When looking to purchase a home, it’s important to understand the range of options available, each one with different advantages. Quick possession homes in particular may be a great choice for families who want to move into a new home quickly. Also referred to as spec or immediate possession homes, our team chooses the lot and floorplan, designs the home, and begins construction before we have a purchaser in place. They can be purchased at any point during construction, often saving the buyer a lot of time, even if the home is early in construction since drawings and permit approvals are already complete.
Alternatively, a pre-sale home is when a purchaser chooses an empty lot for their home and builds on it from scratch.
Like anything, there are pros and cons to buying a quick possession home in Calgary and the surrounding areas. We’ve included a list below to consider as you make your decision.
The pros of quick possessions homes
1. You get the best of both worlds
Quick possession homes offer you the benefits of a brand new home, including energy-efficient features, compliance with the latest codes, warranties, and modern aesthetics with the convenience of moving into an already, or almost constructed home.
2. Saves time
As the name suggests, moving into a quick possession is a faster process than a pre-sale home. Whether you’re new to the city, you and your spouse are expecting, or you’ve just started a new job, a quick possession home can provide you with the comfort and security you need, quickly. This is one of the major deciding factors for homebuyers and is especially beneficial for those who need a new home fast.
3. You stay within your budget
It’s no secret that changes and unexpected costs can add up quickly with a pre-sale home. A quick possession home minimizes your risk of spending over your budget and you’ll know how much your new home will cost without any surprises. This is especially beneficial for existing homeowners who have a fixed budget within the selling price of their current home and can’t accommodate extra costs.
4. Fewer appointments and decisions
Buying a home and unexpected life changes can be overwhelming enough. With a quick possession home, we have already done the work for you! Interior selections are often already finalized so you can just patiently wait for the construction of your brand new home to finish without supplier appointments and interior design decisions. You can rest assured that our quick possession homes are designed by knowledgeable and experienced professionals with quality designer-selected finishes and award-winning functional floor plans that meet our industry-leading standards.
The cons of quick possession homes
1. Lack of customization
Of course, because quick possessions are already under construction, completely built or close to completion, in most cases you won’t have the opportunity to choose interior finishes or make customizations to the floor plan like you would in a presale home.
If you’re not on a time crunch to move into a new home right away, and like the idea of choosing all the finishes and features in your home, consider a pre-sale home that will allow much greater freedom for personal touches.
2. Upgrades options will be more limited
While our homes do come standard with many high-quality features (hardwood, 9’ main floor ceilings, tile, quartz and more) there may be certain upgrades not included that are important to you. That said, you would be surprised what can be added to a home after it is built. However, there is often a higher price tag to add upgrades after the fact.