When deciding on whether to purchase a home that is being built or an already built one there are some things to think about. Each choice has positive and negative aspects. It is up to the buyer to determine which choice best suits their needs and budget. Here are the positive and negative aspects of each choice for buyers to review.
Benefits of purchasing an already built home:
- Previously built homes can be moved into immediately. There is no need to wait. Ottawa homes that are still being constructed come with a delay to move-in. There can also be added delays due to property disputes, and the lack of appropriate permissions to complete various work. That is why it is important to have all of the appropriate papers in order.
- With ready-to-move-in homes buyers can see the finished work for themselves. They are able to judge the excellence of the construction work, the amount of available space, and any amenities which come with the property. Buyers can also review the neighborhood, and talk to the neighbors about the cost of utilities. With property that is being built it is more difficult to ascertain all the same information. It is likely that the finished work will not match any samples buyers are shown. In addition, there are times when construction crews will hurry the work along with shoddier materials.
- With homes that are previously built buyers can review the Completion Certificate, the Occupancy Certificate, property titles, and so on.
Benefits of purchasing homes under construction:
- There is an abundance of homes in Ottawa under construction that are available for purchase. Buyers of property that is under construction have the chance to select location, property cost, home dimensions, configuration, how many floors, and so on. Already built homes provide only narrow options by comparison.
- It is less expensive to buy a home that is under construction. After construction is finished on a home the cost increases. By purchasing a home under construction the buyer gains a valuable asset because they can sell it for more later. With previously built homes buyers are likely paying an increase of 25-50% over homes of the same size that are under construction.
- Properties that are still under construction often have easier payment plans such as time linked, construction linked, or down payment. Buyers have the ability to select the plan that best suits their budget. With previously built homes the whole amount is due upfront along with the legal paperwork that goes with transferring property ownership.
- With under construction Ottawa homes there is an option to make alterations to fit the what the buyer needs or wants. Already built homes do not offer the same level of alteration options. If a buyer wants to make changes to a previously built home, it will cost them more.
- With already built homes there are maintenance concerns for buyers. Properties that have been empty for a while, or that were not properly cared for need a great deal of time and money to be habitable.
Everything mentioned varies for each home. This information is based on common situations. Every situation is different, and buyers will need to determine whether a property is the right one for them. Since each type of property has its own benefits the buyer’s decision should be made by considering their needs, time, and budget. For buyers who are interested in purchasing under construction properties here in Ottawa, Richcraft Homes can help.