New construction homes are residential properties sold by builders and developers at various stages of development, from empty lots being prepped for custom-built homes to recently finished, move-in-ready houses. The bottom line is that you will be the first person to live in it upon completion.
There are three different types of new construction homes to choose from:
- Tract homes. These homes are usually part of a new development or neighbourhood with pre-selected floor plans and a variety of home design options to choose from. If you want cost-effective options and don’t mind uniformity in your neighbourhood, then a tract home is a great option for you.
- Spec homes. A spec home is a new construction home that has been completed by a builder and is ready for moving in. Although you may miss out on the customization aspect or design process during its development, you still get the advantage of living in a brand-new home without having to wait for several months before it’s completely built.
- Custom homes. As implied by its name, this type of new construction home is a wholly bespoke property. This means you are involved in every step of its development, from working closely with the builder on the blueprint to deciding on finishes and accent features. While it may be more costly and time-consuming, being able to fully customize your dream home is worth it.
How does this differ from other types of homes?
Buying a new construction home doesn’t exactly follow the typical home-buying process. Here are several things to keep in mind:
- Timeline. The timeline of completion of new construction homes can be quite unpredictable. especially when the home is fully custom-built or is in its early development stages. So, make sure to choose a type that meets your priorities and fits your current living situation.
- Research. Much like when you’re shopping for traditional homes, it’s important to do a thorough background check of the area and neighbourhood. You should also look up the property’s developer and builder to have an idea of your potential home’s structural integrity, quality, and design.
- Budget. The best part about new construction – especially spec and custom homes – is the wide range of customization options. However, this can also lead to overspending if you’re not careful. Always keep your budget in mind when going through the design process, and don’t forget to consider additional costs such as landscaping, homeowner’s association fees, and furnishings.
- Warranties. Among the benefits of purchasing new construction homes is the builder’s warranty. This usually covers the workmanship and materials in your home, such as siding and doors, HVAC, plumbing, and electrical systems. But keep in mind that this coverage lasts only for a certain number of years. Study the contract closely with your real estate agent and clarify any vague terms and conditions.
New construction homes and trusted builders in the Niagara Region
Ready to begin your search for the perfect new construction home? Check out these gorgeous new developments and prestigious builders in the Niagara Region:
- Campden Estates, Lincoln
- Cascades of Niagara by Regency Vista Homes, Niagara Falls
- Hurricane Road by Perella Homes, Fonthill
- The Stanley District, Niagara Falls
- Arbour Vale, St. Catharines
- First on Fourth Executive Condos, St. Catharines
- KARISMA Homes
- Watermark Homes
- Parkside Homes
