Buying a new home is an exciting venture, and one that many people dream of. The idea of owning a home that has never been lived in, with all of the latest amenities and features, can be very appealing. However, when it comes to buying a new home from a builder, there are some cons that you should be aware of before making your decision.

1. Higher costs

One of the biggest cons of buying a new home from a builder is the cost. Builders often charge a premium for new homes, which can make them significantly more expensive than older homes. In addition, builders often charge additional fees for things like upgrades, which can quickly add up. These costs can put a strain on your budget and may require you to make compromises elsewhere in your life.

2. Construction delays

Another potential downside to buying a new home from a builder is the risk of construction delays. Builders may promise a specific move-in date, but unforeseen circumstances such as weather, labor shortages, or material delays can cause the project to be delayed. This can be frustrating, especially if you have already sold your current home or made other arrangements based on the expected move-in date.

3. Limited customization options

While some builders may offer the option to customize certain aspects of the home, such as flooring or countertops, there are often limits to how much you can customize. This can be frustrating if you have a specific vision in mind for your home and are unable to bring it to life due to the limitations of the builder's options. Additionally, even if you are able to customize certain aspects, you may end up paying a premium for these upgrades.

4. Quality concerns

Another potential downside to buying a new home from a builder is the quality of the construction. While most builders strive to build high-quality homes, there is always the risk that corners may be cut or mistakes may be made during the construction process. This can result in issues such as leaks, mold, or other defects that may not be immediately apparent but can cause serious problems down the line.

5. Lack of established community

When you buy a new home from a builder, you are often moving into a brand new community that has yet to establish itself. This can be both a pro and a con, as it means that you have the opportunity to be a part of shaping the community and establishing new relationships with your neighbors. However, it also means that there may be less established amenities, such as parks or community centers, and it may take some time for the community to fully develop.

6. Limited negotiation power

When buying a new home from a builder, you may have limited negotiation power, as the builder has set prices and contracts that may be difficult to change. This can make it difficult to get a good deal or negotiate for additional perks or upgrades.

7. Potential for hidden costs

Builders may not always disclose all of the costs associated with buying a new home, such as HOA fees, property taxes, or other expenses that may not be immediately apparent. This can lead to unexpected expenses and can cause financial strain.

8. Longer commute times

New home developments are often located in areas that are further from city centers or job centers, which can result in longer commute times. This can be a significant factor to consider, as longer commutes can result in additional expenses and can impact your quality of life.

9. Potential for cookie-cutter designs

Some builders may offer a limited range of home designs, which can result in a neighborhood filled with similar or identical houses. This can limit your sense of individuality and can result in a lack of character or uniqueness in your home.

In conclusion, buying a new home from a builder can be an exciting venture, but it's important to be aware of the potential cons before making your decision. Higher costs, construction delays, limited customization options, quality concerns, and a lack of established community are all factors that should be carefully considered before making your purchase. With careful research and consideration, however, you may find that a new home from a builder is the perfect fit for you and your family.

When it comes to purchasing a property, there are a variety of options to consider. One of the most significant choices is whether to purchase a detached or an attached property. Both types of homes have their own advantages and disadvantages, and it is important to weigh them carefully before making a decision. In this post, we'll explore the pros and cons of purchasing a detached vs. attached property.

Detached Property

A detached property refers to a home that is free-standing and not attached to any other properties. Here are some of the pros and cons of purchasing a detached property:

Pros:

1. Privacy: Detached properties offer more privacy compared to attached properties since there are no shared walls with neighbors.

2. Outdoor space: Detached properties typically come with a yard or outdoor space, providing more room for outdoor activities, such as gardening or barbequing.

3. Customization: With a detached property, you have the freedom to customize your home as you see fit without worrying about affecting your neighbors.

4. Quiet: Detached homes are generally quieter than attached properties since there is no shared wall and fewer people living nearby.

Cons:

1. Maintenance: Detached properties require more maintenance and upkeep compared to attached properties since you are responsible for the entire property.

2. Higher cost: Detached properties typically come with a higher price tag than attached properties, especially in prime locations.

3. Isolation: While privacy is a benefit, it can also lead to a sense of isolation, especially if you live in a remote area.

Attached Property

An attached property refers to a home that is attached to one or more other properties, such as a townhouse or duplex. Here are some of the pros and cons of purchasing an attached property:

Pros:

1. Lower cost: Attached properties are generally less expensive than detached properties, making them a more affordable option, especially for first-time homebuyers.

2. Shared maintenance: With attached properties, maintenance responsibilities are often shared with other property owners, reducing the overall workload.

3. Community: Attached properties often come with a sense of community since you have neighbors nearby.

4. More accessible: Attached properties are often located in urban areas, making them more accessible to public transportation and amenities.

Cons:

1. Noise: With attached properties, there is often shared walls with neighbors, leading to noise disturbances.

2. Limited outdoor space: Attached properties typically come with limited outdoor space, which can be a drawback for those who enjoy outdoor activities.

3. Less privacy: Since attached properties have shared walls with neighbors, privacy can be an issue.

4. Limited customization: With attached properties, customization is limited since you have to consider the impact on your neighbors.

When it comes to purchasing a property, there are pros and cons to both detached and attached properties. If privacy and outdoor space are a top priority, then a detached property may be the best choice. However, if you're looking for a more affordable option with a sense of community, then an attached property may be the way to go. Ultimately, the decision should be based on your lifestyle, priorities, and budget.

Calgary housing market expected to stabilize in 2023

City of Calgary, Jan. 24, 2023 – The Calgary Real Estate Board (CREB®) has released its 2023 Forecast Calgary and Region Yearly Outlook Report. The report, which is prepared by CREB® Chief Economist Ann-Marie Lurie, provides a detailed analysis of the economic and housing market trends in Calgary and surrounding areas for the upcoming year.

According to the report, elevated lending rates are expected to weigh on sales in 2023, bringing levels down from the record high in 2022. However, with forecasted sales of 25,921 in 2023, levels are still expected to be higher than the activity reported before the pandemic.

“Higher commodity prices, recent job growth, record high migration and relative affordability are expected to help offset some of the impacts higher lending rates are having on housing demand. At the same time, we are entering the year with low supply levels which are expected to prevent significant price declines in our market,” said Lurie.

Supply levels declined to the lowest levels seen in over a decade as gains in higher price properties did not offset the supply declines occurring in lower-priced homes. This has left our market in a situation where lower-priced properties still face sellers’ market conditions while higher-priced homes are seeing more balanced to buyers' market conditions.

The shift between supply and sales by price ranges is expected to create divergent trends in prices depending on property type and price range. Overall, price declines in the upper end of the market are expected to offset gains reported in the lower ranges, causing an annual decline of less than one per cent.

“With much of the pandemic behind us, 2023 reflects more of an adjustment into more typical conditions and a pause on price gains following 12 per cent growth in 2022. While other markets in the country are forecasted to see more significant price and sale declines in 2023, Calgary did not face the same gains as those markets, as prices only recovered from the 2014 highs in 2021,” added Lurie.