Benefits of Buying a Quick Possession Home
When you think about buying a brand-new home, it’s common to picture building that home from scratch. It’s a lengthy process, and the time it takes might be what’s keeping you from buying new construction, even though that’s what you really want.
However, there’s a perfect alternative: quick possession homes. These are brand-new homes that are ready (or almost ready) for sale, so you can move in quickly. This style of home makes sense for many people at different stages of life.
Want to learn more about them? Keep reading to see why quick possession homes can be a good choice no matter what type of home buyer you are.
The Highlights of a Quick Possession Home
Here’s a quick rundown of the key benefits of a quick possession home:
- Getting an Earlier Move-In Date: the purchase typically takes about the same amount of time as a resale home.
- Seeing Exactly What Your Money Gets You: it’s not a showhome you’re walking through and looking at, it’s the actual home you’re going to buy.
- Purchasing a Home Within Your Budget: there are no big design decisions to make, so there’s nothing to affect the cost of the home. The price you see is the price you get.
- Having the Most Popular Features: home builders typically choose the most popular floor plans and features for the quick possession models they build.
- Receiving a Warranty: it’s still a brand new home and therefore, you’ll still have new home warranty coverage.
- Taking Advantage of Builder Incentives: sometimes, builders are eager to get rid of the quick possession homes they have on the market, so they offer incentives to the buyers. This can mean even bigger savings for you.
What is a Quick Possession Home?
These homes have been built on speculation to fulfill the needs of people like you who want to move into a new home quickly. They are either completed or are near completion, and they come with almost all of the same advantages as a home built from scratch.
Design choices are based on popular options at the time of build and generally, a quick possession home will contain most, if not all, of the features you would like if you were starting from the ground up.
Benefits For First-Time Buyers
If you’re a first-time homebuyer, budget is probably your biggest concern. It’s taken you a long time to save up the money you need for that down payment, and once you move in, you may not have a lot left in your emergency savings account.
One of the best things about a quick possession home is that you know right away how much it’s going to cost you. When you’re building your home from scratch, each little decision can add up. Before you know it, you’ve exceeded your budget and have to start making some cuts. This isn’t a problem with quick possession homes.
Even better, the home you buy will come with a warranty, so you won’t have to worry about paying for major repairs soon after moving in. This allows you to rebuild your emergency savings.
Finally, as a first-time buyer, you’re probably fairly young, and you may not have a good sense of what you’re looking for in a home. It may be hard to visualize what various home plans would look like. With a quick possession home, you know exactly what you’re getting.
Benefits For Move-Up Buyers
Move-up buyers are often planning to use the equity in their current home to make a down payment on their bigger and better home. This gets complicated when you’re building a home because you often need to pay that down payment at the start of the building process. If it’s tied up in home equity, it’s harder to access.
Many families take out a home equity loan to get started, but this costs money. Additionally, you’ll be paying two mortgages during the time the new home is being built, which can put a strain on any budget. The process of purchasing a quick possession home is much closer to the process of buying a resale home. You don’t have all the lag time.
And quick possession homes have another big benefit for move-up buyers, who tend to be families with school-age children: you have more control over when you’ll move in. This means you can time your move so you’re settled in just before the school year starts.
Benefits For Downsizers
Downsizers may not be as concerned about the timeline of their move, but one nice thing about the convenience of a quick possession move is being able to sell your current home when the market is hot, then quickly moving into your new home. If you’re waiting for the home to be built, you may miss out on a great opportunity to sell.
Quick possession homes are created with popular high-end features, so you’ll feel like you’re living out the rest of your life in luxury. If personalization of the home is important to you, there can be opportunities to make some design decisions with a quick possession home – talk with your builder to see what might be possible.
Benefits For New Canadians
New Canadians can also really benefit from quick possession homes. As mentioned, these homes have a much shorter time frame for moving in. This is ideal for anyone who’s looking to move into their home right away. And the fixed price of the quick possession home may make it easier to budget for.
Large multigenerational families in particular love our quick possession homes. Some of these homes will come with separate living areas in the basement… or the option to include them. This gives parents and grandparents their own separate spaces while still allowing everyone to remain close. It’s a win-win situation all around.
And with a quick possession home, you’ll see what you get for your money before you make your decision. Since Canadian homes may be quite different from those in your home country, you’ll probably feel more confident in your purchase if you see what you’re getting first.
Quick possession homes are the perfect choice for many types of people. Contact us today to see how well it could work for you.
Originally published Feb 5, 2018, updated Sept 9, 2021