Search Our Posts
July 20, 2022 | Buying
7 Benefits of Buying a Pre-Construction Home in Ottawa
Although you won’t get to move in right away, building a pre-construction home does come with a handful of unique benefits. Customizability, value retention and a comfortable buying process are elements that make new-build homes appealing to some buyers in comparison to existing properties. Plus, with several industry-leading developers active around the city and its outskirts, Ottawa is a great place to buy and build.
Here are 7 reasons you should consider buying a pre-construction home in Ottawa.
1. Protections and Warranties
When buying an existing property, you may be on the line for unexpected costs if something goes wrong with your new home. In Ontario, pre-construction homes come with standardized warranties that protect buyers in case of some adverse events or deficiencies.
If you buy a new-build home from a Tarion Registered builder, you’re protected in many aspects both throughout the building process and after you’ve moved in. While these warranties are quite expansive, notable coverage elements include deposit protection, compensation for delays and material defects.
2. Long-Term Value
When buying any kind of home, it’s important to consider how its value may appreciate over time. From an investment standpoint, pre-construction homes can be uniquely advantageous. New-build homes retain value well. Plus, their value tends to grow fast. In some cases, your home’s market value could even increase between your purchase and move-in dates.
Looking for more insights about building equity through homeownership? Explore these blog posts.
- 3 Ways to Upgrade Your Manotick Home
- When is The Best Time to Buy a Cottage in Ottawa?
- Real Estate Investing in Canada’s Capital Region
3. Modern Properties
Pre-construction homes are brand new and built just for you. While it may seem obvious, some buyers may underestimate the advantages of buying a property that is completely new.
With no existing wear and tear, if you purchase from a reputable builder, you’ll likely require less maintenance and repairs in the first few years compared to an older home. Plus, new-build homes can even help you save on utility costs as they utilize the latest energy-efficient technologies and higher-quality insulation.
4. Buy at Your Own Pace
In Ontario, real estate trends are constantly shifting in reflection of supply and demand. If there’s high demand in your area, buying an existing home could require you to move quickly, or bid against other buyers. Entering a bidding war can be stressful. Plus, you might find yourself paying more than hoped for your new home.
Buying a pre-construction home allows you to avoid competing against other buyers. Not only can this make the buying process more enjoyable overall, but it also allows you to buy at a pace that is comfortable for you.
Although Ontario has built a reputation for its seller’s market, new real estate trends are emerging. Read our blog post on the topic here.
One downside of buying an existing home is that you may find yourself undergoing renovations down the line to upgrade or modify the space. Large home improvement projects can be both stressful and disruptive. Pre-construction homes allow you to avoid costly renovations through pre-build customizations and upgrades. While every builder is different in terms of the customizations available, depending on construction progress and timing, you may have the option to make some upgrades during the build.
Whether it is customizing a kitchen to fit your dream appliances, upgrading flooring, plumbing fixtures or other modifications, your builder may be able to work with you to customize certain parts of your home to match your needs. This is especially true if you have the budget to work with a complete custom build specialist. This process is also a great way to increase your home’s resale value through strategic upgrades.
6. Great Neighbourhoods
One of the best parts of choosing to build a pre-construction home in Ottawa is the variety of incredible neighbourhoods you have to choose from. From fast-growing rural communities like Greely and Manotick to urbanite-friendly hubs like Westboro, Ottawa has something for everyone.
Explore some of our recently listed pre-construction properties below!
250 Cassidy Crescent | Wilson Creek
304 Wood Avenue | Maple Ridge Estates
149A Golf Club Road | Smith Falls
For our complete list of available new-build homes contact us.
One factor to consider when choosing your next neighbourhood is that not all builders operate in each area. Therefore, you may be limited to just a few select builders if you have your heart set on a certain neighbourhood. Many builders will allow your real estate agent to represent you in your purchase with them, and will compensate agents just like in most traditional transactions. If you are interested in buying new, a real estate agent can help you find the best community and developer based on your home wish list.
Want to learn about exciting neighbourhoods in Ottawa with great pre-construction developments? Check out these community guides.
- Our Favourite Luxury Neighbourhoods in Ottawa
- Living in Stonebridge
- 5 Reasons You Should Move to Greely
- Your Guide to Manotick Real Estate
7. Cool-Off Period
In most cases, opting to buy a pre-construction home allows you to buy with conditions that protect your interests. Most builders will include a conditional or “cooling off” period in pre-construction home transactions. While every agreement will be worded differently, your contract may have conditions that allow you to have your lawyer review the building contract, secure financing for your new home and sometimes simply ensure you are happy with your decision.
If you choose to terminate the agreement during this period, provided you terminate in accordance with the wording in your contract, you will usually receive your full deposit back – but make sure to read the fine print, and consult your agent and/or your lawyer before signing to be sure the wording in your contract provides for a full deposit return in these scenarios.
Don’t Forget to Work With an Agent
Finally, if you’re interested in buying a pre-construction home in Ottawa, don’t forget to work with a real estate agent! While you can deal with the builder directly, a real estate agent can advocate for your best interests during the buying process and ensure you’re aware of any critical fine print. They can also offer key insights about future developments in the neighbourhood that may impact your enjoyment of your new home in the future.