Good Financial Decision by Buying Pre-Construction Homes
Buying a house in Canada is a major financial investment of lifetime. It only adds to the wealth of the person and gives appreciation value that is going only upside. One should not delay in buying a home as this only means one has to pay more. After sorting the financing options for home purchasing, the next question pops up: what to buy as there are quite a few options for home buyers in Canada.
Property specialists and expert investors believe that buying a pre-construction home is remarkably better than buying a ready-to-move-in house as they are advantageous in many ways.
What are pre-construction houses?
As the name sounds pre-construction homes are housing units that are not yet constructed and are expected to get constructed in the near time. These houses are the most approachable for home buyers who want to live in a brand-new house along with their own customization ideas.
With the right assistance from experts and an understanding of the pre-construction home purchasing process, you can never go wrong. Pre-construction home options include high-rise and low-rise condos, detached and semi-detached homes, townhouses, and bungalows.
Pre-construction homes hold numerous advantages as compared to ready-to-move-in houses. The up-side of buying a pre-construction home is discussed below for better understanding:
1. Customization- Pre-construction homes give plenty of customization options. You can upgrade certain architectural structures which include kitchen cabinet designs, countertops, color and texture of the walls, flooring, ceiling layouts, furniture works, and others. In short, you can create your desired home with your creativity and ideas. The best part is that you can be actively involved in the home designing and decor process.
2. Lower price- Pre-construction houses are priced lower than the ready to move-in-houses and this is one of the most favorable reasons why home buyers are eyeing pre-construction units. In this, the buyer pays to the builder for a promised house in the nearby future which makes buyers pay less and the builder gets the benefit of all the cash needed for constructing the house.
3. Warranty- Pre-construction homes come with a warranty in Canada. The warranty programs give complete protection to newly constructed homes which also includes delays in possession, protection for the down payment or deposit, closing coverage, the cost of repair of the house, and others.
4. New features and trends- The buyer of pre-construction homes gets advanced and latest features. The builder incorporates all the latest trends in interior design into the home. Thereby, making it more appealing and attractive than the old units.
5. Easy down payment- The buyer doesn’t have to pay the lump sum at once. Instead, they pay 10 to 20 % of the payment and the rest they can avail by all major banks of Canada with low-interest rates and easy repayment tenure.
6. Good resale value- It offers great resale value. Investors often buy them with the intention of re-selling in the future when they never make a loss in it.
7. Low maintenance- Pre-construction homes have lower maintenance costs as compared to old units when you finally move in. They are newly constructed so chances are that they have very low or negligible maintenance costs for the initial few years.
There are also certain flips-side of buying pre-construction homes. The most challenging problem is the cancellation of a project. There are stories of projects which got completely canceled which struck buyers or investors money and a lot of nuisance arises for getting back the money. But with a renowned real estate developer there are zero chances of such instances.
Therefore, it is always advisable that one should go only with experienced developers who have a good track record in the real estate market for purchasing pre-construction homes.
Conclusion- Pre-construction homes are great options for buying a property. They always bring major financial benefits and only add to the assets but one needs to be properly guided before signing the deal. In-depth research and associating with a professional lawyer will ease the process of buying pre-construction homes for you. Having someone experienced in this by your side will definitely bring significant reliability to the buying process.
