In 2017 in Ontario alone, over 79,000 homes began the ground-breaking process. Compared to past years, this was a 25.1% increase in new home and condominium construction. Why is the demand for new homes expanding this rapidly? What are the benefits of these newly purchased homes?
“New homes” can be divided in to two categories – brand new, completed homes that have never previously been had occupants; and homes that have not even left the drawing board, otherwise known as “preconstruction phase” homes.
If you’ve purchased during the preconstruction phase, the builder has likely not broken ground on site at the time you put your first deposit down. With homes purchased in the preconstruction phase, you have opportunities for customization. From paint colours to kitchen appliance layouts, the choices when personalizing your space are unlimited. Resale is someone else’s vision. Create a partnership with your builder and make your new home your own project.
Watch the builder complete the entire construction process on your new home! Drive by or call to chat about the progress. If you take advantage of the opportunity to see the construction through, you will have a better understanding of the components and features used in the home and will learn what is behind your walls.
If you have not purchased during the preconstruction phase, your newly-built home most likely has all the modern features, finishes and appliances you would be looking for in a customized space. Additionally, your appliances will be brand new. Though new homes can be slightly pricier than resale homes in the same area, there is no updating or renovating required. So leave your tools behind! Your maintenance and finishing costs and tasks should be little to none in a new build.
Another cost that you can cut out of the equation is utilities. They will likely be lower in a new build as well thanks to the newest construction materials such as insulation, plumbing, air and heating improving the home’s efficiency.
Your neighbours may have a lot in common with you! With builders marketing their new communities to a certain clientele in line with the product, you may have your newest companions right next door.
New homes are not only beautiful pieces of real estate individually, but they are often part of a beautiful community (complete with brand new roads!) that was thoughtfully designed by the builder. Take in the home itself, as well as the surroundings, when making your final decision.