With resale real estate prices skyrocketing, you would have started looking at property alternatives. One type that would’ve come up again and again is a Pre-Construction Home. As with everything else about purchasing a home, there are several things to consider before buying a pre-construction property in Brampton.
Pre-construction homes in Brampton are in high demand and I’ve seen some projects get sold in just a couple minutes.
Coming to the question – Is It Better To Buy A Pre-construction Home in Brampton?
Based on the mixed stories that I’ve heard, there’s no definitive answer. It depends on whether you’re a first-time home buyer, second or third, or an investor, how soon you’d like to take possession, and your home wishlist.
Understanding the difference between new construction and pre-construction homes in Brampton
A new construction home is one that’s never lived in before and is ready for you to move-in. On the other hand, pre-construction homes aren’t completely built yet but are available to purchase. Completion varies from a few months to a few years. Most builders have sample units ready and also let you choose the flooring, paint, and some fixtures. Purchasing a pre-construction home in Brampton is less time consuming and less stressful.
Considerations while purchasing a pre-construction property in Brampton
Before you decide to buy a pre-construction home in Brampton, let me tell you that you’ll have some extra things to do.
– Basement might not be finished. You’re responsible for installing the walls, insulation, and electrical.
– Lawn and landscaping is practically non-existent
– Fencing is another expense
– Garage might only have a frame and insulation
While for some people these are drawbacks, if you’re a creative person who is into DIY interior decor, this is a dream come true. You have complete control over the storage design, landscaping, and the basement. It’s a good practice to start saving money for purchasing furniture or the expenses mentioned above.
Perks of purchasing a pre-construction home
– There are no bidding wars at all. Pick three floor plans you like the most and the builder will award you one depending on the availability.
– You’ll need a lower down payment. If you’re a first-time home buyer, you have to pay between 5-10% as down payment. Most projects have a practical payment model where you’re required to pay 1-2% (of the total home value) every 30 or 60 days.
– New homes come with a warranty, so if something breaks, you don’t have to pay out of your pocket.
– Builders offer some amazing incentives to quickly sell units. If you’re an early buyer, you not only get the house for cheaper but also incentives including a complete design package or kitchen appliances upgrades.
Make everything easier with Catherine Nacar
Always purchase a pre-construction home in Brampton through a realtor. Through years of experience, I know which builders or developers are the best in the market. I’ll only recommend projects that I genuinely like. I partner with mortgage companies, home inspectors, and lawyers who will ensure that you enjoy a smooth and hassle-free buying process.
I have some amazing pre-construction properties on my website. Take a look at them here – Pre-Construction Projects in Ontario. If you like any of them, please feel free to contact me through my email firstname.lastname@example.org or my phone number – (905) 867-4828.