You already know you’re going to buy a new home, but have you put any thought into when you should purchase? It may be beneficial for you to consider the advantages of buying a home during the early stages of development if you truly want to consider all the options out there. Today, we cover some of the advantages this kind of home purchase can offer and how they can help you get the most value.
How You Can Maximize Value and Minimize Cost
When it comes to buying real estate, the term “value” is not limited to money. Your notion of what constitutes value may differ considerably from that of another homebuyer. Your goal should be to find a home that meets most of your needs and that also delivers as many of your wants as possible.
Buying as soon as the developer opens a new stage gives you the opportunity to find a house with all the features you want on an ideally situated lot at the best possible price. Being one of the first buyers in a new community or new phase also provides you with lots of value. Below are some ways you can benefit.
You Get First Pick When it Comes to Lots and Lot Locations
While you can negotiate a lot of things when buying real estate, you cannot negotiate the location. Waiting until further along in the development process means that you may not get your favourite lot, even if the house you’ve found is ideal for your family.
Buying early allows you to reserve exactly the lot you want. When a new phase is opened, it means you’ll get more options. You may even have the option of choosing a “specialty lot,” – such as one with mountain views, close to green spaces or a corner lot – when you buy early. This is important since you can be certain many other homebuyers out there, will share your preferences.
You Get Your Preferred Facade and Elevation
While you can customize the interior of your new home however you like, the exterior will need to follow the developer’s architectural guidelines for the community. While architectural guidelines may place conditions on what can be built and where they are very beneficial to homeowners because they give the community a unique look and feel.
In Calgary, some lots are pre-determined as to what elevation can be built on it while in other communities, you may have multiple elevation choices, especially if you’re one of the first buyers to choose your elevation. Once the elevation has been chosen for other lots in the development, then the choices on each lot will start to be reduced due to the repetition rules stated in the developer’s architectural controls.
The advantage of being one of the first ones to buy a house on the street is that all the options are available to you. So, if you want a certain elevation, you can choose the lot based on the pre-determined elevation, or choose your preferred lot and your preferred elevation.
You Get Your Preferred Exterior Colour Before the Developer Sells Out
As you may have noticed, the homes in developed communities are not all the same colour. Generally, within a community, they fall within a range of colours, but there are never too many of one colour and never right beside each other. The reason this happens is because of the architectural guidelines within the community, and specifically the repetition rules.
If you have a certain preference for your home’s exterior colour, you are more likely to get it if you buy early. And it is especially advantageous to be one of the first people to buy on a street because some of the last home buyers will have little to no choice in the colours available to them.
You Pay an Introductory Price in an Area That is Expected to Flourish
Patience is essential when purchasing real estate. While you may need to exercise patience if the builder cannot start construction right after you purchase, it will be rewarded by the fact that you get to buy into the community at a lower price. It also means that you will be able to choose options that suit your needs as well as your budget.
Keep in mind that the developer will typically increase the price of similar lots in each new phase that is built. Depending on the popularity of the community, it can increase by thousands of dollars. This means that when you buy in the initial stages, your home’s resale value will start going up even before the development is complete. This has nothing to do with the builder, but if you have your heart set on a certain builder in that particular community, getting in sooner increases your chances of a lower lot price.
Of course, it can go up even further after completion. Buying early can, therefore, maximize the return on your investment.
You Are Able to See How the Community Will Look in the Future
Your developer should be able to show you a plan for how the community will look once it is completed. On this plan, you will be able to see how playgrounds, green spaces, and other amenities will be laid out. In other words, the decision to buy in the first stages does not have to be a blind one.
As with any major purchase, it makes sense to perform your due diligence before deciding to buy. Among other things, this means that you should look at plans and consider the timeline of the development. Getting into a new home community first means that you can watch the community grow, and it’s a sound investment for your future.