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Timing Your Purchase - When Is The Best Time To Buy NEW?

YOUR INSIDE LOOK AT KELOWNA REAL ESTATE DEVELOPMENTS

Is Buying New a Good Investment in Kelowna in 2022 - Part 3

In part 1 of the series “Is Buying New a Good Investment in Kelowna in 2022” we looked at what makes a new build a good investment along with the overall risks and rewards of buying a home in a new development. In part 2 we talked about investing to live and the "Top Reasons To Choose A New Development As Your Primary Home". In part 3 we will discuss the best time to purchase a new build, and what to consider when buying in each phase.

Buying NEW - When to INVEST?

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Maybe it’s the lack of inventory, or maybe you just LOVE the idea of buying a brand NEW untouched home! Either way, we’ll help you decide the best timing to purchase based on your needs. Here’s what to consider when buying in each phase of a new development:

PRE-SALE

You're buying a vision based on floorplans and renderings, but buying in early has key advantages.

Top Reasons to Buy at Pre-sale

1.) You won't miss out - Depending on market conditions, the development could sell out in hours, days or weeks! Developments are typically released in phases, however some developers will quicken the pace of phase releases or release all homes at once to match demand.

2.) First Selection  - Buying early will allow you to have prime home selection - from plan type to home location, you have a better opportunity for your preferred home. 

3. Early Release Pricing - Typically, developers offer their best pricing in their first release phase. The sooner you buy in, generally the better pricing you will lock in.

4. Deposit Structure - You don't need your full down payment to secure your home. You will pay an initial deposit and be given a deposit structure, and your full/final down payment will be due at completion when you take on your mortgage.

5.) More time to plan your move - While construction timelines and move-in dates will be a moving target, buying in this phase provides you with time to save for the rest of your down payment/deposit structure,  plan your move, and plan a sale of your current home (if applicable).

6) The opportunity to customize - You may also get the opportunity to customize your home with select finishes, colour schemes and developer-offered upgrades.

If you don't need to move-in now, buying at pre-sale is an excellent opportunity to secure a home with early pre-construction pricing.

UNDER CONSTRUCTION

There can be great opportunity to purchase when the community is already under construction. Some advantages of purchasing in this phase include:

Ability to visualize - you can start to see the community and homes take shape which may help you better understand if it is right for you.

More confidence in completion - Construction has started which generally indicates the developer has appropriate financing. The risk of the community being left unfinished is far less now.

Opportunity to customize - depending on timelines, you may be able to select from colour schemes and developer-offered upgrades.

Better Understanding of timeline - you will have a better understanding of approximate completion dates.

Waiting to purchase until construction has started does come with some risks - namely the fear-of-missing-out on both early pricing and home selection. Communities can sell-out fast!

COMPLETION

The home is built and ready for you to move-in now which comes with some advantages, including:

What you see is what you get - some people need to see and feel a finished product. So, while you won't have the same opportunity for customization, you can walk-in and readily visualize if the home is right for you.

Pricing - Pricing will generally reflect fair-market value. While generally in Kelowna this will be higher than pre-sale pricing, you don't have the risk associated with locking in pricing early (should the market drop).

Move-in ready - You no longer have to consider possible construction delays and are purchasing a move-in ready home.

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Work With Nyrose & Associates on Your New Home Purchase
As Kelowna new home development experts, we work hard to have the pulse on all new communities. Are you interested in buying new? Our new development buyer agents can help you determine if buying new is right for you and help you find the right new (or resale) property to call home. Contact Us Today.

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