When you purchase a quick possession home, you don’t have to go through the process of waiting for it to be built. It’s an ideal solution for those who need a home quickly and want the security that comes with a brand new home, but who aren’t worried a lot about personalizing floor plans and other little details. Your builder will walk you through the full process, but the following steps should give you an idea of what to expect.
1. Estimate a Move-In Date
Despite the term “quick possession,” you’re not going to be able to get the keys the day you decide to buy a home. Legal paperwork for the sale and the process of getting a mortgage can take up to a month to finalize, depending on your personal situation. You’ll also probably want to take some time to look at all of your options rather than jumping into the first home you see. Think about when you want to move into your new home and start shopping at least a couple months in advance.
2. Consider Various Home Types
At any given time, you’ll find several different types of homes available for a quick possession sale. A single family home might give you a lot of space and a big backyard, but maintenance-free townhomes and condominiums offer advantages like landscaping services and shared amenities. Want the best of both worlds? Look at a fee-simple townhome, meaning there is no condo fee. If you’re in the initial planning stages, don’t discount any particular type of home until you’ve done your research and are sure it’s not right for you.
3. Talk to a Lender
Speaking with a mortgage lender will give you a solid idea of how much money the bank is willing to lend you. This amount is based on your income, your debt, your available down payment, and your credit score.
You don’t want to waste your time looking at $400,000 homes only to find out that the bank won’t loan you more than $300,000. Meeting with lenders helps you to set realistic expectations and puts you in a better position to purchase a home. If you get pre-approved for the mortgage, it will be easier for you to finalize a sale once you’ve found the quick possession home you want.
A builder’s preferred lender should also be considered as their familiarity with the builder can make for a more efficient approval process; they may even save you money on your mortgage through various incentives.
4. Research Communities
New homes are often built in communities that have a certain look and feel, and you want to find a community that fits your lifestyle. For instance, you might be interested in a place filled with other single professionals with an easy commute to your workplace. On the other hand, you might prefer something that features beautiful trails for jogging, bike riding or walking your dog so that you can easily stay active. Whatever type of life you want to live, there’s a community out there that matches your interests. You just have to take the time to find it.
5. Visit Available Models
With a good sense of what you’re looking for, where you want to live, and how much you can afford, the fun part begins. Search online to identify available homes in the community you want or contact a sales representative to learn what’s immediately available, then go visit those homes. One of the biggest advantages of quick possession homes is that you have the opportunity to see exactly what you’ll buy.
Get a feel for how the different floor plans work for you. Look for signs that you’ll be a good fit for your neighbours. For instance, small bikes and toys outside could mean you’ll have difficulty sleeping if you work the night shift. All of these little things add up to a home that’s right for you.
6. Finalize the Deal
When you’ve found a home you want, the sales representative will help you work out the details. If you haven’t already been pre-approved for a mortgage, you’ll need to submit all of the proper paperwork showing your financial situation.
Even if you have been pre-approved, you may need to submit some updated proof to show that your situation hasn’t changed, depending on the timing. You’ll also need to make arrangements to get the money you should have ready for your down payment out of the account or ready to transfer. Making sure you follow all instructions to the letter means you can’t finalize the deal fast and get the keys to your new home.
Purchasing a quick possession home is easier than building a new home from scratch, but it can still take a bit of time. By planning for all of the necessary steps, you’ll be able to time the purchase so that your new home is ready when you are.
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