Whether you are a first-time homebuyer or you have been around the buying-and-selling block once or twice before, the thought of purchasing a preconstruction townhome to be built can sound daunting. It can take a few years to build, and never mind all of the ‘what-ifs’ surrounding a preconstruction townhome:
- “‘What if’ something goes wrong?”
- “‘What if’ I can’t afford it?”
- “‘What if’…I can’t think of another worry but I’m sure there’s one there somewhere!”
We get it: there’s a lot to worry about when buying any kind of property. This seems to compound when buying in the preconstruction phase is thrown into the equation, so is it worth it? It is: here’s why.
Choose a neighbourhood
If you want to purchase a preconstruction townhome in a neighborhood, ensure that you have an idea of the changes coming to the neighborhood over the next few years. See if you can research if the neighborhood in question is going to see growth in the coming years. If growth is coming and you can purchase a brand-new townhouse in your price range, go for it! Homes are not just a place we live in, they’re also investments. If you decide to move in the future and the neighborhood has become competitive to live in, you’re going to make a sizeable return on your investment.
Choose your finishes
A professional is building your new townhome which means you also have a choice in which finishes can be applied to the interior. This is your townhome – you should have the luxury of customizing these important amenities! From choosing bathroom and kitchen tile to which
type(s) of hardwood flooring you prefer and beyond, your townhome should be a reflection of the style you love. At Dunpar Homes, we actually offer these customizations – buyers of Dunpar Homes get to visit our design studio and pick out their finishes!
Cost-effective financing options
Take our team at Dunpar Homes, for example. If mortgage stress tests are keeping you from affording a new townhome, we provide our very own financing program with competitive rates that range between 1.99 – 2.49%. Our Home Ownership Made Easy program can help buyers with current property use the equity accrued from their current home towards the down payment on a preconstruction townhome.
Since you’re moving into a brand-new home, it’s going to be years before you have to start dealing with maintenance costs (theoretically, of course). This means you don’t have to budget for things to start breaking down such as a water heater, HVAC unit, and beyond. This will save you so much money in the long-term, and this alone will make you pleased as punch that you purchased a preconstruction townhome.
Furthermore, you’re going to be getting a much better deal per square foot than you would if you purchased an existing property outright. Coupled with little-to-no short-term maintenance surprises, it’s easy to see why a newly constructed townhome is quickly becoming more appealing to first-time homebuyers than opting for a traditional route. Preconstruction townhomes are arguably the best value in the GTA for a new home – reach out to us at Dunpar Homes today, and allow us prove this to you ourselves!