Quick ownership: Timing is everything when buying a home

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If I had the time, I would make a lot of choices and build a house from the ground up in a community that many people love. Others take resold homes and renovate them over time. However, if time is tight, the decision to buy a home you own quickly may arrive on time.

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Thieshkaran Sritharan and his father Thalayasingam Sritharan recently sold their family home at Skyview Ranch to cash in on the burgeoning real estate market. They were about to build a building in nearby Cornerstone, which Anthem was developing, but discovered that construction of the new home wouldn’t be completed until late 2023 for him.

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“It was too expensive and we had a hard time getting mortgage approval,” says Tineshkaran, who worked with Jayman Bilt on plans for the new home. “Then they called me and said they had the same house I was thinking of building for less than that and they could have it in less than four months. rice field.”

The house was a quick ownership model of Jayman’s Avid 20 floor plan. It’s a 1,789 square foot laned home on a 25 foot zero lot. An upgraded main floor bedroom with full bath and a bonus room upstairs. The house came with Jayman’s Extra Fit and Finish package.

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“That’s the downside of it. It’s the best part,” he says.

Cornerstone’s Avid 20 floor plans start in the $530,000 range.

In fact, many buyers prefer to have the colors and features of their new home already selected by a professional. Jayman’s chief operating officer, Dave Hooge, says certified designers curate interiors for quick ownership models.

“We build our most popular models (spec residential) with features we know will appeal to buyers,” he says.

Jayman has built 13 communities in Calgary and the region and maintains a constant number of homes for quick property buyers.

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New homebuilder NuVista Homes operates in 11 communities and strives to provide a balanced number of specification homes to own in 30, 60, 90 or 120 days or more. However, the best choices are made when NuVista exits the subdivision, says area sales manager Hal Firlotte.

“We’re finishing up on Fireside in Willows and Cochrane and have ‘identified’ all the remaining lots in those communities,” he says.

Douglas Homes builds in Cochrane, Chestermere and Calgary and builds almost exclusively custom homes. According to Doug Whitney, vice president of sales, there are about 165 quick-own homes underway that are available in 30-, 60-, 90-, or 120-day timeframes.

“Supply issues are easing, making timelines a little more predictable each day. I hear people hate that kind of risk,” he says. “People who buy spec homes are people who might normally buy pre-sale homes but are buying spec because they have inventory and they can see it. It’s our niche.”

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The approach of building homes without waiting for buyer orders creates efficiencies that Douglas can pass on to buyers. They make a lot of the same model every year and they know the cost. A smaller administrative staff can be maintained, resulting in lower overhead and more competitive pricing.

Direct competition for new ready-to-move homes is pre-owned ready-to-move or resale homes.

“Our pricing is based on profit margins in addition to material and labor costs. So we need to be sharp and nimble with the market,” he says.

New homes come with a warranty, unlike resale homes where maintenance can be deferred. This is required under the Alberta New Home Buyer Protection Act of 2014. A builder like Jayman offers additional post-ownership perks like his two service calls throughout the year. Other new home bonuses are modern layouts, the latest home technology and energy efficient amenities.

“The Jayman includes solar panels, high-efficiency furnaces, triple-glazed windows, tankless hot water heaters, and features that keep money in the buyer’s pocket by reducing energy costs,” says Hooge. say.

When you’re pressed for time, choosing to own a home rather than a building can save you time.

“People say, ‘I need a house in 120 days because I only have 120 days left before the mortgage port is gone,’ and that’s what drives people,” says Firlotte. says.