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New Build or Quick Possession: Which Is Right for Me?

Posted by Vanessa Freeman on December 18, 2018

New Build or Quick Possession: Which Is Right for Me? Featured ImageYou’ve already decided that a brand-new home is right for you. Now it’s time to fully explore your options. One of those is to build something from the ground up, carefully selecting every little detail. The other option is to purchase a brand-new home that’s move-in ready right now.

Both types of new homes offer the same types of warranties, but different ones appeal to different types of people. Not sure which one is right for you? We discuss some of the things you should be thinking about to help you make your decision below.

New Build or Quick Possession: Which Is Right for Me? House Plans ImageHow Much Time Do You Have?

Building a new home from scratch typically takes between six to eight months. If you’re able to live in your current home for that time, then it’s easy for you to get a new home build. However, if you are moving to a new city or are otherwise pressed for time, then a quick possession home might be the best solution for you.

Are You Particular About the Details?

New build homes are the perfect choice for those who have very specific ideas about what they want in a home. If you already know things like which type of faucet you want, the style of cabinets, and what tile designs look great, you’ll probably want a new build home. Others don’t care as much about these things, and some people can even find it overwhelming to have to make choices for every little aspect in their home. These people will do better with a brand-new home that’s already been built for them.

Do You Have a Good Imagination?

As you shop for a new home, you get to tour a lot of show homes to get ideas. Incorporating these ideas into your own home, though, requires a bit of imagination. You might like the floor plan of one showhome and the ensuite in another one. You need to put these pieces together to create the home you want. Not everyone has a knack for this. If you prefer to see the actual home you’re getting, then you'll want a quick possession home. You can tour the exact home you’ll purchase before you buy.

Do You Have Unique Needs?

When builders create quick possession homes, they base the designs off of some of the more popular choices. However, these choices won’t necessarily meet your needs. For instance, if you need an in-law suite, you’ll want to work with a builder who can create that along with your home build. You probably won’t find something like that in a quick possession home.

What’s Your Budget?

It’s important to select a home that’s affordable for you. For some people, quick possession homes are the best way to find a home that fits the budget because you know exactly how much you’re paying. Others realize that there may be upgrades they don’t really need included in the price of that quick possession home. You can sometimes get a lower price - or more of what you want for the same price - by designing a new build home. Additionally, builders can help you create a home that fits your budget by showing you where you can make alternative choices.

New Build or Quick Possession: Which Is Right for Me? Moving ImageIs the Home of Your Dreams Available?

Sometimes, you have to look at what’s on the market to see if there’s anything that matches your needs and wants. While it’s nice to be able to move into your home quickly, you don’t want to settle for something that doesn't have everything you want. The perfect home might be on the market as a quick possession. If so, you should snatch it up. Otherwise, take the time to build something that’s right for you.

Can You Afford Two Mortgages?

Most builders require you to make some payments on the home as it’s being built. You’ll be paying this on top of your current mortgage or rent payment. Is this something that your budget can handle? If not, you may want to take a closer look at quick possession homes. The mortgages on these types of homes are more like traditional mortgages.

Quick possession homes tend to work best for those who need to move soon and who don’t care about having a lot of control over the design process, while new build homes tend to work best for those who are willing to wait for something that’s exactly what they want. No matter which camp you fall into, you’ll find that StreetSide has a lot of great offerings. Come check out our show homes to see how great your new life can be.

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Topics: new home build