With a bustling, unique lifestyle you can’t get elsewhere and a relatively affordable real estate market, Kingston is the place to be for anyone on the hunt for a new place to live. Constant innovation and development, combined with an abundance of existing homes and century houses also means a wide range of options are available, each more fascinating than the next.
Is a shiny, pristine, newly constructed residence calling your name? Or are you more attracted to an established neighbourhood full of history and homes as unique as the people who live in them? Either way, you’re in for an exciting and rewarding experience.
Are you searching for a knowledgeable professional to support you while leading you to the best possible outcome? Here’s Why You Should Buy a House With Caldwell & Co.
What to Consider Before Buying New Construction
The nice thing about buying a new, fresh-to-the-market house is that no one has ever lived there before. Everything is untouched, complete with state-of-the-art features and flawless contemporary style. Best of all, there are no signs of wear and tear in sight. The chances of something failing at this point are low. If it does happen, manufacturing defects are covered by your Tarion warranty.
The problem with a new home is that no one has ever lived there before. It’s the flip side of the same coin! Everything is so brand new that it perhaps doesn’t quite feel like home, at least not yet. Think of how you feel when getting the keys to a luxury car right off the lot. It’s so perfect, you’re almost afraid to drive it. The same concept can apply.
Often, the neighbourhood itself is also in development. The shops, variety stores, parks, and playgrounds have yet to arrive and give your location its character.
Some people love everything about a brand-new area and just can’t wait to be a part of what the community will become. Others can find this type of environment a little unsettling. Different people have different preferences; that’s what the decision really comes down to.
If you’re buying pre-construction (a house or condo that hasn’t even been built yet), there is another consideration. Delays can be common, and sometimes, projects can get cancelled due to situations beyond anyone’s control.
If you’ve got a specific timeline in mind, pre-construction might not be the best path. For first-time buyers or retirees with no set plans, the flexibility could hold massive appeal.
Whether you choose an old home or something brand new, you can’t go wrong with beginning your search in Kingston. Find out why in the posts below:
- A Homeowner’s Ultimate Guide to Kingston Real Estate
- Exploring Our Favourite Nature Trails in Kingston
- Where Is Kingston, Ontario?
Tips for Navigating a New Construction Purchase
Buying directly from a builder is similar in some ways to a standard transaction, but it can also be very different. Instead of an open house, you have a model home, with a friendly builder’s salesperson just waiting to welcome you.
Be careful, however. The builder’s representative is there for the company’s benefit, not yours. For the best results, value, and experience, you will want an experienced Realtor® to advocate for you and ask all of the hard questions on your behalf.
Some builders are meticulous and highly reputable; others are less so. Most of the time, a new house will be in superb condition, meeting or even exceeding the strictest of standards. This is not always the case.
We have had home inspectors report finding more items needing repair or adjustments in a brand-new home than in a century-old home! One real-life example had over 70 items to rectify before the buyer moved in.
That is why walk-throughs with an experienced real estate agent who represents you are so critical. If you miss an issue and then sign the final Agreement of Purchase and Sale, it becomes your responsibility.
Is your dream home waiting for you right here in Kingston? Find out by browsing some of our featured listings.
Representation Is Essential for the Best Value
Prices tend to be set when buying directly from a developer, and there is less back and forth than you get with a regular transaction. However, that doesn’t make expert negotiation any less important.
For example, we once worked with a builder on behalf of a client who wanted a custom home in the countryside. We researched relentlessly to find just the right lot for their dream home. It was our job to then communicate the buyer’s vision to the builder. Along the way, we managed to negotiate changes to the floor plan – as well as a few upgrades to the final finishes.
Looking for more tips to help you make the best decisions during the home buying process? Start by reading the posts below:
- The Complete Home Buying Checklist
- The Hidden Costs of Buying a Home
- Buying a Home: Separating Myths from Facts
Why and When to Choose a Resale Home
A resale home means that someone has already owned the property and has now decided to sell. The house could be a few years old or as old as Kingston itself. (You should see some of the stunning century homes throughout the city; they really don’t make architecture like that anymore!)
Lived-in houses don’t come with pristine, untouched features or a Tarion warranty. However, they can have character and visual interest that new builds often lack. For many people, the older the residence, the more it just feels like home.
Whether or not there are disadvantages that might dissuade you from a resale property again comes down to preferences and your individual situation.
Overall, the cost to buy an existing house is usually lower than with a new-build even though your down payment is not spread out over multiple installments. Plus, you can get into the market with as little as 5% down, depending on the total price of the home. This is rarely true when buying new construction.
In exceptionally busy markets, bidding wars can drive up the price as you compete with other buyers. This is also the case with a new build, as developers will often advertise their homes in a way to create competition and increase their profit margins.
The Truth About Risks and Warranties
The lack of a warranty is a concern for some buyers who may worry about issues after taking possession. Fortunately, many of these potential problems can be exposed by a thorough home inspection, either before you purchase or as a condition of your offer.
With this knowledge, you can now make an informed choice to negotiate, walk away, or weigh your budget against the cost to address any deficiencies. Another advantage of older homes is that they have more time to present and resolve any issues.
New homes aren’t exempt from problems. Every house shifts and settles over time, creating foundation cracks and other concerns that have long been rectified with most resale homes. While a Tarion warranty will likely cover some of these issues, the protection period is tiered and expires completely within 7 years.
In any situation, a skilled real estate agent can help you uncover hidden gems in the market and negotiate the absolute best value. With dedicated, knowledgeable guidance, you can proceed with confidence, whether buying a gorgeous resale home or a contemporary new build.
Are you ready to start the search for your new house? Our Kingston real estate agents are happy to help you through each step. Reach out to us at caldwellco@royallepage.ca or call 613.449.6588 today.
Meet Your Market Guides
Caldwell & co. is your all-in-one resource for everything real estate related in Kingston, from community highlights to market-shifting trends and hands-on transaction guidance.
