YOUR INSIDE LOOK AT KELOWNA REAL ESTATE DEVELOPMENTS

A sparkling new home is what you’ve been dreaming about for years. You’ve given it a lot of thought. Perhaps you’ve been watching a development for a while now, seeing it come to life from a dirt pile into a fully functional building in all its glory. You would much rather see a finished product before you buy, you want to know exactly what you’re getting. Does this sound like you? If so you’re likely in the market to buy a brand new home, and we’re here to provide some guidance.

Let’s take some time to answer some of the FAQs concerning buying a finished home after a development has completed.

What are the advantages of buying at the completion stage?

• You get to see the finished product before you buy. Know exactly what you're getting.
• Move-in ready. No worries about construction delays or the home/development not being completed.
• Assess the people that live in the community. Will the majority be homeowners or renters?
• Possible incentives from the developer.
• There may be resale opportunities.

What are the disadvantages of buying at the completion stage?

• No chance to customize or upgrade. What you see is what you get.
• The price could be higher than if you bought during presale or construction.
• There may be limited home selection.

What’s the difference between buying from the developer at completion VS a resale? 

• Buy brand new, or slightly used, depending how long the owner has lived in it.
• There is no GST with a resale, but there is property transfer tax.
• GST is applicable when buying new, but there is no property transfer tax.
• Move-in dates will vary. If buying new you can likely move in right away. With a resale you'll have an agreed upon possession date.
• Different buying process / contract type.

IMPORTANT CONSIDERATIONS WHEN BUYING A COMPLETED HOME:

1.) Do your research on the community. Does the lifestyle suit you?
2.) Do your due diligence and be aware of the terms of the contract.
3.) Know the difference between buying new and resale.
4.) Be prepared for a quick move-in date when buying new. Most completed homes are move-in ready.
4.) Have a professional Realtor on your side to help navigate you through the buying process.

Buying in a new development can be intimidating, especially if you’re not familiar with the process. We’re here to guide you through it step by step, so that you can feel the utmost confidence in your decision to purchase a completed home, whether it be straight from the developer, or as a resale. Our team of Real Estate and Development professionals are here to help you find which development and home is right for you. Having a knowledgeable REALTOR® on your side is worth its weight in gold, and doesn’t cost you anything as a buyer!

Kelowna New Development Series – FAQS by Stage

Kelowna New Developments – Priority Registration

Kelowna New Developments – Presales

Kelowna New Developments – Under Construction

Kelowna New Developments – Completion

Featured Kelowna New Home Developments

ONE WATER STREET | CULTURAL DISTRICT
East Tower Completed - LEARN MORE

ELLA | DOWNTOWN KELOWNA
Completed and resale opportunities - LEARN MORE

GYRO BEACH | LOWER MISSION
Completed and resale opportunities - LEARN MORE

Browse All Kelowna Developments

We LOVE talking new home communities with our clients. There are so many to choose from in the area, in all phases of sales and construction. We'd love to help you narrow down your choice.

For More Information on Buying New In Kelowna, Contact Your Real Estate Specialists