On this podcast, episode 152, Adrian and Ariel talk about the potential pitfalls of purchasing pre-construction homes. This topic comes from a recent Facebook post of a Milton resident complaining about the difficulty of living in an area filled with construction.
This is unfortunate for the homeowner but these are some of the pitfalls of new construction. Buyers should be aware of the downsides of buying this type of real estate especially with a developing town such as Milton which used to be mostly farmland.
Existing homes’ market worth is determined by square footage, location, and quality; however, when you buy new construction, you’re responsible for not just those factors, but also for additional building costs such as utilities, driveways, sidewalks, and sewage lines. These costly things can increase the ultimate cost of a new home by 15 to 20% over the cost of a comparable old home.
It’s an unavoidable aspect of new construction that there will be a few kinks to iron out after the house is built. These issues, such as outlets that don’t function, ceilings that develop strange fractures, or sinks that leak, all necessitate contacting the contractor again. Those types of bugs have long been eradicated in existing homes, while older properties come with their own set of upkeep issues!
All of that and more on KT Confidential – Real Estate Podcast.
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Episode Breakdown:
00:00 – Intro
2:54 – Adrian Renovation
5:21 – Mattamy Homes
7:50 – New Construction Builds
10:03 – Absurd Expectations & Construction Plans
13:09 – Pre-development pros and cons
14:51 – Renovating homes
19:29 – New Construction homes pros
21:05 – New Construction homes cons
23:59 – Limitations of customizing a new build
26:25 – Buyer Beware: Premium Upgrades & Delays
28:29 – Adrian’s idea
31:15 – Huntsville as an investment
32:38 – Gutting and Renovating
34:24 – Is buying a new home more or less hassle?
38:03 – Adrian’s Attic
39:02 – Outro
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Watch the previous episode here:
E 154
Catch clips and highlights of the show here:
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The founders, Ariel Kormendy and Adrian Trott, started The Kormendy Trott Team, a real estate team based out of Halton region in Ontario, after both being in need of a change from their successful careers in the automotive industry and both experiencing the lack of service being provided in the real estate industry. They kicked off their careers in 2011 and quickly became a top-performing team in the country, ranking 17th of approximately 200 for Century 21 in 2017; as a team of just the two of them compared to much larger teams. They decided that they needed to take their team from being real estate agents in Milton to the rest of the GTA and beyond by expanding and servicing more areas. The team has since grown to have an administrative arm, media department and successful sales team operating a smooth running and successful business. Follow them on social for behind the scenes info, real estate tips, industry secrets and more.
