I want to buy a new home. Should I get my own agent?
Typically, new home sales are done through a builder’s model home. You stop by one of their open houses, meet the builder’s sales representatives, and proceed to obtain all your information and prepare an offer with them. Where is your representation in all of this? The builder has an entire arsenal of people representing his interests, but who is looking out for you?
It is a good idea to enlist the services of your own Buyer’s Agent. Someone who you feel comfortable with, who will look after your best interests and work on your behalf. Choose an Agent who is familiar with new home contracts and the clauses that are unique to them.
Prior to viewing any model homes, meet and discuss your thoughts about buying a home with your chosen Buyer’s Agent. Then the two of you can discuss which new home builders to visit. Who is building a style of home that appeals to you? Which neighbourhoods are attractive to you? Is one Builder offering features that are of particular interest to you?
Your Buyer’s Agent should accompany you through the model homes to point out things you may not notice and to discuss layouts and potential locations for your new place. New home builders often install many highly upgraded items in their model homes, so you won’t get what you see unless you are prepared to pay thousands of dollars for the upgrades. Your agent can negotiate on your behalf and lead you through the offer process.
In most cases, your Buyer’s Agent will be paid by the builder, but don’t hesitate to ask where their fee will be coming from.
Overall, in the GTA, new homeowner satisfaction is down. (On a 1000 point scale, 674 points in 2009, down from 710 in 2008.) This has to do with home readiness and service/warranty staff factors. Currently, Brookfield homes ranks highest with an overall satisfaction score of 861. Mattamy Homes (834) comes in second and Tribute Communities (811) rounds out the top three. It’s a good idea for you to find an agent who is familiar with the new home market. Someone able to assist you in finding you the new home that fits your dream.