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Eight tips for new home buyers

(NC)-Ontario's new home market continues to ring up record sales for both freehold homes and condominiums. As a new home buyer, it is vital to do your homework before making that purchase decision to ensure your new home will fit your lifestyle and meet your expectations.

An important part of this process is to learn more about all the benefits and resources available through Tarion Warranty Corporation, a private corporation established in 1976 to provide protection for all consumers who purchase a new home or condominium in Ontario. Tarion licenses and regulates Ontario's home builders and manages a guarantee fund to ensure that consumers receive the new home warranty coverage they are entitled to by law. Tarion has provided the following tips to help guide new home buyers through the purchasing process.

1. Determine what you can afford

Once you've chosen the location and the type of home that fits your needs, meet with a financial representative to determine a mortgage amount that you can comfortably afford. You should also consider getting a pre-approved mortgage which will allow you to shop with added confidence. For more information on new home financing, visit the Canadian Bankers Association website at www.cba.ca/en/publication or call toll free 1-(800)-263-0231.

2. Research your builder

A simple call to 1-877-TARION or a visit to www.tarion.com will give you access to information about all registered home builders in Ontario, including their customer service record with Tarion. Read the real estate section of your local paper for information about new developments. Also, check out builders' websites for photos and floor plans of new developments. When you find a builder you like, talk to them about previous developments, and go straight to the source by asking current homeowners questions about their homes and neighbourhoods.

3. Talk with a real estate lawyer

Talk to a real estate or condominium lawyer before signing an Agreement of Purchase and Sale to make sure you understand exactly what is included in the price of the home.

4. Attend an educational seminar and learn about Tarion's services

In Ontario, your new home comes with a mandatory warranty. Familiarize yourself with it by visiting www.tarion.com or by dropping into Tarion's Toronto-area Customer Centre. Tarion also offers informative seminars to those thinking about buying a new home and to new home owners wanting to better understand their warranty coverage.

5. Prepare for your Pre-Delivery Inspection (PDI)

Be prepared for the Pre-Delivery Inspection (PDI), which takes place before you take possession of your new home. It's your chance to do a thorough inspection and identify any incomplete, damaged or missing items, and have them taken care of before you move in.

6. Read the Homeowner Information Package

This document outlines a number of important items: your new home's statutory warranty, the responsibilities of both you and your builder, and how Tarion will handle a statutory warranty claim. A copy of the Homeowner Information Package should be given to you by your builder before or by your Pre-Delivery Inspection. You can also download a copy from our website.

7. Complete and submit any required Statutory Warranty Forms on time.

A new home is a complex structure and even though builders will do everything they can to create a close to perfect home, sometimes items are missing, not working properly or appear to be defective. The Homeowner Information Package contains the Statutory Forms and the dates by which they must be submitted.

8. Maintain your home through the seasons

You've made a big investment in your home, so you should take care of it year-round. It's important to remember that the ongoing maintenance of your new home helps to ensure that your statutory warranty is protected. A maintenance guide is available on-line that has tips on how to look after your home through all four seasons.

And most importantly, enjoy all the wonderful things your new home has to offer! Tarion has a wealth of resources available for new home buyers. Check out www.tarion.com for more information.

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