Tarion Advises On – What to Consider Before Buying a New Home?

Eons ago Tarion was popular among Canadians as Ontario New Home Warranty Program, initiated by the Ontario Government in 1976 to oversee the New Home Warranties Plan Act. Its prime aspiration is to safeguard new home buyers by making sure that builder including the GTA home builders, concede in the provincial legislation. Tarion is financed exclusively by renewal fee, builder registration as well as home enrollment fees.

The warranty protection outlined by Tarion for new home buyers is cited below; 

The Tarion Mandate 

• Licenses new vendors and Ontario home builders.
• Makes sure home builders or vendors completely adhere to the Ontario New Home Warranties Plan Act. 
• Aids in educating and creating awareness among new home buyers about various warranty rights.
• Safeguards home buyers when their builders backside to meet their warranty commitments 
• Enacts upon dispute pertaining to the warranty coverage.
• Probes illicit building practices.
• Advocates superior building standards of new building construction  including luxury condominiums.

Tarion has, in fact emerged as one of the best all-inclusive warranty program especially for those intending to purchase new luxury homes.

Effective Guidelines to Purchase a New Home 

• New home buyers should select home that complements their lifestyle and requirements.
• Determine your budget for a new house.
• Extensive research on the proposed builder is advisable .If interested seek out any builder you are confirming  by clicking on http://www.tarion.com/_layouts/buildersearch/
• builder_search.aspx ,to make sure your builder is already registered with Tarion.
• Before you enter into compliance or sign a purchase and sale agreement or any contract for your new home, seek the services of an accomplished real estate layer. 
• Make sure you prepare well for your PDI or Pre-Delivery Inspection.
• Visit Tarion’s video library online having collection of educational videos specifically designed to aid new buyers. You can learn more about the statutory warranty coverage as well as how to make your claim.
• Custom home buyers are also expected to complete their warranty forms and submit them on time. Tarion guidelines encourage consumers to review the prime construction performance guidelines before submitting their forms.
• Once you have made the biggest investment of all time, you must take utmost care of this asset all throughout the year. It’s crucial to bear in mind, that initiating ongoing upkeep of their estate homes will make sure the statutory rights are safeguarded. 
• Consumers should enjoy all they have strived for! They have conducted an extensive research, taken a wise decision and waited long by the time they become the proud owner of their new house. Now it’s time for the owners to indulge in everything their new house has to offer. 

Types Of Houses Not Covered By Tarion 

• Projects indicated as “condo conversions” are not covered by Tarion. Conversions are usually a former infrastructure, generally commercial building or an existing apartment infrastructure transformed into condominium. 
• Homes built by owners 
• Renovated houses 
• Houses constructed on former foundations 
• Seasonal house that does not satisfy the year-round occupancy terms. 
• Houses that were formerly occupied by the builder or rented out by them. 

"Bremont Homes, a Tarion recognized firm has been delivering ace customer delight in some posh locations, in the Greater Toronto region. From custom-built homes to luxury condominiums and new detached homes Bremont Homes offers it all."

7 Steps to Buying a Home

Home buying is easily one of the biggest financial investments for a majority of Canadians. Whether you are a first-time homebuyer or have bought properties before, investing your hard-earned money in buying a new home is always a bit daunting and it's only natural to feel overwhelmed. However, it's your responsibility to do thorough research about all the aspects of the homebuying process before you sign on the dotted line. In the following paragraphs, we will take a look at 7 steps of the homebuying process that will not only educate you, but also make the whole process seem less tedious.

Analyze need

•    Analyze your needs
When it comes to buying a home, there are a number of options that you can choose from, including single-family homes, townhouses, luxury condominiums, and multi-family buildings. To ensure you choose the right option, it's necessary that you analyze your needs. Do you have kids or are you planning to start a family n the future? Is the neighbourhood to your liking? Will you be able to live comfortably in a condo? You need to have clear answers to these questions before you begin scouting for your new home.

•    Determine how much you can afford
Experts always advise homebuyers to know how much mortgage they can afford before looking around for properties. You need to do a thorough analysis of your income, debts, and future liabilities to know how much mortgage you can pay off without missing on a single payment. It's very tempting to settle for the best home in the market, but you need to think pragmatically and choose a home that's within your budget.

Budget for buying new home

•    Get pre-approved for a mortgage
When it comes to buying a new home, the price ranges can be quite extreme. Therefore, it's advisable to get yourself pre-approved for a mortgage before you start scouting for your dream home. To get pre-approved, you will need to provide certain documents to a lender. Based on your credit score and disposable income, the lender will pre-approve you for a certain amount. The benefit of getting pre-approved for a mortgage is that it narrows down the range of homes that you should be looking at.

•    Seek the assistance of a reliable real estate agent
With the help of a real estate agent, you can get access to deals that aren't easily accessible to the public. A good real estate agent will help provide you useful information about the property and even help you with the whole purchase process. Experienced real estate agents have a good working relationship with sellers and they can negotiate a deal for you.

Settle a deal

•    Settle on a deal
After your real estate agent has shown you some really good properties, it's time you arrive at a decision. Again, it's important that you thoroughly research all the aspects, including the reputation of the contractor, vicinity to schools and shopping centers, neighbourhood character, and public transport. Work with your real estate agent and negotiate a fair offer that's comparable with the prevailing rates with similar properties in the neighbourhood. After you and the seller have reached an agreement, the home will go into escrow.

•    Obtain a home inspection
After the home has gone into escrow, an inspection of the home will be carried out to check for any structural damages or repairs that the seller may need to make before you close the deal. If the inspection reveals the need for any repairs, the seller is obligated to do the needful. You can then have a walk-through the house to ensure everything has been taken care of.

Closing the sale

•    Close the sale
If the home inspection is satisfactory or if the seller has made the required repairs, you should be ready to close the sale. You will need to need to go through a lot of paperwork in this stage. Your lender will also get the home appraised and get the title search done. After these important procedures are completed, you reach the stage where you are ready to move into the home of your dreams!

These were a few steps that are involved in buying a new home. We have provided you with a primer on what you can expect when buying a new home; the actual process can be a lot more elaborate than this. Being well-informed about the whole homebuying process can help you make a better decision and ensure you avoid the pitfalls that many homebuyers encounter during the process.