Welcome back to our Home Buyer Glossary series! If you've been following along, we've been covering terms you need to know in order to navigate the home buying process. Moving forward from last month's edition, we've collected a few more terms to make sure you're all up-to-date on your home-buying vocabulary!
Also known as a PDI, the pre-delivery inspection is a critical step in the process of buying a new home. It's also quite exciting as this will be the first time you will see you're your home in its finished state! Before taking possession, your builder is going to guide you through a comprehensive inspection of your home. As they go through you will be taught how to operate the home's ventilation, plumbing, and heating systems. This is your opportunity to look for deficiencies that need to be fixed before taking possession of your home.
Pre-construction is a term used to describe a phase when homes have been designed (sometimes as part of a bigger master-planned neighbourhood) but have not yet built. This is one of the main alternatives to buying resale and happens before shovels have even hit the ground. These properties are usually purchased three to four years before they are ready for occupancy. With this in mind, homebuyers who "buy from plan" usually get the best prices because they beat the rest of the market to the finished product!
Registration refers to the point in time when the developer transfers ownership of the properties they have built to the homeowner/ condo corporation. At this point, the developer has met all of the requirements needed to pass the property forward. After the registration, the homeowner or condo corporation will maintain the building.
Be sure to follow Marina Homes' blog series for more so you can keep up-to-date on everything that goes into home buying. Recognizing these terms in the future will help demystify the process and keep you feeling confident and knowledgeable throughout. If you have any other questions or want to learn more about our developments, feel free to contact us!