There are many homeowners who are aware of the benefits of pricing and timing when buying a home in the winter than in the spring. As reported in The New York Times, there are often better deals in many markets when purchasing, or entering into a contract to build, in the winter months.
Bri-mor Developments, developer of The Rise at West Grove Estates in Calgary’s West End, is committed to creating value with its builder partners and enhancing the experience of the residents who live, shop and work in its communities. This post will explain the benefits in price and time when purchasing a home, or a homesite to build upon, in the winter.
From a sampling of over 50 Million home transactions, there was an average price discount of 6% during the month of February when compared to the remaining months of the year. This same sampling also showed the next most affordable months to be January, March and April, with average price discounts of 5.5%, 4% and 2%, respectively.
If you and your family are considering a move this coming year and want to either build or buy a home in the West Springs area, then right after the holidays is the best time to begin the process. Entering into a purchase contract for a homesite in the winter will lock in the lower price and allow for time to work with the builder. When the selection and the closing processes are complete, then the builder can begin work as the weather warms.
It is a mistake to overlook new-construction communities for homesites in the winter. There is an incorrect assumption that builders do not work in this off season. However, there is a certain amount of lead time before any construction can begin. Actually, winter is the best time to begin the planning, the permitting and the selection processes.
If you and your family are planning to purchase a homesite in Calgary for a new-construction home, then the steps below will prepare you for the process.
- Choose a Lot, Builder and a Floor Plan
Before a contract is written, there will be multiple visits to the community to meet with the builder’s sales team to discuss all available options.
- Contract Approval from a Lawyer
After the site and the floor plan are selected, the builder will draft the contract. The contract needs to be reviewed and approved by the lawyer representing the builder and by the lawyer representing the buyer. This approval process usually takes two weeks.
- Permitting and Selections
After the contract has been approved, signed and the deposit is made, the floor plan is then submitted for permit review. The permit review period can take up to three months. During this time, the builder takes the buyer through the process of selecting all features and finishes.
- Breaking Ground
Construction begins when the building permit is issued. The time between the signing of the contract and groundbreaking can be 4-6 months.
The total time for the new-construction process is typically one year. However, the permit review stage is often expedited in the winter months because of the decrease in overall construction activity.
When the home is at the final stage of construction, the home is closed-in with the heat and electricity working as winter approaches. The builder will not be delayed due to inclement weather as the finishing work is conducted inside the home.
For home buyers who do not want to be subjected to the processes of new construction, the other option is speaking with the builders about purchasing a model or spec home ready for move-in or in the construction stage.
Our showhomes are open Monday through Thursday from 2-8pm and on weekends and holidays from noon-5pm. We are closed on Fridays. You can also register on our website and request to be contacted by one of our builders.
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