6 Advantages of Buying a Pre-construction Home

If you’re interested in buying a home, you have many options. For example, you can purchase an already-built condominium apartment, townhome, or detached house. However, you can also consider buying a pre-construction home if you don’t need to move immediately. 

So, what are the advantages of investing in pre-construction homes for buyers in the real estate market? 

Buying a pre-construction home that is currently being built

Lower Costs and Potential for Appreciation

One of the most enticing benefits of purchasing a pre-construction home is the added value. In a nutshell, when you invest in a pre-construction home, you are buying at today’s prices for a future asset. As the construction progresses, the value of the property can increase, allowing you to gain equity before even moving in.

In addition, many developers offer special incentives and discounts to early buyers, making pre-construction homes more affordable than already-built properties in the long term.

Payment schedules are also usually reasonable. For example, typically, you need a five-percent sales deposit upfront. Payments usually follow at four, nine and then 18 months. 

Customization and Personalization Opportunities

From selecting the layout and finishes to choosing the colour scheme and fixtures, you can tailor your pre-construction home to reflect your style and taste. While you can also heavily customize an already-built home, it can be significantly more expensive and inconvenient.

For example, it can be much pricier to remodel a kitchen than it is to build one from the ground up to your liking. 

Newer and More Energy-Efficient Features

As construction practices evolve and building codes become more stringent, newly built homes are designed with energy-efficiency practices and features. From advanced insulation systems to energy-saving appliances and solar panels, pre-construction homes often incorporate the latest technologies to reduce energy consumption and decrease utility costs. 

Access to Modern Amenities and Facilities

Pre-construction homes are often part of larger residential developments that offer a wide range of perks. Amenities in modern pre-construction projects can include state-of-the-art fitness centers, swimming pools, parks, walking trails, and more.

In addition, many pre-construction homes are planned to carry modern fixtures, appliances, and smart home features. 

The Downsides of Buying a Pre-construction Home

The biggest disadvantage of buying a pre-construction is that you must be patient. Projects can take years to complete and can be delayed by different events. For example, labour or material shortages can impact the completion date. Likewise, a global event like a pandemic can also affect construction. It’s also a good idea to work with a reputable developer to avoid disappointment and broken promises.

Real estate sale

The Role of a Real Estate Agent in Purchasing a Pre-construction Home

Navigating the world of pre-construction homes can be challenging for the uninitiated. In fact, many first-time homebuyers feel overwhelmed when shopping for pre-construction homes.

This is where a resourceful agency can help. 

A real estate agent specializing in pre-construction homes like The Shawn Lepp Group can guide you through the entire process, from finding the right development and unit to negotiating the purchase agreement and overseeing the construction.

What to Ask When Considering a Pre-Construction Home

Please do your research before purchasing a pre-construction home. Learn about the estimated completion date of the project, the reputation and track record of the developer, the warranty and after-sales service provided, and the customization options.

From the potential for lower costs and appreciation to the ability to customize your dream home, pre-construction properties provide an exciting opportunity for homebuyers. Work with a top real estate agency today to find the pre-construction project of your dreams.