The Benefits of Buying a Quick Possession Home

September 2, 2021

Benefits of Buying a Quick Possession Home Featured Image

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.

Benefits of Buying a Quick Possession Home Main Floor Image

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 of Buying a Quick Possession Home Great Room Image

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 of Buying a Quick Possession Home Kitchen Image

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.

Related article: The Benefits of Building a New Home vs. Buying a New Inventory Home

Originally published Feb 5, 2018, updated Sept 9, 2021

Click here to download your free guide to the home buying process today! 

Do I Need A Home Inspection On A New Build? - Featured Image
When you're investing in a new home, it's natural to feel excited and perhaps a bit overwhelmed. You might believe Read more
How Do Mortgage Rates in Canada Affect Your Home Purchase in Edmonton? - Featured Image
Buying a home is one of the most significant financial decisions you'll ever make. This decision becomes even more critical Read more
How To Get A Mortgage With Low Income In Canada - Featured Image
Navigating the real estate market and securing a mortgage on a low-income in Canada can seem daunting. This article aims Read more
When embarking on the exciting journey of building your dream home, understanding your financing options is critical. In Canada, you'll Read more
Edmonton vs. Winnipeg: Where Should I Choose To Live? - Featured Image
Are you trying to decide between Edmonton and Winnipeg for your new home in Canada? Not sure which city has Read more
The Top Home Models For Real Estate Investors - Featured Image
When it comes to real estate investment, Canada is seeing an increasing number of people who are opting to invest Read more

About the Author:

At Sterling Homes, our mission is to provide the opportunity for affordable homeownership without compromise. Over the last 70 years, Sterling Edmonton has quickly become one of Edmonton’s most popular builders. We bring more than seven decades worth of exceptional customer service, superior design and unparalleled craftsmanship to the greater Edmonton area. As a member of the Qualico Group, Sterling Homes focuses on greater Edmonton’s finest family communities, while being able to offer some of the region’s most family friendly prices thanks to volume purchasing power for materials, trades and land. This has not only made Sterling one of Edmonton’s bestselling, move-up builders, but also one of the industry’s most respected home providers. It is through our uncompromising commitment to our customers that we proudly deliver the Sterling Advantage – that’s why each and every home we build includes a 10-year home warranty, a completion guarantee and new home warranty excellence rating. Our Advantage is our pledge that, when you build your dream home with Sterling, we will deliver a timely, well-built home you’re sure to enjoy for years to come.

Learn more about:
Sterling Homes - Home Builder in Edmonton

Start The Home Buying Process Now

For all your mortgage needs, trust Sterling Homes

When do you plan to purchase your home?
Are you first-time home buyer?
Purchase price of the new home
Estimated Down Payment
Your Credit Profile
First Name
Last Name
Phone Number
Email Address
In which province are you looking to purchase?

Thank you for your interest in our Mortgate! One of our agents will be in touch with you shortly.

Get Your Rate!