Buying a brand new home is a smart move for many young couples because there is no need to worry about things breaking down and you can choose the model and features you like best. However, you don’t need to build a new home from scratch to get a brand new home.
Builders often have quick possession models, or spec homes, that are move-in ready. Rather than spending a lot of time wading through the details and waiting for your home to be built, you simply take possession of your brand new home.
Think carefully about what you’re looking for in a new home so you can decide whether you should purchase a spec home or build new.
Are you the type of person who has a very particular idea of what you want your new home to look like or do you simply desire a new home that looks great and is of high quality? Some people really enjoy getting down to the details, while others feel overwhelmed with too many options.
If you’ve always dreamed about creating a home that’s just what you’ve always wanted, then building a new home is probably the right move for you. However, if you simply don’t care about the exact colour of the wood on your floors and can’t tell the difference between different types of faucets, you’d probably be just as happy with a quick possession home.
Timing Is Everything
Your timeline can have a big effect on which type of home you buy. New homes often take between 9 – 12 months to build. Sometimes, inclement weather pushes the timeline back even further. Are you ready and willing to wait that long for your home to be finished? Some people like that because it gives them a bit of extra time to save up a down payment. Others, however, need a home much more quickly than that. If you’re in a position to buy and you don’t want to keep throwing your money toward rent, you’ll be happy moving into a new home that is already built.
See Before You Buy
Perhaps the biggest advantage of buying a quick possession home is the ability to tour the home before you make your decision. When you build a home, you’re often making your decisions based on the various models and samples you’ve seen. Something that sounds good in your head may not look great once it’s made. With a home that’s already built, you know exactly what you’re getting. You can see how the layout really looks and feels. You won’t be disappointed.
No Financial Surprises
With a quick possession home, you know the price up front. What you see is what you get. Pricing a new build, is more difficult. There’s the cost of the base model, but once you start making modifications and choosing different types of materials, the price can increase dramatically. In order to stay in your price range, you may have to make hard decisions, settling for something that’s not exactly what you wanted. When you shop for a quick possession home, you can start with your desired price range and tour all of the available homes in that price range.
Before you make a decision about building a new home or buying a quick possession home, be sure to speak with one of our mortgage specialists to crunch some numbers. Interest rates on quick possession homes are typically better than those for new build homes. In some cases, the savings in interest might allow you to purchase a spec home that’s more luxurious than the home you’d get if you chose to build it yourself.
It’s Your Home
Ultimately, the home you buy is the one you’re going to live in. You have to be thrilled with your decision. If you’ve toured a few new homes that are for sale and still find yourself thinking “If only….”, then you’ll probably want to build your own home. Sure, the process might take longer and you might not know all of the cost details up front. But the chance to build a house exactly the way you want it might be too good of an opportunity to pass up. While there are advantages to buying a quick possession home, there are still plenty of reasons why you might choose to invest time and money in a new home you get to design yourself. The decision has to be yours.
You have many options when it comes to purchasing a new home. Those looking for a quick and easy process would do well to consider quick possession homes, while those looking for a lot of personalization will want to build a new home. Tour our models and speak with one of our experts about what might be right for you.