Top Benefits of New Home Buying
From lower upfront maintenance costs to design flexibility, new construction can provide opportunities for homebuyers navigating a low inventory market. While some homebuyers are holding out for the right house to become available – one with historic charm, outdoor space, square footage, or whatever they’re seeking – others are skipping the search and going straight to new construction. Not only can buyers customize the home to meet most or all of their needs as well as their wants, negotiating the contract can be less complicated. For Edmonton new home buyers struggling to find their dream home in a current low inventory market, Our RE/MAX real estate agents share the top benefits of new construction home.
Less bidding wars when purchasing an Edmonton new build
One of the biggest advantages of new construction is that homes are sold on a first-come, first-served basis. That means no bidding wars – and no need to waive an inspection, appraisal, or other contingencies to make an offer stand out. Appraisers often look at what similar homes in the area have sold for in recent months to help determine a home’s value. That means if it’s been a while since another home has sold in a particular neighborhood, an appraiser may be using outdated information to price a listing in the resale market. Because multiple units are often sold in a new build development section at once, appraisers typically have several recent comparable properties to consider when setting a price for a new construction home.
New constructions homes are more energy-efficient and require less maintenance
An important consideration in any real estate purchase is how much maintenance the buyer is interested in taking on. DIY-enthusiasts may enjoy making an older home their own, while some buyers would prefer something more turnkey. Although all homes in Edmonton will require maintenance at some point, new construction usually requires less upfront work when it comes to upkeep. A new built should come with an Alberta home warranty.
New construction can also offer the advantage of new technology and energy efficiency. Some enhancements can be added to older houses, but it may take more time for the homeowner to recoup the cost of the updates.
Your new Edmonton home will check all the boxes
What I love about new construction is that for the most part, clients get exactly what they want and don’t have to settle for the resale dwelling that didn’t have that extra room or the countertop the way they wanted. Many builders offer a base model with several options for customizations and enhancements. Sometimes buyers may be able to change a layout of a room by moving a wall or adding windows for more daylight.
Although most Alberta builders don’t negotiate the price of design elements, a Realtor can advise which features are worth paying for upfront, and which ones can be upgraded at a later date. Builders will rarely allow buyers to bring in their own contractors during the construction process, but it still may be less expensive to update features – such as flooring – after closing.
You can still leverage the guidance and expertise of our Remax Realtors
A new construction project can differ from purchasing a home on the resale market in several ways – but the value our experienced Realtors can bring to the transaction remains the same. The benefit of having an experienced Edmonton Realtor in new construction is having someone to fight on your side when construction isn’t going like it should and knowing your real estate agent is working on your behalf and NOT the builders. A new build purchase has many of the same milestones as an existing home purchase – such as the appraisal, inspection, and, of course, closing date.
The most important thing to keep in mind when purchasing new construction is patience. Although some builders have completed properties ready for move-in, buyers looking for a custom new build home should plan on at least 8 months to a full year for construction completion. But while a buyer is waiting, their current home could be already growing in value. Once a new development sells out one section of homes, they often sell the next group for a higher price.