How long does it take to construct a home once my contract has been signed with the builder?
It usually takes approximately 6 months and it may take a bit longer depending on the weather conditions and the availability of the sub-trades.
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What downpayment is required before the builder will start construction?
Five Percent (5%)
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Can I use my own house plans?
Yes, we can build your plans to your specifications.
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Can any house plan be enlarged or scaled down in size?
Yes, house plans can be enlarged or scaled down, but it would depend on the changes. Some adjustments are possible, but not in all cases. It would be best to talk to the builder first to make sure your plans will work.
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Can any house plan be built on any lot?
No. Depending on the style of home, you may be limited to only certain lots, especially if the lots are sloped. It's best to talk to the builder to determine which is the best lot for your new home.
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What is Southern Exposure?
The sun is in the back of your house most of the day or the sun sets in the back of your home in the evening. If this is important to you, ask the builder to help you with your lot selection.
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Is there a guarantee on a new home? What is the Atlantic New Home Warranty?
Most reputable builders are members of the Atlantic New Home Warranty Program. The contractor pays a premium for each home built and the warranty is made out to the New Home owner. The standard period of coverage was five years. Effective May 1, 2000 the structural term was increased to seven years. It is referred to as the Platinum 7 warranty. Consumers may also choose the Ultimate Plus warranty, for an additional fee, that extends and broadens the scope of the items that are covered.
For more in-depth information please contact the Atlantic Home Warranty Program
15 Oland Crescent, Halifax, NS B3S 1C6
Telephone 1-800-320-9880
email: info@ahwp.org
Website: www.ahwp.org
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Where is Vista Crest Sub-Division?
Located off Octogan Heights, directly across from Octogan Pond in Paradise. Just west of the Paradise town hall on the opposite side of the road. Phase ll has now started construction.
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Where do I start?
Where you start depends on a number of factors. Is this your first home? Are you up sizing, downsizing, or do you simply want a new home? Many people check out the classified ads, browse the Internet or drive around the neighborhood where they want to live. This can be very time consuming and you could overlook a recently listed property or not have access to all the details. It would be best to consult with a Realtor to assist you.
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Do I need an Agent?
A Real Estate agent can provide you with a wealth of information that is not available to the general public. Usually, after an initial meeting to determine your requirements, your agent will locate a number of suitable properties for your consideration and provide you with the details (listing cuts, pictures, etc.). Your agent will arrange viewings on those that are of interest to you. Some properties are not listed for sale and quite often the agent will have to seek out homes that fit your needs. Once you find the property you want to buy, your agent will prepare the Offer to Purchase and negotiate on your behalf. He/she will guide you through the home buying process, one step at a time. Buying a home should be an enjoyable experience. By keeping you informed, an agent can help you avoid stressful situations. If you are not presently working with an Agent call Marie Best-French, our on site Realtor, to assist you.
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What does Turn Key mean?
"Turn Key" means, literally, just that, once your house has been completed, inspected and the closing has taken place, you will be presented with the keys to your new home. Once you get to the front door, you just turn the key in the lock and start moving in. There are some things that you do have to arrange for, such as utilities (since the accounts will be in your name the providers require the new owners to request the service) i.e. power, cable, phone, water, fuel oil or propane.
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Is there HST on the purchase price?
Existing residential homes are not subject to HST if the home is only 6 months old, the HST would have been paid or included in the new purchase but would be reflected in the asking price. Most new home prices are inclusive of the HST of 13%, with the applicable rebates being credited to the (seller) builder.
What that means is that instead of the buyer having to pay the full 13% up front, the builder will be responsible for submitting the full amount due less the rebate credit at time of closing. |
Can I buy, subject to the sale of the home I own now?
This is a dilemma faced by the majority of buyers that already own a home. There is a provision to make the purchase of one home subject to the sale of another by implementing a clause in the Purchase and Sale Agreement. This is commonly referred to as a "Schedule A' or "Subject to the Sale" clause. The problem is that once you have found the "perfect" house, other buyers will have found the same house too. If your present house does not sell quickly enough, you will probably
have to begin looking all over again. This process may repeat itself a number of times before all the conditions come together.
Some people are concerned that if they sell their home too quickly, they will be forced to buy a house they won't like, or have to rent until something suitable comes along. The seller has the option of inserting a condition that would allow for a period of time (usually one or two weeks) in which to find a suitable property or else the sale could be declared null and void.
When making the purchase of a new home you can generally negotiate with the builder to "Hold" the particular lot that you want your house to be built upon, allowing for a reasonable amount of time to find a buyer for your home. Should the lot become unavailable, you can still have the same house built on another suitable lot.
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How much can I afford to spend?
Most financial institutions have mortgage specialists that can pre-qualify for a mortgage in a matter of hours. They will take into account the gross income of all parties making the purchase, (husband & wife, live-in partners, parents, adult children, etc.) and who will be named as owners on the deed and be financially responsible for making the payments. The size of the down payment, assets,
debts and other liabilities will be calculated and the result will determine the maximum amount of the monthly payment.
Interest rates vary from one financial institution to another. There are also a number of incentives offered. Depending on your own personal financial situation, it pays to shop around for the best deal for you. Your agent can provide you with contact names and phone numbers for Mortgage Specialists in your area. They even make house calls, evening and weekend appointments.
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Can I use money from my RRSP for my down payment?
Money from an RRSP may be used for the down payment on a home, subject to certain conditions. The amount withdrawn must be repaid within a 15 Year period. It would be best to check with your investment counselors to see if you qualify as some RRSP's are locked in and cannot be withdrawn as a lump sum or prior to maturity.
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Will I need a lawyer?
Lawyers play an integral part in the home buying process. A lawyer should review the Agreement of Purchase and Sale as soon as possible to ensure that all conditions and clauses are dealt with in a timely manner and check for omissions. Once all the conditions have been met they will carry out a Title Search to ensure that the seller is the actual owner and that there are no encumbrances on the property.
In addition, your lawyer will advise you regarding a survey, taking title and prepare all documentation required for the closing. They also handle the documents and funds pertaining to the mortgage, obtain a Tax Certificate from the Municipality and calculate the closing costs and adjustments. Once the sale has been completed, the lawyer will register the Deed in your name forward all documents to you, usually within 3 to 4 weeks from date of closing.
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Are the home prices subject to change?
Yes, house prices are subject to change without notice. Please call to confirm the prices are still as stated on this site. |
PHASE 3 - When is it scheduled to be ready for building?
The site work is underway at the present time and is scheduled to be completed early to mid June 2008.
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Have a question that is not listed?
Please submit it and we will add it to our FAQ's |
| If you have any questions, please email me at: tilting55@nl.rogers.com |