Tips to Buy a Brand-New Home in Langley
November 23, 2023
As the need for affordable, new homes in Langley continues to escalate, new home developments are in the works to meet the needs of the community. New development areas have presale, under construction, and newly built homes, townhouses, and condos.
There are many benefits to buying a new home but there are also several differences when compared to purchasing an older resale house. So how does buying a home, work in Langley? With new builds, there are several steps that must be taken after the developer buys the land, before and after construction begins to ensure the buildings are built legally and to code. This process looks a little like the following:
- Developer applies for the proper building permits.
- Public is given time to provide their feedback.
- The board reviews all documentation and feedback, approves permit.
- Developer receives approved permit and begins construction of the new home.
The home goes through multiple inspection stages up until the construction is completed. Once the newly built house is approved and receives an occupancy permit, the new homeowners can move in. The entire process can take months or years.
There are things to consider if you plan to buy a newly constructed house in Langley.
Builders and Developers
All builders and developers must be licensed, so research the company first before buying. Check the company’s name, licence number, status and type, their geographic area, and name of licensee.
Third Party Home Warranty Insurance
Builders must be licensed and have third party insurance on the project before construction begins to protect all parties, including the buyer.
There are many expenses homebuyers often don’t think about when buying new homes in Langley like legal fees, land transfer fees, and other unexpected fees or costs associated with a new or presale home.
Buying Presale Homes
Buying presale homes in Langley is a great way to buy a house in a new development if you don’t have an immediate downpayment but want to live in the community. However, because it hasn’t been built, you are buying a house sight unseen. If there are delays in the construction, they could impact when you can move in.
How Does Buying a Home, Work in Langley?
If you are buying a new or resale home in Langley, there are a few general steps that apply to all residential real estate purchases.
Research and Prepare
Buying a house is a great investment, but they are also costly. Before you start looking, set a realistic budget and decide what kind of home you are looking for and where. Do some research on the different properties and neighbourhoods that will meet your housing and lifestyle needs.
Make an appointment with your financial agent or broker to get a preapproved mortgage. You can’t put an offer on a house if you are not preapproved for a mortgage.
Hire a Real Estate Agent
Real estate agents are professionals in the home buying and selling market. A good agent will ensure everything is done legally and in your best interest. They can provide advice and make recommendations to ensure your best interests are considered.
Begin House Hunting
Once you are ready, it’s time to look for your dream home. You can also choose to purchase a presale home in Langley.
Make an Offer
Once you have found a home you want to buy, you need to submit an offer to purchase in writing. The letter will include your name, address of place to purchase, price that you are offering and any clauses such as subject to home inspection, what you want included in the sale, possession date, based on approval from lawyer and financial institution. The letter of offer is a legal document so make sure it covers your interests before signing it.
Once the offer is accepted, the deal needs to be closed. Your lawyer and financial agent will file all the financial and legal paper to finalize or close the deal on the purchase.
Once all the paperwork is done and you take legal ownership of the property, it is time to move in and enjoy your new home!