Zoocasa
Sold Prices
Map
Market Insights
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Zoocasa
  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
Home Pre-construction

5 Questions to Ask Before Purchasing a Pre-Construction Home

Emmy Cao by Emmy Cao
August 2, 2023
in Pre-construction
Reading Time: 3 mins read
A man screwing in a screw.
Share
Tweet
Share
0 Shares

Buying a pre-construction home offers the allure of owning a brand-new property tailored to your preferences. However, before diving into this exciting venture, it is crucial to ask the right questions. Let’s explore five essential questions to help you make an informed decision when purchasing a pre-construction home.

Understand Your Financial Capabilities

Finances are always an important consideration when purchasing any type of home. Almost all pre-construction homes will need a mortgage pre-approval within 30 to 60 days of purchase. Securing a mortgage pre-approval should be the first step when considering purchasing a pre-construction home. Before proceeding, ensure that you have a clear understanding of your financial capabilities and have obtained pre-approval from a reputable lender. Knowing your budget and having pre-approval in hand will help you determine the price range within which you can comfortably shop and save time by focusing on properties that align with your financial situation.

  • Read: Navigating the Next Steps After Purchasing a Pre-Construction Home

Do Your Research

Researching the builder’s credentials and track record is essential to ensure you make a sound investment. Investigate their reputation, experience, and previous projects. Check if they have any outstanding litigation or complaints filed against them. A reliable builder with a solid track record increases the chances of a smooth construction process and ensures the quality and value of your future home.

Check the Dates

It is important to find out regarding projected occupancy dates and completion dates as this is vital for planning your future. Be aware of potential delays that could affect the construction process. Delays are very common in the construction industry, and factors like weather, labor shortages, or permit delays can impact the completion date. Being aware of these possibilities will help you set realistic expectations and make contingency plans if necessary.

Find Out About the Rules and Fees

If the pre-construction home is part of a planned community or a homeowners association, familiarize yourself with its rules, regulations, and associated fees. These bylaws and restrictions are provided in the disclosure documents and should always be taken to a real estate lawyer to review. Additionally, inquire about the amenities offered within the community to help determine if the community and amenities align with your lifestyle and preferences.

  • Read: Buying a Pre-Construction Home: Do You Need a Real Estate Agent?

Find Out About Assignments

Purchasers often want to be able to assign their interest prior to closing. It is important to find out if assignments are allowed, the fees associated with assignments as well as the rules and regulations that are in place regarding assignments so that if you do decide to sell your pre-construction home, you are prepared. 

Purchasing a pre-construction home is an exciting opportunity to create a customized living space. By asking these essential questions, such as mortgage pre-approval and finances, builder credentials, completion date and potential delays, bylaws and amenities, you can make a well-informed decision and navigate the pre-construction home buying process with confidence. Remember, thorough research and due diligence are crucial to ensure a successful and satisfying home purchase experience.

Our agents are here to help you work out the best move forward in your home-buying journey. Give us a call today to learn more about pre-construction homes, interest rates, and real estate activity.  

Considering a pre-construction home?
Contact us today to speak to a Realtor in your area
Previous Post

Indulge in the Ultimate Staycation: Burlington Home with Indoor Pool, Private Theater & Center Courtyard

Next Post

Here’s What Canadians Earning the Median Income Can Afford to Buy Across Canada

Emmy Cao

Emmy Cao

Emmy has been involved in the preconstruction industry since 2014 working on both the sales side as well as directly on the builders side. Outside of work, you can often find her playing different kinds of sport, going on hikes and exploring new restaurants.

Related Posts

A photo of a banner of The Well
Canada

Exploring Life at The Well: Toronto’s Vibrant New Mixed-Use Community Redefines Urban Living

April 26, 2024
An unfinished condo building
Canada

When a Pre-Construction Developer is Unable to Complete the Project: What’s Next?

January 10, 2024
Pre-Construction and Newbuild floorplan
Ask the Pros

The Evolution of Dens in Pre-Construction and Newbuild Homes

November 27, 2023

Blog Search

No Result
View All Result

Newsletter Sign-up

Join a community of 130,000+ subscribers. Don't miss important real estate news, market data, and buying and selling tips.

Recent Articles

A woman sitting on a bed, looking relaxed, with a fan blowing gently beside her.

How to Keep Your Bed Cool in the Summer and Sleep Through the Heat

July 25, 2025

8 Best Malls in the GTA to Beat the Heat This Summer 

July 24, 2025
mountains, cherry blossom and vancouver skyline

6 Moments That Made Vancouver’s Market the Real Estate Rollercoaster Ride of a Decade 

July 23, 2025

5 Ways Calgary Real Estate Transformed Over the Past 10 Years

July 23, 2025

Featured Listings

A black house perched on a rocky hill, surrounded by a clear blue sky and distant mountains.

Discover Canada’s Most Unique Homes: 14 Can’t-Miss Properties

July 17, 2025

6 Best Cities for Affordable Luxury Homes in Canada Under $1M

July 10, 2025

5 Canadian Cottage Regions That Make the Perfect U.S. Buyer Getaway 

June 15, 2025

From Skyline Views to Private Escapes: 5 Luxe Calgary Homes for Sale

June 10, 2025
first-time home buyer programs and rebates

Social Media

250 The Esplanade Suite 408 Toronto, ON M5A 4J5

Stay Connected

  • Blog Home
  • For Buyers
  • For Sellers
  • Real Estate News
  • Mortgage News in Canada
  • Free Guides (PDF)
  • Real Estate Infographics
No Result
View All Result

Zoocasa © 2007–2022. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.