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Things To Consider When Purchasing a New Home Part 1: Financing

The best place to start is by talking to either your bank or a mortgage specialist. There are pros and cons for both. With a bank, they already have your details on file and getting started might be easier. As well having a mortgage through your bank makes the banking easier as everything is in one easy place. On the other hand, when you apply for financing at a bank, they will only give you the posted rate. If you want a better rate, its up to you to find a better rate, then bring that rate back to your bank so they will match it. Another consideration, Banks are typically only available on week days, during working hours, so you may find the time it takes to approve you is slightly longer. If conveniency with your ongoing banking online is important to you, a bank may be the better choice for you.

A mortgage specialist on the other hand, is a third party professional you hire, whose purpose is to represent you and is dedicated to finding you the right financing that meets your specific needs. They can choose from hundreds of potential lenders so only the lender that is the right fit will get the business. Other advantages of going with a mortgage specialist is that they work for you. Unlike the Bank employee, a mortgage specialist only gets paid upon completion of work, so they are more likely to go the extra step; things like taking your call in the evening or working on weekends to get you approved sooner.

Did You Know: Mortgage Specialist also have the ability to shop at the major banks too. So if your intention is to keep things simple by financing through the bank but still want your own representation, a mortgage specialist can do that for you.

Speaking with a Mortgage Specialist or bank should be your first stop before beginning your search for a new home. They will pre approve you and give you a budget to stay within. They will educate on what you should and should not do with your credit from now until you move in (good example: “don’t buy a new car before your possession date!”). By doing all the preparation upfront, your shopping experience will be much more positive and less rushed. Once you know what you can afford, it simplifies what type of home to shop for.

Pro tip: When purchasing a new home, don’t max out your budget on price alone. You want to allow yourself approx. 10-15K for choosing upgrades and such.

Today’s new homes offer more benefits than ever before. Here are the Top 10 reasons why many homebuyers prefer new over pre-owned:

1. Design it Your Way

When you purchase pre-owned homes, what you see is what you get. Buying new on the other hand gives you the option of selecting your own cabinets, countertops, appliances, carpets, flooring and much more. When you build a brand-new home, you can choose the latest bath and kitchen fixtures, lighting and other options that you love. Whatever you choose, your new home will reflect your style, not the previous owners.

2. Choose a Plan and Layout that Meets Your Needs (and budget)

Need a three-bedroom layout upstairs instead of two? You got it! Want modern 9-foot ceilings with pot lights throughout the main level? Done! How about a bathroom with in-floor heating and a walk-in shower? Building new puts you in charge. Get all the things you want, leave out the things you don’t. Everything can be exactly the way you want it, without the stress of living in a renovation. It also means saving money. Besides the initial down payment, your mortgage payments don’t start until you move in!

3. A 10 Year Warranty Provides Peace of Mind

Along with meeting strict guidelines, reputable new home builders also partner with the Alberta New Home Warranty Program to not only stand behind the work they do, but also provide you, the new home-owner with peace of mind throughout the first years of living in your new home. Bonus - these warranties are also transferable to new owners in case you decide to sell within those first 10 years.

4. Energy and Cost Savings

Build new, and enjoy saving more on utility bills every month. Newer technology and stricter building standards means your new home will be equipped with energy saving features like double or triple paned windows, spray foam insulation, higher efficiency furnaces, and even high tech add-ons like HRV (Heat Recovery Ventilation) to further boost efficiency and lower utility costs. Energy Star Appliances that require less electricity to operate only further compliment your new home’s lower energy costs. In fact, a 2016 survey by the National Association of Homebuilders found that 90 percent of respondents listed Energy Star appliances as an essential or desirable feature in their most-wanted list.

5. Better Comfort and Indoor Air Quality

Today’s new homes are built to meet strict energy standards. Trades constructing the home are held to a much higher degree of aptitude and are required to meet codes that were not present in the past, especially when it comes to air quality and comfort. New homes are equipped with mandatory high-performance energy efficiency systems that use state-of-the-art ventilation and air filtration. The result is year-round, leak-free comfort without sacrificing indoor air quality.

6. Lower Maintenance

New homes are built using higher efficient materials that are designed to withstand more abuse. These building systems and components also require less care and maintenance. Another plus - these same building systems and components are designed and engineered to work together. That means less maintenance and worry about the longevity of your new home.

7. Community Amenities

Many don’t realize this but your new home, is in a community that also incorporates modern design and features. Did you know that many new communities are designed to be more walkable, meaning more paths, green spaces and accessibility? The same is true for commuters. New communities are designed to use less roads, and feature convenient and centralized amenities like parks, schools, and places of worship. Many new home communities also feature hiking trails, protected open lands and some of the best new schools and shopping centers.

8. Optimized Technology and Design

Some things in an older home might not make sense financially to update or renovate. While replacing the old single-pane windows with modern high-performance windows, or adding higher grade insulation might be feasible, other items like updating the HVAC system, Electrical or plumbing systems might be an investment you will never make back. Getting 9-foot ceilings may be out of the question for a pre-owned but it’s very much a reality (and often the norm) in new home builds.

9. Safety First

Circuit breakers that shut off to avoid short circuiting your electronics, Garage door openers that sense when a child is too near and stops automatically, Paints that use fewer volatile organic compounds (VOC’s), these are just some of the advancements in home construction that you and your family will appreciate when building new.

10. That New Home Feel

New homes offer the latest designs, style, comfort and quality. They provide a maintenance-free lifestyle so you can enjoy spending time in your home, not working on it. If you want a home that matches your needs and wants, without breaking the bank or spending months of your time as a renovator, a new home might just be your best option.

When you’re ready come visit our show homes and ask our experts to show you around. You’ll learn everything you need to make the right choice in buying your next home!

Check out www.axiseverything.ca or visit us at 8 Walden Lane S.E to learn more.

Excited about buying a brand new home but don't want to wait? A quick possession home at Axis in Walden may be the right fit for you. What is a quick possession home or "spec" home? These are pre-built homes that are ready or almost ready for move-in. You'll still get to be the first owners of the home, and you won't have to wait! The best part - you can avoid the stress of building your own home from scratch.

Here are 6 benefits to buying a quick possession home

1. Skip the waiting!

With a quick possession home, you don't have to wait months and months, or even a year to move into your home. Enjoy the flexibility of moving into your new home when it's convenient for you. Do you have a lease expiring or your home for sale? Whether you need something right away or in a few months, we've got the home for you.

2. Pick your interiors if you want

We build all of our quick possession homes until the drywall stage and stop there. This means that when you buy your home, you'll still get to pick all your interior selections. Choose your cabinet colours, flooring, carpet, countertops and more without having to wait! Skip this part if you'd like and choose from one of our thoughtfully pre-designed colour palettes.

3. Simple and stress-free

Are you someone that doesn't make decisions easily? We've carefully thought out everything for you - including electrical, floorplans, and more. You'll enjoy a brand new home - without any stress!

4. Know the price

Working with a budget? All of our quick possession homes are already priced, which means you know exactly what you're getting into! With starting a new build, it can sometimes be overwhelming to pick a floorplan and start adding upgrades and options. You won't have to worry about unexpected costs before you move in.

5. Alberta New Home Warranty Program

Warranty is why many people choose new builds over homes on the re-sale market. Take advantage of these coverages on your new home:

1 year Workmanship and Materials

2 year Delivery and Distribution Systems

5 year Building Envelope Coverage

10 year Structural Coverage

6. See your home before you buy

Know exactly what you're getting into! Where does the sun hit your home throughout the day? What materials are being used in your home? Is this a good location for your home? If you're someone that can't picture floorplans or maps, a quick possession home may be a great option for you.

Come visit our showhomes! We'd love to take you on a tour of our available quick possession homes.