What team members should you assemble when you want to buy new construction in Penticton?
House hunters who are looking to buy a home in Penticton are faced with many important decisions before they write an offer on their perfect home. Among the many decisions, are what type or age of home they are going to focus on finding. While some people opt to save a few bucks and look for a diamond in the rough that they can put their stamp on, others shy away from these make work renovations and opt for move in ready.
A move in ready home means that you can turn the key, unpack your boxes and relax because the home doesn’t need anything further to make it work for your lifestyle. Finding a home that is a few years older in a desirable neighbourhood is one choice that ambitious home buyers might make. However, with all the latest master planned communities that are popping up in the Penticton real estate market, it’s easy to see why more and more potential Penticton home buyers are opting for new construction purchases.
New construction starts were up by 75 new unit starts as of the first quarter in 2017 in Penticton according to CMHC. This clearly shows that there is a demand for new construction in the South Okanagan market. If you’ve been looking at new construction as an option then let’s help make it an easier decision by explaining the difference in products that are available in the Penticton real estate market today.
What types of new construction are common in the Penticton real estate market?
There are three types of new construction that can be commonly found in the Penticton real estate market and they fall into one of these three categories:
- Speculative builder homes
- Semi custom homes
- Full custom homes
Builder homes are also known as spec homes because the builder finances and manages the build of the home based on their understanding and experience of what the local market wants. These homes are often built to appeal to a wider audience and generally have up to date finishings that are on trend. Color palettes, cabinets, flooring and exterior finishing are often chosen to be neutral to attract interest from as many prospective buyers as possible. These homes generally don’t allow for much in the way of customization and are often priced to sell. By the time the keys are turned over to the new homeowner the home is landscaped and ready for an easy move in. Spec homes also extend beyond the single family home into apartments, condos and townhomes.
Semi custom homes are built by builders who are often using a popular stock plan design. Generally the builder will sell the home with a few different finishing package options or they will provide the new homeowner with a budget for items like cabinets, paint and flooring, so that they can customize the new home to their tastes. Semi custom homes are one of the most popular types of new home construction in the local market. Homeowners love that they are getting into something that is brand new but that they still have some flexibility on the finished product.
For those homeowners who love to get creative and want to have a say in everything from the plan to the location on the lot, then we suggest hiring a custom home builder. Custom home builders work with you to ensure that every decision is made under your guidance and with your approvals. Custom homes take longer but are tailored to the individual needs of the new homeowner.
What other benefits come with a new home construction purchase?
New home construction is a great option because according to the Homeowner Protection Act and regulations, new homes built in B.C. by licensed residential builders must be covered by mandatory, third-party home warranty insurance. This means that your new home will have the minimum coverage of:
- 2 years on labour and materials (some limits apply)
- 5 years on the building envelope, including water penetration
- 10 years on the structure of the home
This is great news for those house hunters looking for more assurance on the home they are buying. Ensuring that you by from a reputable builder is key in order for this warranty to be valid, so making sure you have the right team assembled is key.
Working with a real estate agent who can decipher the contract of sale will allow you some peace of mind, but we also encourage you to hire a lawyer and although the home you want to purchase is brand new, we also suggest getting a home inspection once the home is ready to go. Buying a home whether new or old is a significant investment and being too thorough is never a bad thing.
A home inspection will tell you about any potential defects or issues that could arise in the future related to the build of the home you are considering, but we also encourage new construction home buyers to check out the builder thoroughly as well. You never know when you might have to call them back to correct a defect that may have been overlooked. You will want to check their recent references to see how their follow up service is and if the previous homeowners who have purchased homes from them are still happy with their new homes.
It’s also a good idea to check out the neighbours. This is especially true if you are moving into a neighbourhood that you are unfamiliar with. Check out the amenities, the drive times to your regular haunts and learn about anything in the area that might make for problems in the future.
Are you searching for new home construction in Penticton?
If you’re looking for a brand new home, apartment, condo or townhome in the Penticton area then there are some great master planned communities like Skaha Hills and Sendero Canyon that I would love to take you through. Let’s talk about your home buying needs and arrange for a tour of some the best communities in Penticton and the south Okanagan today.