Although it can seem intimidating, buying a home in its pre-construction phase comes with many upsides. There are a variety of reasons why pre-construction works best for some. Everything from saving money to living a better lifestyle.
Getting a good price
Traditionally, pre-construction homes are listed at prices below market value of similar resale homes. The amount of these savings can vary with several factors including estimated occupancy, but generally are set by the builder to encourage purchasing.
When comparing similar pre-construction communities, some like Highcrest boast starting list prices around $50,000 less than other communities, and when compared with similar resale homes the savings can be as much as $100,000 for those willing to wait.
Reserving a home during the limited reservation phase is a good way to hold the pricing without risk. Although approximately 50 per cent of units are reserved, a good variety are still available. For anyone seriously considering the idea of reserving a unit at Highcrest – we encourage you not to wait.
Any way you want it
Another advantage to buying pre-construction are the number of possibilities when it comes to customizing your home. Starting from scratch, buyers get to pick and choose everything from wall colour down to countertops.
Getting your home to look the way you want it while it’s being constructed guarantees you’ll be satisfied the day you move in. Buyers could also avoid any future renovations, which we all know can be costly and a little inconvenient for a period of time.
Customizing your home not only improves the aesthetic on the inside, but on the outside, you could potentially improve the value of your home.
During the sales phase, buyers sign an Agreement of Purchase and Sale (APS). After signing, there is a 10-day cooling off period that gives them time to review all the information provided by the builder, including the APS.
This period also presents buyers the opportunity to pull the plug on the purchase, 100 per cent penalty-free. It’s a good time to secure pre-approval from the bank and get a lawyer to review the details in the APS.
New home warranty
Most homes in Ontario come with a Tarion warranty that covers a number of items in one-, two- and seven-year time spans. It offers protection for the buyer(s) on elements like deposit protection, occupancy delays, water penetration through the foundation, defective plumbing or heating, major structural defects, and more. For further details on the Tarion warranty, what is covered and for how long, please visit www.tarion.com
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 more than 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 and marketing coordinator for Edgewood Homes Muskoka.
For more information or to register for updates, please visit edgewoodmuskoka.com.