Pros and Cons for Quick Possession Homes
August 29, 2023
With today’s competitive housing market often exceeding the limited supply, many homebuyers are looking at alternate options to get the house they want. Quick possession houses are completely or almost completely built so they have fast possession dates. For homebuyers who want or need to move in as quickly as possible, this is an attractive option. There are many advantages of buying a quick possession home.
Move-In Ready: Because quick possession houses are new, they’re ready to move in. Homebuyers don’t have to make any repairs or upgrades to the house. Quick possessions are constructed with the latest trends and materials, so they have all the most popular modern fixtures and layout plans.
Pricing: Quick possession housing is made to sell fast so their prices are often lower than custom built homes. Buyers looking to save money on a nice house can find real estate within their price range.
Get What You See: When buying a quick possession, homebuyers know what they’re getting. There aren’t hidden issues or surprises. Buyers will see the layout, features and style of the house. As beneficial as a quick possession home option is, there are some cons to consider as well. The biggest drawback is that as a homebuyer, you are limited in the design and layout. If you want a customized floorplan, fixtures, wall colourings or other features, your options are very limited because the home is already built.
While there are benefits to purchasing quick possession homes, there are also some potential drawbacks or cons to consider:
Limited Customization: Quick possession homes are already built, so buyers have limited or no ability to customize the layout, design, or finishes to their preferences. This might be a drawback for those who have specific design or feature requirements.
Limited Availability: The selection of quick possession homes is typically limited to what’s currently available in the market. This could mean fewer options in terms of location, layout, and features compared to building a new home from scratch.
Less Time for Research: Buying a home is a significant investment, and it’s important to thoroughly research the property and its surroundings. With quick possession homes, buyers might have less time to conduct due diligence, inspect the property, and assess the neighborhood.
Potentially Higher Price: Builders might price quick possession homes slightly higher than homes that are still in the construction phase. This could be due to the convenience of immediate occupancy and the lack of customization options.
Less Input on Layout and Design: If you’re someone who enjoys being part of the home design process, you’ll have limited input when purchasing a quick possession home.
Timing Challenges: If you’re in a hurry to move in or have a specific timeline, the availability of suitable quick possession homes might not align with your needs.