Questions are an integral part of the new home buying process. Here are some that you may have and the answers to put your mind at ease.
How do I know I can afford a home?
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
How much should I put aside for a down payment?
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.
How can I ensure the builder is reliable?
Research and talk. Browse through builder websites. Talk to homeowners in the neighbourhood(s) you're interested in. Find out if they were satisfied with the level of after-sales service. Research the builder and their track record on websites such as Tarion and JD Power.
Can I customise my new home?
Yes, you certainly can. That’s the advantage about a new home; you can choose all the interior finishes to match your personal taste.
Will I get help when I select my colours and finishes?
The answer is yes. Brookfield’s experienced design consultants are there to guide you through the process of choosing a beautiful palette and finishes to make your home your oasis. They are there to help you personalize your home to reflect your tastes.
What is a PDI?
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).