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In part 1 of the series “Is Buying New a Good Investment in Kelowna” 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 discuss the best time to purchase a new build, and what to consider when buying in each phase.
As Darcy Nyrose says "There's never a bad time to buy new", but you may be wondering what the advantages of each construction phase are when considering buying a new build.
Buying new is always a great investment in today's market, but deciding when to buy all comes down to your personal situation. Consider asking yourself these questions: How soon do you need to move? Do you have a home you'd need to sell? Does the home need to be built and move-in ready before you buy?
Here’s what to consider when buying in each phase of a new development:
You're buying a vision based on floorplans and renderings, but buying in early has key advantages.
Priority home selection - Buying early will give you a higher chance to select your preferred home, from plan type to home location.
Get the best pricing - Typically, developers offer their best pricing in the first release. The earlier you buy, generally the more you will save by locking in with pre-construction pricing, and allowing your home to build equity during the construction phase.
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 the most 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).
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 the layout and 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.
Better understanding of timelines - you will have a clearer understanding of approximate completion dates, giving you a better idea of when you'd need to move.
When homes are complete and move-in ready, you'll be able to touch, feel and see what you get before buying.
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. If you need to move sooner rather than later, then this stage might be the best for you.
