There’s no shortage of options for home buyers to choose from when buying their next home. However, one often overlooks quick possession homes as an opportunity. Here are nine reasons why you should consider buying one of these when conducting your home buying search.
They’re Ready When You Are
Life can bring about unexpected changes; a job in a new city, a pregnancy, or the need to care for elderly parents. Buying a quick possession house that is move-in ready (or even with a 30-day possession timeline) will provide you with a home to fit your changing needs, while also providing you with the freedom to move whenever you need to.
For example, a first-time home buyer who is getting out of their rental doesn’t have a lot of time to find something new. A quick possession home is perfect, there’s no waiting and you don’t need to spend time trying to pick finishes and colours; it’s all done for you.
The Best of Both Worlds
As well as being able to move in immediately, with a quick possession home you’re getting a brand-new home complete with all the benefits and guarantees, but with all the convenience of buying an existing home.
For first-time buyers, this means a hassle-free experience with little worrying about repairs. If you’re upgrading, you know you’ll benefit from your new home built with modern materials and building techniques.
A Full Warranty
One of the biggest benefits of buying a quick possession home is that it comes with a full warranty, just like if you were to build from the ground up. This means you’ll be protected for:
10 years on the structural integrity of the home (E.g. the frame and foundation)
5 years for the building envelope (the wall framing and cladding, roof and window installation)
2 years for the home’s distribution systems (the heating, plumbing and electrical systems)
1 year on labour and materials (such as the floors and fixtures)
When you use an experienced builder you may never need to use your home warranty, but the extra peace of mind knowing it’s there can be invaluable. This is a tremendous benefit to anyone buying a home, regardless their situation.
Upgrades to a new home can add up, so if you are anxious about spending beyond your means, a move-in ready home is a great option. Prior homeowners can benefit from knowing exactly how much their new home will cost as well, as they may have a fixed budget based on the selling price of their previous home.
Also, keep in mind that builders will sometimes offer promotions on their quick possession homes in order to sell them a little faster.
You Could Even Save!
In some cases, if you can provide 20% of the purchase price of the home, you can avoid paying mortgage insurance interest payments. With the extra money, you might even be able to get a quick possession home with more features than you’d get in a custom-built home for a similar price!
You Can Still Choose Your Builder
Some home buyers choose to build a new home in part because they prefer a model built by a particular builder, or because they heard a great review about a builder from a friend or family member. Quick possession homes allow you to choose the builder you want, while ensuring you’re able to move in when you need to.
What You See Is What You Get
The idea of buying a new home you can’t view beforehand can be an anxious thought for some, especially those who have never bought a home before. It’s reassuring to be able to walk through the house you’ll eventually call home. You’ll get a feel for the physical space and see the colour of the walls and the quality of the fixtures!
Buying a quick possession home will give you the peace of mind of knowing exactly what you’re investing your money into and that you’ll be happy living there.
Add Some Personality
Depending on the timing of your purchase, your quick possession home may still be under construction. This means it could be possible to add some of your own finishing touches to your new home. While you won’t be able to make major structural changes to the home, such as adding another bedroom, there will be changes you can make that will add your personal flare.
Your personalization may include a finished basement, interior paint colours, interior finishes such as countertops, or fixtures including sinks, faucets and toilets. These upgrades will add to both the price of the home and the timeline, but you’ll still be able to move in a lot faster than if the home was being built from scratch.
Whether you are searching for a condo, townhome, duplex or single family home, you’ll likely be able to find a brand new house that’s waiting for a family to call it home. Best of all, builders will typically construct the same move-in ready model in many different communities, based on popular choices from current buyers. So if you fall in love with the home but not the location, the same model may be available in another community.
Whether you’re currently searching for your first home, or looking to upsize or downsize from your current home, consider purchasing one that is move-in ready. Depending on how quickly you need to move and your budget, it may very well be the opportunity you’ve been looking for.
*Originally posted July 2016, updated January 2019.