Looking for the home of your dreams? Consider buying pre-construction. Muskoka is currently a seller’s market, and If you’ve been watching the market over time, you will be aware it has become commonplace for houses to sell within a few days, and if move-in ready, multiple offers are quickly becoming the norm. In this type of competitive marketplace, it can seem impossible to buy a home.
But there are things you can do to improve your chances: be prepared, be realistic, and most of all be patient.
Patience can be difficult at the best of times, but if you are willing to set your timeframe for occupancy into the future, a pre-construction home might be an option. There are certainly huge advantages:
- Everything is new, and covered by the Tarion New Home Warranty
- You can select your own finishes
- Generally, your home will increase in value prior to taking possession
- No rushing, disappointment or bidding wars
Working for Edgewood Homes Muskoka, I meet with potential pre-construction buyers regularly and I appreciate the trepidation they may have. Based on the most frequent questions there is some general information that may make pre-construction seem less intimidating.
Why do some posted prices seem so inexpensive?
Some builders use the pre-tax value to draw your interest. New homes will have HST added, with a portion refundable to most buyers. The tax payable can be $15,000+ on a $300,000 home so it’s important to ask. Many new communities such as Maple Ridge keep things simple by using the after-deduction value as their posted price.
Should I be concerned about upgrade fees?
Not concerned … but educated. Some builders use upgrades as a profit centre. I recently discussed the budget for an additional window with a buyer, and was surprised to hear that another builder (in pre-construction) quoted a price 5x what we were discussing.
The development doesn’t use Real Estate Agents
This is totally OK. Often the staff for the development are very knowledgeable and the process of selling a house, although paper intensive, is actually fairly straightforward when dealing with a pre-built home.
Should I preregister?
Absolutely! If you like an area and a concept be sure to place yourself on the list. Our next development of bungalow townhomes – HighCrest – is still in the concept stage but those who preregister for our e-mail list Click Here to register will have unique access to details and offers.
Can you guarantee my move in date? I
f construction is underway and utilities are at the site, the estimated closing will be more accurate. In early stages the closings could be delayed by as much as a year or more.
Buying a home that hasn’t been built yet can seem unnerving, but it can be a very successful process if you are patient and ask lots of questions. Any quality builder will be happy to address your concerns without pressure to purchase. If you have questions about buying pre-construction, feel free to contact me at [email protected]
Edgewood Homes commenced operations in 1999 with a simple formula: acquire premium Muskoka locations, retain the most creative architects and designers, utilize exceptional tradespeople, and pay particular attention to even the smallest detail. Today, under the watchful eye of company principal David Goodfellow, Edgewood has established a pre-eminent position at the leading edge of residential design and construction.
Erika Scott is the Sales and Marketing Manager for Edgewood Homes Muskoka. [email protected] 705.224.4663
For more information or to register for updates visit the website edgewoodmuskoka.com