The Key Features of Quick Possession Homes
While many people love the idea of buying a brand-new home, not everyone loves the idea of waiting several months for the construction process to be completed on a new build. This is where quick possession homes bridge that gap.
Buying a brand-new home comes with many positive benefits. With everything in the home being new, it’ll be a long time before any part of the home needs repairs or heavy maintenance. Since you’re the first owner of the home, there will be no questionable DIY renovations to discover and fix, and everything in and around the home is covered by an extensive warranty program.
All of these benefits apply to new-build quick possession homes too!
Features of a Quick Possession Home
A quick possession home is a brand-new home constructed by a home builder before a buyer is involved. These homes are built to a standard specification and often include modern finishes to appeal to the current market demand.
A quick possession home can be sold at any stage of construction, often giving home buyers more control over which home to buy to fit their preferred timeline. As typical new home build times can take anywhere from nine to twelve months, quick possession homes give you a sort of “head start” on the process and cut down the time to availability.
As an example, if you’re a home buyer who doesn’t want to wait at all for your new home to be ready, you could choose a quick possession home that’s finished and move-in ready. Alternatively, if you have two-to-three months’ flexibility – perhaps you’re still saving the remainder of your down payment – you may wish to choose a quick possession home that’s mid-way through construction and is expected to complete in a couple of months. Most builders have dozens of quick possession homes at varying stages of construction, giving you more flexibility and choice in the home you buy.
Since there’s no buyer involved when construction starts on a quick possession home, the builder chooses the finishes and design selections for the home, such as vinyl plank flooring, paint colours, quartz countertops, fixtures, etc. These decisions are made based on current market demand and cost. When you choose a home, depending on how far into the construction process it is, you may or may not be able to change any of these finishes.
The efficiency of the construction process on a quick possession home can also mean a more competitive price tag to purchase. Because the finishes and fixtures in these homes are often purchased in bulk and in advance, the builder takes advantage of special rates that reduce the overall cost to build the home. A quick possession home is also built to a standard floor plan or popular pre-planned options, also contributing to a more efficient price point.
Advantages of a Quick Possession Home
There are many benefits to choosing a quick possession as your next new home. As mentioned, homebuyers generally choose a quick possession home for its shorter timeline to possession, whether that’s just a couple of months or the home is already move-in ready.
New Home Warranty
Since the home is brand new, it’s also covered by a comprehensive warranty program through both the builder and Alberta New Home Warranty. Builder warranty covers the home against defects in the building process for up to one year, after which Alberta New Home Warranty takes over. In most cases, your new home is covered for heating, electrical, and plumbing systems for two years, defects in the building envelope for five years, and structural defects for ten years post possession.
Sticking to a Budget
If you’re looking for a home within a specific budget, a quick possession home offers pricing predictability. The home’s floor plan and finishes are predetermined with little-to-no potential for changes, so the price of the home is established early in the process and isn’t likely to change.
From time to time, builders will offer additional incentives on quick possession homes to compete in a busy housing market. This means you may benefit from added value items such as window coverings, a rear deck, or partial landscaping. Sometimes they may offer discounts on the purchase price depending on the market.
Disadvantages of a Quick Possession Home
Although there are many benefits to buying this type of home, for some home buyers it’s not ideal. Quick possession homes are typically built to a standard and don’t offer customizations such as changes to the floor plan and finishes. While there may be minor opportunities to change things within the home depending on the stage of construction, these are usually small things and not conducive to personalizing the entire home to match your preferred style.
You may also be limited to the communities in which your new home is built. Quick possession homes are constructed in specific neighbourhoods that offer certain types of lots and will meet the demands of the market. This may not fit your preferences if you’re looking for specific features such as a south-facing lot, living near water or a walk-out option for your home unless the quick possession happens to be built on a lot with these features.
When you build a home from scratch, you’ll have the opportunity to complete a handful of walk-throughs with your builder to see the home as it progresses. As a homeowner, this helps you understand the inner workings of your home and where things are before they’re covered with drywall. In a quick possession home, homebuyers usually purchase the home at later stages of construction and therefore don’t have the same opportunities to see the home at certain points.
How Do I Know if a Quick Possession Home is Right for Me?
It can be a major decision between buying a quick possession home and building from scratch, but there are benefits to a quick possession home that may indicate it’s the right choice for you.
If you’re on a fixed budget, choosing a quick possession home offers predictability in pricing. Builders typically offer a variety of homes within a certain price range, giving you plenty of choice within your budget. You’ll be able to focus more on choosing the right home if you’re not worried about whether your ideal home will break the bank.
If you’re on a strict timeframe to move into your new home, a quick possession home gives you this predictability in the timeline. You can choose a home that’s complete and move-in ready or one that is any number of months away from possession to fit your ideal timeline. Most new home construction timelines are between nine and twelve months, which can create challenges and added stress if you also have a current home to list and sell.
Choosing a brand-new quick possession home over an older, resale home means far less maintenance and fewer repairs needed, especially in the first few years. Everything in your quick possession home is brand new, meaning appliances won’t need to be repaired or replaced for several years, paint and flooring are fresh, windows are new, and your roof won’t need attention for more than a decade.
If you aren’t overly choosy about the neighbourhood your new home is in, a quick possession home is a great choice if you’re looking for a brand-new home. Many builders construct these homes in areas that are in demand and near popular amenities and major roads, which can be ideal if your family travels or has recreational activities they commute to regularly.
Most builders offer a wide variety of floor plans as quick possession homes. Depending on your family’s needs, any one of these floor plans may be suitable with no changes. If you’re budget-conscious, this can meet your needs and save you thousands of dollars on the purchase price.
A quick possession home is not something you’ll be “settling” for. Builders select the most desirable floor plans and install modern and in-demand finishes designed for today’s home buyers to ensure the quick possession homes they build appeal to the mass market. This means it’s highly likely you’ll find a home that’s perfect for you and your family, and you won’t need to change a thing.
Buying a brand-new home doesn’t have to mean waiting up to a year to move in. Many builders offer a wide selection of modern, desirable homes as quick possessions with possession dates anywhere from three months to immediate availability. These homes are constructed with the latest technology and modern methods, as well as up-to-date materials and finishes so you can enjoy your brand-new home from day one. If you think a quick possession home is right for you, feel free to speak to one of our Area Managers to view the wide selection of models we have to offer.
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.
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