008: Buying A Newly Built Home? Travis Ball Shares These Vital Tips

Jason Scott talks with Travis Ball, a realtor with Schmidt Realty Group. Travis shares some great tips for when you’re looking to buy a newly constructed home.

What makes buyers want new houses?

  • There is a belief that a new house no problems.
  • They are visually appealing.

What role do realtors have in a new home purchase?

  • There is little negotiation because builders have a set price point. The builder can add extras like hardwood floors and granite countertops. The buyer’s realtor can help get these add-ons.
  • Realtors can bring qualified professionals that the builder might not be able to provide alone, like mortgage brokers and home inspectors.

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Pitfalls of buying a new home

  • Landscaping can cost more than you than you think. If you don’t do your landscaping to regulation, the city can withhold your refund, and in rare cases fine you.
  • The possession day might not be firm. Don’t make any plans until you get your 35-day letter.

Should I get a home inspection for a new home?

  • You should get 2. A pre-occupancy walkthrough, and a 2nd walkthrough after 6 months.
  • A pre-occupancy walkthrough can find issues missed by the builders.
  • New homes are built with green wood that will absorb moisture. During this time the house will settle, revealing new issues you want to deal with right away (like cracked drywall).

Current trends

  • Despite what the media has been reporting, housing prices are not plummeting.
  • Median days on the market is currently short (May was 29, June was 15).
  • The Edmonton market is still healthy.
  • Strong growth and development in the northeast pushed by the new development of Manning Crossing.

What’s the best real estate advice you ever received?

  • Invest in real estate. Buy as much as you can. It’s not just for the wealthy.

Advice for choosing a realtor

  • Interview them
  • Get anything promised in writing.

Contact Travis Ball