted in the contract with a description of what happens if you go over or under budget. Payment milestones should be clearly outlined - e.g. initial deposit upon signing of the contract, additional deposit when condi tions (if any) have been met, possible con struction advances and amount due on clos ing (when you take possession of your new home). The builder (or sales representative) should issue a receipt for the deposit and a copy should be attached to the contract. The builder's refund policy and third-party deposit warranty should also be described in the contract - your protection in the unlikely event that the builder for some reason is unable to honour the contract. How will you pay for the home? This must be noted in the contract. It may be as simple as "cash", or a description of your mortgage (amount, interest rate, term). If the contract is conditional on financing, this must be noted clearly, along with the number of days allotted for obtaining the mortgage, the process for notifying the builder and what happens if the mortgage application is turned down (i.e. the contract is null and void, and the deposit will be returned in full). All other conditions, such as the sale of your current home or a favorable review of the contract by your lawyer, must be similar ly detailed. That way, nothing is left to chance or misinterpretation. If the new housing tax rebate is assigned to the builder, it should be noted. All attachments or schedules that form part of the contract must be referenced in the main contract document. This includes site plans, drawings, specification list, design and approvals process for customized homes, and sq on. The closing date is the day you take pos session of the home. Ask your builder to explain how any possible delays will be han dled. A home purchase is a significant invest ment, so consider having a lawyer review the contract before you sign it. A good approach is to go ahead and final ize the contractual arrangements with your builder first, but to make them conditional on a favourable legal review. That way, you are certain that you have reached an agreement with your builder before you invest in legal advice. Check www.NewHomesMonth.com for more information about new homes, the home buying process and for the names of professional new home builders in your com munity. MacDonald Cartier Freeway »&lnom4 IN MILTON iHUttXt&X, WtriMtt Main St tAiexaratef P tn / fb u m I W l !** · IN TRO DU CIN G A COLLECTION OF STATELY H OM ES W IT H A CLASSIC EUROPEAN FLAIR SALES OFFICE M ilT O N h*ti MANOR PARK SIT E Brittania Rd, (905T693-8811 Owvtt* UHtogat DMngtoem ur-rtti'-r SALES C EN TR E H O U R S MON - THURS: VVKNDS&HQLIErtfi 1 PM - 7 PM N O O N - 6 PM CLOSED FRIDAYS O i m e l e s s b y COSCORP www.coscorp.ca E S I G N 1 Prices and specifications arc subjecyo change Without notice* E .& 0,E,