Thoughts on Building new vs buying used - homes

[takethebounce]

We have been in our place over 10 years and recently through around the idea of getting out and into something that suits us a little better. Our single garage doesn't cut it, we have more space in the house than the two of us use. Our back yard is tiny and with two dogs isn't ideal all the time.

At first we came up with a budget and started looking. There are properties around but few that really have ticked the boxes. We checked out a few new communities and the show homes and other floor plans the various builders offer. These places could tick more boxes on the wish list. There of course are all sorts of upgrades which don't mean much to us. We prefer to spend more on our life style than our home.

The builders will do whatever we ask which is fine. It comes at a cost. Picking a larger lot is nice to get a little larger garage than the standard package. Again cost. And then you pay GST on new but we have found some of the new builds are on par if not cheaper than existing homes.

If anyone has any pros or cons to these type of communities and these builders packages let me know.

We aren't opposed to the idea of waiting 7 months for a place to be built.


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[ferniesnow]

Have you looked at the bedroom communities and smaller acreages? You can still get the boxes checked off and end up with what you want; 9' walls, lots of windows, smaller space, and high end appliances, etc., etc.. Room for a decent shop/garage for the toys and something that is very "toy" friendly with lots of height.

It is amazing how one runs out of room in a hurry depending on lifestyle. A good plan is necessary and not only for the house but the yard, shop, garden, landscaping, and everything else that a new place should have. They do say that every ten years, demands another place to suit the changing lifestyles as we wander through life.

 

[Bnorth]

This is a total aside but in Calgary right now you would be selling in a flooded market and prices haven't corrected enough to correlate with the unemployment rate IMO. There is a ton of inventory with not much moving but prices haven't dropped much. I would expect prices to continue to soften for the next year or two.

 

[takethebounce]

Prices have dropped about 10% over the last 8 months. We have been window shopping for awhile. I do as well expect prices to drop along with interest rates even further. It's possible to even see negative rates.

I myself would not have a problem living 45-50 mins from work. I work 4/4 though. Working M-F commuting that far is not ideal for Jess.

Going West of the City or even North is not the end of the world. It does give you more for your money to a degree.


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[rzrgade]

If you sell in a flooded ( poor) market , you are also buying in the same market . So if you are upgrading , it is a great time ....
Right now I would look for a deal apposed to building new ..
There are some great deals out there , and more on the way ...!

 

[keyboardjockey]

well depending on your price point there's some amazing deals to be had.

 

[Chump]

We built in Mahogany 2 years ago. Super happy with our build and the community. We sold our last 2 houses that were a new build as well. In my mind most older communities have had the majority of there growth there going to have already. Newer communities still have a ton of different amenities and infrastructure going in around them, so they'll experience more growth in a shorter time period.

Really enjoyed the building process, being able to choose everything we wanted. It is however a big job watching over builders making sure there quality is up and somewhat on track. Our build in Mahogany took 13 months.. well worth the wait!

 

[j335]

This is a total aside but in Calgary right now you would be selling in a flooded market and prices haven't corrected enough to correlate with the unemployment rate IMO. There is a ton of inventory with not much moving but prices haven't dropped much. I would expect prices to continue to soften for the next year or two.

You are far from correct. I just sold my house in less than a day for a high end of what I was looking for. It is highly area dependent so stop believing the news...

We got better than we would have 3 years ago.

We are building next year on an acreage outside of Calgary. Done with the city and its not gonna be a heck of a lot more than building a house in the city...

 

[j335]

well depending on your price point there's some amazing deals to be had.

Yes amazing deals on high end homes and those are certainly bring down the market statistics to make it look worse.

 

[dylandoo]

I've been a realtor here in Calgary for 7 years my reccomendation would be to buy a spec home I know of a few builders who are desperate to get rid of their highly leveraged product on the other hand some are still very comfortable given their ultra deep pockets, have to know which ones and know that industry internally. A bunch of my friends own builders here in Calgary and I see them regularly and do a build here and there myself so I am kind of in the loop. As far as selling your home the market is not even close to as bad as people are saying. I have sold 42 homes to date this year and of the 42, 34 of them I sold within the first month. You won't be getting top dollar for you house but the gap between the sell and buy if staying in the same market is much smaller which is awesome. You can still sell your home for a decent price and find a deal where someone may be desperate to dump theirs. It's honestly a great market for upsizing.

 

[arff]

The prices have not gone down as much as people think.

Leduc area homes 500 plus are selling slower.

Great deals on some of them now.

Priced right a home around 325 to 350 will be pending within a week.

So great time to upgrade. High end homes are a little lower and if you take a little less for yours and price it right your ahead.

 

[ferniesnow]

................... and price it right your ahead.

you are or you're

 

[arff]

you are or you're

Does the bank care

 

[rzrgade]

Youarer right ....


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[ferniesnow]

Does the bank care

Maybe. Maybe not.

You should take the time and go and ask them. I don't have a bank in my town.

 

[S.W.A.T.]

I have always found the money is in the land. People get picky about houses and small details but for investment and lifestyle opportunities land/averages is the way to go. In the end land is the true payoff as they stopped making it years ago and people will always be looking to expand cities.

 

[rzrgade]

So true , best lot & area ...
House can always be fixed , land .... Not so much !


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[S.W.A.T.]

We sold our house in town 3 years ago and bought 50 acres out of town we are slowly turning into a small farm operation. After looking around the vast majority of home values in town dropped significantly were as rural properties always steadily increase as more and more land gets used up. Not to mention the value of taking a leak in your yard without making the neighbors jealous haha

 

[ferniesnow]

We sold our house in town 3 years ago and bought 50 acres out of town we are slowly turning into a small farm operation. After looking around the vast majority of home values in town dropped significantly were as rural properties always steadily increase as more and more land gets used up. Not to mention the value of taking a leak in your yard without making the neighbors jealous haha

Yes, acreages are nice but also have their challenges. Young working people may not be able to manage all the demands.

 

[takethebounce]

Yes, acreages are nice but also have their challenges. Young working people may not be able to manage all the demands.

Or we would rather be doing other things lol


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