The Pros and Cons of Buying a Pre-Sale Home
As you look at your different options for buying a brand-new home, you’ll find you have two major choices: pre-sale homes and quick possession homes. A quick possession home is already built or nearing completion, while a pre-sale home hasn’t been built yet.
Pre-sale homes are what people usually think of first when they think about brand-new homes, and there are a lot of benefits that come with buying a pre-sale home. However, there are also a few disadvantages you should take into consideration as well.
Ready to learn more to decide whether a pre-sale home is right for you? Keep reading!
Pro: The Opportunity to Choose All the Little Details
This is probably the main reason why you’re thinking about a pre-sale home in the first place. You want a home with the exact look you’ve been dreaming about.
When you buy a pre-sale home, you get to pick things like the colour palette, the flooring, and the cabinet styles you want. This means you won’t be settling on any details when it comes to the actual look of the home. It’s hard to get that amount of personalization in a quick possession home and even harder when you look at resale properties.
Free Guide: New Home Versus Resale: The Pros and Cons
Con: The Opportunity to Choose All the Little Details
Surprisingly, the thing that initially excites people about buying a pre-sale home is also the thing they later find to be a big frustration! Yes, you get to pick out all of the design details, but there’s a lot that goes into the design of your new home.
You’re not just picking a colour for the walls, you’re deciding between two slightly different shades of white for the ceiling. You’re also deciding on outlet covers, cabinets, flooring, and insulation. As time goes on, all of these decisions can feel overwhelming and a quick possession home can sound more appealing because you have less to worry about.
Pro: You Get To Choose Your Lot
What difference does this make?
First, some lots have features or locations that are more attractive than others. For instance, you might want a pie-shaped lot at the end of a cul de sac, which will be larger and have less traffic. Or you might prefer a lot that’s next to – or far away from – the community playground or have quick access to the walking trails.
Additionally, new communities often have specific guidelines on exterior design based on location. Typically, homes that are close to one another cannot have the same colours or elevation (“look”). If you have specific ideas about the way you want your home to appear on the outside, having the first choice of lot is key.
Con: Longer Time Frame
Of course, having so much control over the design of your home means you have to wait for it to be built. It typically takes around 9 to 12 months to build a pre-sale home from the date that the purchase contract is signed.
Unfortunately, the pandemic has slowed things down slightly. If you need to move into your new home soon, then a pre-sale home might not be the right choice for you. Instead, consider a quick possession home.
Pro: Ability to Customize to Your Needs
With a customized pre-sale home, you often have the opportunity to include special features in the layout of the home. Some of the most sought-after designs we see include mudrooms, second-floor laundry rooms, spice kitchens, and finished basements. If anything like this is a requirement for your family, you may have a hard time finding it in resale or quick possession homes. With a pre-sale, you get exactly what you need.
Con: Fluctuating Costs of Customization
Whether we’re talking about pre-sale homes or quick possession homes, one of the biggest benefits is being able to know exactly what you’re getting for a certain price.
With a pre-sale home, the price depends on the choices you make. Certain customizations cost more than others, and as you start to build the home you really want, the cost can increase. If you’re on a limited budget, this can be quite stressful.
On the other hand, if you’re strict about your budget, you can work with the builder to create the home you want within your budget. The best way to avoid sticker shock is to determine ahead of time what you want in a home, then ask for a quote from the builder based on those specifications.
Pre-sale homes are the right choice for those who aren’t looking to make any compromises on their dream home. If you find that some of the disadvantages don’t work for you, though, the good news is you have some solutions. Talk to one of our Area Managers to see all the options you have for getting into a home that fits your family’s needs.