
With the real estate market experiencing historically low inventory levels across the country, many buyers are finding it tough to secure a home. This scarcity is partly due to homeowners' reluctance to list their properties, potentially caused by concerns over having strangers walk through their homes during this time. Additionally, as people spend more time at home, they've had the chance to reflect on how well their living space suits their lifestyle, sparking the need to right-size their environment.
With well-priced homes being snapped up quickly, many buyers are left frustrated. However, for those who can afford to be flexible with their timing, new construction presents a compelling alternative to the resale market. A brand-new home offers buyers the opportunity to create a personalised living space – a blank canvas where they can design their perfect home. In any market, this is appealing, but with resale inventory at such low levels, new construction is even more attractive.
That said, purchasing a new build involves more than just enjoying modern floorplans and beautiful finishes. Before making the decision to buy new construction, there are a few important questions buyers should ask:
- Construction Timeline: How long will it take to build the property, and are there potential delays that could extend the timeframe? How does this schedule align with your plans to sell your current home or secure temporary accommodation in the meantime?
- Phase Dependencies: Will your completion date be affected by the sale or occupancy of other units or phases in the development?
- Cost Breakdown: What’s included in the base price of the home, and what additional costs will there be for custom options and upgrades?
- HOA Fees: What are the homeowner’s association fees, and what do they cover?
It’s also essential to understand the location of the new development and any future changes that could impact your home. Consider factors such as road noise, parking or traffic congestion, and whether your view might be altered by future construction.
For buyers struggling to compete in the fast-paced resale market, new construction could be the perfect solution. Developers are offering attractive incentives in this environment, making it a great option for those who have a bit of time to wait for their dream home to be built.