Selecting the right community is just as important as selecting the right home. It’s easy to see how certain neighbourhoods can meet or not meet your needs, but things feel a bit risky if you’re looking at neighbourhoods that are just getting started. You might worry about what it will be like to live with the noise of construction surrounding you. Or that it will take too long to finish.
The truth is, there are plenty of advantages to moving into a neighbourhood that’s just getting started. Here are a few reasons you should consider.
1. Lot Choice
Throughout the community, there are a variety of lots available. While there are a lot of similarities, some lots have added benefits. Pie-shaped lots on a cul de sac, for instance, tend to have bigger backyards and less traffic out front. Some lots might have a better view or easier access to the . Some buyers even prefer their homes to be located away from amenities like the playground because they want a quieter lifestyle. All of these lots sell quickly. No matter what your preference is, you’ll have an easier time getting your top choice when you purchase at the beginning of the development. Once people start moving in, your choices are limited.
2. Exterior Home Design
There are often community regulations in place to ensure homes close together don’t look too similar. When you’re buying the last lot on the street, you might be extremely limited when it comes to home model, exterior elevation, and exterior colours. Some people don’t care much about the way the outside looks, but if you want complete control, it’s better to get into a neighbourhood early on.
3. Builder Promotions
Builders want to get their new developments off to a good start. They’ll build some spec homes or units, but the more buyers they can attract, the easier it is to sell other lots - and this can mean builder promotions. You might be able to get free upgrades or other discounts when you commit to a new development. Of course, it’s always smart to compare prices among builders and even from community to community. Advertised deals may not be as good as you think, particularly if you’re just getting upgrades you wouldn’t have wanted in the first place.
4. New Amenities
Builders develop their communities with nearby amenities like playgrounds, sports fields, and walking trails in mind. In some cases, they plan to build new schools next to the community to accommodate the families who live there. When you’re one of the first families in the neighbourhood, you get to take advantages of these amenities when they’re brand-new. That’s a pretty good feeling.
5. Increasing Property Value
In the initial stages of development, it’s hard to say how much properties in a new neighbourhood will be worth. Appraisers tend to err on the side of caution. The good news is the first buyers tend to see increased property value by the time the development nears completion. If you need to sell your home after 10 years, you may be able to sell it for far more than you bought it for.
It’s normal to feel a little nervous about choosing to build your home in a developing neighbourhood, but it’s also a good time to get a great deal. Talk with a builder or developer about their plans and you might realize it’s the perfect place for you.