When considering the purchase of a home prior to construction, there are often a lot of general questions regarding everything from site viewing to the type of community being created.
At Edgewood Homes, we encounter questions daily regarding purchasing at Highcrest during this pre-construction phase, from both our soon-to-be homeowners and potential buyers alike.
When will the Highcrest homes be completed?
For communities that have foundations in place or underway, occupancies can begin late 2021. The earliest block of units at Highcrest has an anticipated completion date of November 2021 (sold out), with our latest block of units (also sold out) expected to be ready for occupancy in summer 2022. A variety of units are still available for early 2022 occupancy.
Will the price on my house go up by the time I move in because of the increase in material costs?
Some builders may raise prices at closing (reflective of changes in the market); at Highcrest, whatever the price of the home is at the time of purchase is what it will be at the time of closing. Bear in mind, any upgraded finishes will add to the overall price of the home, however with Edgewood Homes even the standard finishes exceed typical builder-grade standards.
Can I sell my home during the construction period?
Otherwise known as an “assignment”, some buyers will market and sell their home before it is fully built for a variety of reasons. For this release at Highcrest, there are no assignments. This is not the case with all developments and rules vary between each builder.
What is an interim occupancy?
The interim occupancy period occurs when the home is ready to be lived in, but is not yet registered. During this period, the buyer lives in the unit and pays the builder an amount roughly equal to what a mortgage payment plus condo fees plus taxes would be. This is a regulated calculation that is not up to the builder to set. More details about the interim occupancy and the fees associated with it can be found in the Condominium Act.
Is my new home covered by Tarion?
To confirm if your home is enrolled with Tarion, your builder must have an account in good standing with HCRA (Home Construction Regulatory Authority). All new homeowners will get a straightforward PDI (pre-delivery inspection) walkthrough with the builder prior to the occupancy date.
Homeowners should be provided with documents outlining what is covered in their Tarion warranty during the sales process. More information can be found on Tarion’s Learning Hub.
With recent sales at Highcrest booming, only a selection of homes remain. We encourage you to reach out to us by phone, email or register at livehc.ca for more information. Not sure if this is the right move for you? Check out our previous article, Is Highcrest the home you’ve been waiting for?, to discover why Highcrest is the perfect community for anyone desiring a vibrant and active lifestyle!
Under the watchful eye of company principal David Goodfellow, Edgewood Homes has established a pre-eminent position at the leading edge of residential design and construction in Muskoka for the past 20+ years. Retaining highly creative architects and designers, utilizing exceptionally skilled tradespeople, and with a keen attention to even the smallest of details, Edgewood brings high-end vision and elegance to all of their projects.
Christina Cook is the Sales & Marketing Coordinator for Edgewood Homes Muskoka.
For more information or to register for updates, please visit edgewoodmuskoka.com.
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