YOUR INSIDE LOOK AT KELOWNA REAL ESTATE DEVELOPMENTS

Diggers. Concrete. Framing. Perhaps you drive by it on the way to work, or pass by every few days - the site is cleared, and the action has started. It’s exciting watching a new development take shape. It can also be an advantageous time to buy in and secure your new/next home. If you’re considering buying new, you likely have many questions. Let’s take some time to answer some of the FAQs concerning buying under construction. 

What are the benefits of buying during the construction phase?

When a development is under construction, that means the developer has secured the required financing to move ahead with the project. Financing is typically approved after a percentage of the building has been sold. This is the next stage after launching presales. 

• Enjoy peace of mind knowing construction has started and you’re one step closer to a finished product. 
• Watch the progress on your home come to life from concept, step by step. 
• Buying early enough in the construction phase means there is still time to customize your home and purchase any upgrades the developer is offering.
• You’ll have time to plan ahead knowing what the general construction timelines are, even though delays can happen, you can move in sooner than you would if you bought during presale.
• Buying in today’s market is always a great investment opportunity. Lock in the price of your home before prices go up after completion. If the market value goes up from the time you buy till when you complete, your new home has already made you money! 

What are the risks of buying during the construction phase?

While the market value could go up, there’s also the chance it could go down. Be aware that things could change, especially with completion dates. While it’s great to see your home being built, there’s always the chance the completion of your home could be delayed due to various construction obstacles. There could be shortage of materials or other issues out of the developers control. 

IMPORTANT CONSIDERATIONS WHEN BUYING A HOME UNDER CONSTRUCTION:

1. Do your research on the developer and the construction company. Having both a reputable developer and construction team will increase the chance of everything going smoothly. 
2. Do your due diligence – Be aware of the terms and conditions in your contract and the amended disclosure so there are no misunderstandings.
3. Prepare your finances - Plan ahead of time so you are prepared in the event of a short closing period. 
4. Know what the construction timelines are - Follow the construction schedule closely to give you an idea of when you need to move and coordinate the sale of your current home (if applicable).
5. Having a professional Realtor on your side can help you navigate through the buying process and oversee any obstacles that may arise.

Buying in a new development can be intimidating, especially if you’re not familiar with the construction 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 home while it’s under construction. Our team of Real Estate and Development professionals can help you find which development 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

Featured Kelowna New Home Developments

SOHO | RUTLAND
Under Construction - Over 90% SOLD - Studio, One and Two Bedrooms - LEARN MORE

Academy Ridge | UNIVERSITY DISTRICT
Phase 3 Under Construction -  Phase 4 Coming Soon - Flexible 3 Bedroom + Den Townhomes - LEARN MORE

Green Square Vert | LOWER MISSION
Under Construction - Final Phase Now Selling - One and Two Bedroom Condos and 3 Bedroom Townhomes - 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