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When most people think of buying a new home, they hire an agent and start searching online. But more and more hopeful homeowners are looking at pre-construction housing opportunities to break into the market. The decision to buy a new build over a resale often boils down to a handful of considerations.
Here are some of the most commonly asked questions, with answers from Empire Communities.
WHAT DOES PRE-CONSTRUCTION ACTUALLY MEAN?
You’ll be buying a new home off a plan from a builder before it is built. Your new home likely will not close for at least a year, which gives first-time buyers time to save. New home deposits are often broken up into smaller, easier to pay installments based on the closing timeline.
HOW MUCH CHOICE DO I HAVE?
Empire Communities releases phases of homes at a time, which gives the buyer the ability to select the lot location, home size and exterior colour packages that appeal to them the most, such as a lot facing a wooded area or an all-brick façade. Once you choose the model that suits your needs from the available floorplans, you get to choose the features, finishes and fixtures that match your personality. These are called upgrades and can include items such as a kitchen backsplash or pot lights.
IS IT ANY CHEAPER?
Base prices and taxes will be similar, but pre-construction offers some cost-saving opportunities. Buying early into a new community allows you to take advantage of the most competitive pricing. Also, incentives are typically offered to pre-construction buyers, such as free decor upgrades or other perks. The best part – your home’s value may have gone up by the time you take possession.
Find more comparisons to buying new versus resale through Empire’s Homebuyer Resources.