Pre-construction vs. Inventory Homes; Which One Is Best For You?
April 2, 2015
This age-old question has been bantered about for decades and it's a fair question to ask but not a simple question to answer. The bottom line is that it all comes down to where you're at in your life and where you see yourself in the immediate future or further down the road.
When it comes to price, we know that pre-construction pricing is often better and less expensive when a project first opens. A less expensive price is often an attractive feature, especially to first-time buyers who need to stretch a dollar every chance they can get however patience is a virtue when buying pre-construction. It can take years for the project to be completed; often 2 or 3 years and sometimes more depending on weather delays, strikes, permitting issues, etc. If you have the time to wait and aren't in a rush, this is the perfect opportunity for you. It also gives you time to get to know the neighbourhood before moving in and finding that perfect spot to eat. If you already own a house or condo and are buying pre-construction, it gives you the time to do all the necessary things you need to do in order to sell your current location including de-cluttering, minor repairs or a larger scale renovation that will increase the value of your house significantly.
If you're buying an inventory unit, the main benefit is a fast closing and the ability to move in far sooner than when purchasing pre-construction. You also have the added benefit of being able to visually see the space and walk around instead of only being able to see floor plans. Visualizing where to place your furniture and what items you'll need to purge before moving is another plus to buying an inventory home. Additionally the hard work is done for you when it comes to picking colours or going through the initial minor repair stages. Essentially, if you're looking to move in and unwind, an inventory home may be your best bet despite not being able to get the same lower price on a pre-construction home.
There are always trade-offs in life and you will need to choose the best option for you or your family.