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About this episode of the I Love Edmonton Real Estate Podcast
Our guest this week is Michael Leoppky with Maxwell Devonshire Realty. He is joining us to discuss what you need to know about buying a brand-new home versus buying resale.
[0:20] Tell me about yourself.
- I became a licensed agent a little over 2 years ago. Before that, I worked in the new home building world for over 11 years.
[0:58] What are the differences between being a realtor and being a builder salesperson?
- The licensing. There’s a fair amount of education and accountability involved.
- There are legal responsibilities to my clients, compared to the entirely different area of builder representative. There was a lot less black and white there.
[02:21] What led to your career change?
- The main appeal was having that black and white aspect of realty.
- Committing to people’s best interest really appealed to me. In the building world, you were always forced to pick a side.
[03:39] What are the advantages of buying new?
- Typically, you are getting new technology. Everything is built to today’s standards and codes, so you don’t have to worry about older build issues.
- Building new, you have the option to personalize that home.
[05:11] What are the disadvantages of buying new?
- While it’s a positive investment, there will be a lag before seeing a return.
- It’s important to look at how long you are planning on staying in the property because of investment appreciation.
[08:09] Obviously, with resale, there’s risk of extra costs like renovations.
- There are all kinds of unknown risks with resale but we take action to mitigate those risks.
[08:33] When meeting with a new client, how do you help them decide which path to take?
- I start with a discovery meeting where I ask a lot of questions and get down into the why and where of moving. Everything builds a picture of what fits with clients’ needs and wants.
[09:50] Why would a buyer opting for a new home want to work with an agent?
- As an agent, I have a legal responsibility to work in your best interests.
- When you walk into a show home, there’s no obligation to disclose. There is no confidentiality.
[12:49] If I make an offer on a place, who has the power to say yes or no?
- The sales manager decides.
[14:50] As a realtor, your background makes you a valuable resource for clients.
- It certainly helps ascertaining reasonable prices. When you get a realtor and salesperson working together that care about the client, that is the perfect situation.
[17:37] If I am using a realtor, am I going to end up paying more?
- No.
[21:56] What should buyers be aware of when looking at builders and neighborhoods?
- There is a lot involved to consider. It’s no different than looking at listings. What’s important to you, what are your values?
[27:19] What are some of the biggest misconceptions about new builds?
- That everything is made cheap. Builders don’t make huge margins.
- My default response to ‘they don’t build them like they used to’ is thank goodness.
[30:49] Many contracts say there are no unauthorized site visits. Why is that?
- Safety is obviously the biggest reason. You also have to consider that they have a process.
[33:00] Should you have a subject to inspection clause?
- It depends on the builder, but it’s a good question to keep in mind. Remember that there is warranty insurance.
Connect with Michael Leoppky:
- Michael Leoppky
- Associate | Maxwell Devonshire Realty
- 780-616-4619
- www.livebetterrealty.ca
- DOWNLOAD OUR APP
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More About the I Love Edmonton Real Estate Podcast
Host Jason Scott of The Mortgage Group talks to everyone and anyone who knows real estate in Edmonton.
Learn from local experts and get the inside scoop on anything that impacts Edmonton’s real estate market. Whether you are thinking of buying, selling or investing in the Edmonton market, Jason and his guests are here to help.
We interview top real estate professionals, decision-makers, influencers, and people who can help you learn more about what’s happening in Edmonton.