When you’re deciding what kind of home to buy, one of the first options you might weigh is whether you’d like to move into one that is ready for you, or one that has yet to be built. There is no right or wrong answer when choosing between the two, it simply comes down to what kind of home will fit your needs, lifestyle and budget. Here are some pros and cons to consider if you’re thinking about going the preconstruction route:
That new home smell: Obviously purchasing a preconstruction home will ensure that your home is brand spanking new and never lived in before. If you’re particular about marking your territory, a new build is a great option for you.
Make it your own: When you purchase preconstruction, you’re able to choose your lot, floor plan, home design, and finishes. These are things that you don’t have control over when you’re buying an already finished unit. When you’re looking at new builds, you’re also able to select which builder you’d prefer. This is a decision you can make based on their individual reputations.
Money matters: You can purchase a preconstruction home at a lower cost, with less money down and there is potential for appreciation on your investment. Additionally, you can take advantage of promotions offered by the developer, which might include free upgrades, rebates, etc.
Time to save: Buying preconstruction is a great option for first time home buyers whose goal is to put aside more money while construction occurs while they rent or live at home.
The little things: Some things that you might not have considered that come along with preconstruction new builds include: warranties, safety standards (everything will be up to the latest build codes), and environmentally friendly/’green’ features built in to things like the electrical fixtures or plumbing.
The waiting game: When you buy preconstruction, you’re buying a home that is yet to be built, so, obviously you’re not going to be able to move in very quickly. If time is of the essence for you, you might want to consider all the great, ready-to-move-in homes that are out there.
Did you say delay?: One risk that you take when purchasing a preconstruction home is the potential for delays. If the developer runs into a few snags along the way and the project is put on hold, you might be waiting longer than expected for the development to materialize, and your money is then tied up for longer than you anticipated.
Character: While a preconstruction home in a new development can be built to your liking with all the bells and whistles, you might feel that it lacks the charm and character of an older home in a more established neighbourhood.
As you can see, there are many advantages to buying a preconstruction home and some disadvantages. However, in the end, it just comes down to what type of home will suit your family, your lifestyle and your budget.
If you’re thinking about moving or you’re interested in new builds, feel free to get in touch with Jacob today! To see which developments are coming soon to your area make sure you visit www.newbuildboutique.com for regular updates.