If you’re looking to buy a brand-new home but don’t have time to wait for the length of a new build, you may want to consider buying a Quick Possession home. These are homes that are already under construction, and the purchase-to-possession timeline is much quicker. You can choose a new home that is partially complete and will be finished in a few months, or choose one that is already completed and ready to move into.
If you’re looking at buying a Quick Possession home, here is a quick list of the steps to completing your purchase and moving in.
Choose Your Neighbourhood
You probably have a preferred area of the city you are looking to move to. Choosing your neighbourhood first allows you to buy a home in the area of the city you’d prefer to live. Most new communities have a list of Quick Possession homes already underway, so any neighbourhood you choose will have homes available. Keep in mind, though, that not all neighbourhoods have the same home styles, so if there is a certain style of home you’re looking to buy, you may need to choose a community that offers that style.
Choose Your Home Based on Timeline
If you’re looking to buy a home to move into right away, choose a home with immediate possession available. If you need a few months yet to move in, but don’t want to wait five months or more to build new, you can choose a home that is expected to complete around the time you’re hoping to move in. Quick Possession homes are constructed on staggered timelines so there is usually a selection for any amount of time you need.
Make An Offer to Purchase
Once you’ve looked through the available homes and selected the one you’d like to buy, your next step is to make an offer to purchase. This paperwork is completed right at the show home with your Area Sales Manager. Your ASM (me!) will walk you through the paperwork and work with you to decide if any additional requests can be made at the time of purchase, such as adding in a deck or air conditioning.
Your Offer to Purchase is submitted to the team in the office, where it will either be accepted, or counter offered. If your offer is accepted, you’ve officially purchased a home and the paperwork then continues to legal and financial processes.
Obtain Your Financing
As a home buyer, you may have already obtained a mortgage pre-approval before you chose your home with us. If this is the case, your Purchase Agreement is then sent to your mortgage lender for final approval.
If you have not been pre-approved for a mortgage, I am more than happy to help you work through the process of obtaining mortgage financing for your new home purchase. I work with a selection of highly qualified mortgage brokers who specialize in working with home builders and can provide you with competitive products to buy your new home.
Move In Day
Once all the paperwork is processed for your purchase, your legal documents are signed at the lawyer’s office, and your mortgage financing is completed, you will be assigned an official move-in day, or possession day.
Congratulations!
If you have any questions about how to find the right Quick Possession home to suit your needs, your timeline, and your budget, please give me a shout and I’ll be happy to help.