One of the most surprising things to come out of the pandemic was a surge in housing demand—and Calgary is no exception. The city’s real estate market continues to flourish, with demand continuously picking up as buyers from big cities like Vancouver move into the suburbs for more affordable homes.
With record-high sales coupled with low inventory levels, buyers are turning to new homes as an alternative in their search. Thus, now’s the perfect time to invest in new construction real estate in Calgary. If you’ve never done this before, here are some top reasons it would be a good idea to invest in new construction homes.
Less Maintenance Required
If you’d rather take a hands-off approach to property management, you’ll be happy to know that new homes require less maintenance. They’re built with the latest appliances, materials, and systems, which means a lower upfront investment for possible repairs.
Repairs and replacements can often take up the most significant expenses when buying old homes, so you won’t need to worry about this with a new home. But, of course, before buying it, you should still schedule an inspection to make sure everything is in order. Once you’ve verified there are no problems, the property will already be move-in ready.
No Need for Upgrades
Another advantage of buying new construction real estate in Calgary is that you won’t need to invest in new upgrades. Whether you resell or rent out the property, it’s important to keep up with the latest design trends to appeal to buyers and tenants.
For example, open floor plans are becoming more popular today as they create a seamless flow from your living room to the dining room to the kitchen. But, unfortunately, it won’t be possible to achieve such a design with an old home—not unless you rebuild it from scratch, which would cost more in the long run.
Home Builder Warranties
New construction homes often come with warranties from the builder, assuring you that you won’t have to spend if problems arise for a certain period. In most cases, the warranty will cover material and workmanship for one to two years, then structural issues for ten years. However, the exact terms may vary per builder, so it’ll be best to ask them about this to be sure.
Attractive for Buyers and Tenants
New homes can be highly attractive to buyers because they come with everything new. Some may prefer the idea of being the first to live there, while others simply enjoy the feeling of staying in a clean and new place.
Homebuilders usually construct new properties in good and in-demand locations, giving you a vast investor advantage. When it comes to real estate, location is one of the most critical factors you should consider in your purchase. Naturally, buyers want to make sure they’re in a safe neighborhood with access to places like schools and supermarkets, which you can better provide with a new home.
Ultimately, there’s no better time to invest in new construction real estate in Calgarythan now. Given the booming real estate market and an uptick in home building projects, you’re sure to find a lucrative property that can generate good returns. Or even if you aren’t necessarily an investor, you can still purchase property now and resell it after a few years.