Building in an Established Community

The Advantages
The biggest advantage with building in an established community is that everything is there already, it’s ‘established’ with all the community services you would expect in any town or suburb. Schools, shopping, medical services, parks, roads, transport, recreation and more, are all in place already, so you can start making use of all those services immediately and become a part of the community. Life goes on in these communities without an awful lot changing, so you can quickly get used to routines and enjoy life!

The Disadvantages
The way I see it there is really only one disadvantage to building in an established community; and that’s the fact that there will be minimal choice when it comes to a lot. If all the streets are full of houses already where is yours going to fit in? Vacant lots can be few and far between, so you may have to settle for a lot that’s not perfect, and you’re likely to have to pay more for that lot too.

Building in a New Community

The Advantages
So if finding a lot is difficult in an established community, this is the biggest advantage in a new one, especially if you get in right at the early stages of development. There will be many lots for you to choose from, including desirable corner lots, view lots, and lots backing onto crown or federal land, and the earlier you decide to buy, the better deal you can usually get. Lots typically would be cheaper than in an established community, though of course there are always factors that can affect this, such as the overall desirability of the new community, and the type and size of lot you’re purchasing.

Building in a new community can actually make financial sense in more ways than one. Again, the earlier you buy the lot the more room there is to make money, because as the community grows the price of land and homes will rise. This makes the new community a good investment, and could enable you to afford a better lot and larger home than you might otherwise be able to afford in an established community.

The Disadvantages
This all sounds great, but have you thought about the disadvantages? There’s a certain amount of sacrifice you need to make in order to build in a new community, and you’ll need to decide whether those inconveniences outweigh the advantages. So just how bad is it?…

Well, this is going to vary from state to state and province to province, but in some places the builders are allowed to start construction as early as 7am, and will often work on the weekends too. So that lie-in you wanted won’t be so appealing when they start hammering and digging at 7am. And forget about peaceful summer evenings as well, because they’re likely to be at it until the sun sets and sometimes even later.

In addition to the noise there’s the constant dust and dirt blowing your way, not only from the construction itself but from the roads, which, by the way, are unlikely to be surfaced for some time yet. So every time a vehicle drives past they’re going to create dust and you’re going to have to live with a dirty car for months as you drive in and out of the neighborhood.

That’s the big problem as well… timing… a new community can’t be built in just a few weeks. At the least it will be a couple of months, but larger communities can take years to build, and just when you think it’s over, another phase begins!

And then there are the community amenities… Homes will be the first thing to be built, but how long will it be before you have a local store, a large grocery store, medical center, school, community center, recreation and all those other things you probably take for granted right now?

Making the Decision

So how do you make the ultimate decision? Well, deciding on building a house in a new community versus an established one will come down to personal preference, and availability will play a large part in your decision making process too. If there’s a great lot in an established community, at the right price, then maybe this is the one, but if you’ve been searching for years with no luck, maybe it’s time to buy in that new community they’re just starting to build, provided of course that you can put up with all those disadvantages. Just think though, at the end of it you get the home of your dreams so maybe the dust, dirt and noise are a small price to pay!

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Any real estate agent will tell you that the housing market is influenced by the time of year. There are definite highs and lows in buying and selling real estate, and as a buyer, this can make a significant difference in the purchase price and incentives you can negotiate. So, what are the highs and lows, and how can you make the most of them?

The Low Times to Buy a House

In most markets in the United States and Canada, the low time is the winter season, especially in the colder climates. As winter weather sets in, the desire to buy homes and move decreases for a number of reasons, as do the number of homes listed.

Viewing homes during the winter may not be a particularly pleasant experience. If you’re dealing with snow and cold conditions, it’s less enticing to go out on a chilly day to view homes. Additionally, if you do go out, you can’t always get a good sense of the exterior of a home because of the snow cover. Snow can hide garden features, landscaping, and even aspects of the roof, making it harder to judge the overall condition of a home.

If you decide to look for homes during the winter, you’ll find that far fewer homes are listed. This is not an ideal situation for a buyer, as you’ll have fewer options and may end up choosing a home that doesn’t fully meet your needs. On the other hand, fewer buyers are looking, which gives you the upper hand. If a seller needs to sell, they are more likely to accept a lower offer and provide extra incentives, such as help with closing costs, during the low season than they would in the peak season. On average, you could save between 7% and 10% by buying a home in the off-season.

The same can be said for buying from a builder. Builders are often eager to move inventory during the fall and winter months, so you can frequently negotiate discounts and upgrades during this time.

The High Times to Buy a House

Winter is not always a low time for house buying, as it depends on location and market type. Ski resorts, for example, and towns near skiing or other winter recreation areas can actually see a boost in sales during the winter. People visiting the area for skiing may combine their time on the slopes with looking for homes, whether for year-round living or just seasonal use. In such locations, the better time to buy would likely be in the spring or summer when the resort is less crowded.

However, in most cities across North America, asking prices and the number of homes listed for sale rise in the spring and summer. As the weather warms, so too does the desire to buy.

For buyers, the advantage of looking for homes during the high season is the greater number of homes available. This gives you a much better chance of finding the home of your dreams. However, the increased competition also makes purchasing more difficult. With more homes on the market, more buyers are looking, which can lead to bidding wars and inflated prices, potentially pricing you out of your desired home.

So, there are numerous factors to consider when deciding on the best time to buy a home. Buying during the low season may secure you a better deal, but there will be fewer homes to choose from. Buying during the high season offers more options, but with the added competition, it becomes a seller’s market. The ball is in the seller’s court, and they can choose the best offer, driving prices higher.

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The Real Estate Agents

Let’s be cynical here – when did you ever hear a real estate agent telling you that you shouldn’t buy? It’s an unlikely phrase to hear! After all, real estate agents make their money buying and selling homes – they do not earn a wage; everything they get is commission based so it’s in their best interests to encourage you to buy or sell, whatever the current market trends are saying. If a real estate agent can see you’re interested in a home it’s unlikely that they would try to convince you ‘not’ to buy it because the market wasn’t right!

Mortgage Brokers and Banks

Mortgage brokers and banks have a vested interest in you buying a home too. Unless you’re one of the lucky few who can buy a home without a mortgage you’re going to be keeping an eye on the mortgage rates, and trusting the advice of a broker or the bank when it comes to financing the purchase of your home. Can we trust them though – if they tell us the interest rates are set to go up, can they be sure? We’re unlikely to hear a bank telling you to hold fire on that house you want to buy because the rates are going to go down! If it means they get another mortgage agreed they’re likely to sound as positive as possible.

The Media

Can we even trust the newspapers? After all, many newspapers make their money from advertising, and banks and real estate ads make up a large portion of that advertising. If the newspaper runs a story about how terrible the market is they could lose some of their advertisers, so it’s in their best interests to present the market in a positive light. Even when the news is negative it can be spun in such a way as to make it sound positive.

So if you cannot trust the real estate agent, the bank, or the media, who can you trust?

Where Should You Go For Information on Buying a House?

The best source of information on buying a home is an independent source, i.e. one that doesn’t stand to gain from you making the decision to buy. There are numerous websites out there that can be easily found by performing a quick search, and you can use the information they provide for free. The majority of websites will not ask you to sign up, and if one does, move on to the next. Information about the real estate market and industry is free and readily available, you just need to know a little about how to interpret that data.

Looking at real estate market trends, and the reports and analysis that have been produced based on those trends, is a great way to figure out how the market is performing. There is so much information at your fingertips that just by doing a little research you can find out average asking prices, average sale prices, and whether the market is going up or down in your city.

You don’t even need to find a glorified website for this information. Just keep an eye on what’s selling in your own street or neighborhood and you’ll soon have a good idea as to how the market is performing – look for things like how many homes are for sale, and how long do they seem to be taking to sell, as these are key indicators.

Asking a real estate agent would doubtless be the quicker way to do things, but can you trust them? Yes, it takes time to do your own research but then you don’t normally decide you’re going to buy a house overnight anyway. Buying a home is a long process and at least if you spend the time researching to begin with you’ll be empowered – you will know what the market is doing and what to expect. In this way you don’t have to rely on anyone but yourself; put yourself in the driving seat and make the decision to buy a home when you feel you’re ready and when you feel the market is right.

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To Upgrade or Not to Upgrade?

The first question to ask yourself is: Do I want to upgrade? What are your reasons—do you want to enjoy the upgrades yourself, or are you aiming to boost your home’s value and make it more appealing to buyers?

If it’s the former, you have more freedom to choose upgrades based on your personal preferences. If you plan to stay in the home for many years, your own enjoyment takes priority.

However, if you’re upgrading specifically to increase the value or marketability of your home, you’ll need to be far more strategic. Choosing the wrong upgrades—or ones that are too personal in style—can actually reduce your return, not increase it.

Do Your Research

Research is your first step when considering home upgrades. Find out the ceiling price for home sales in your street or neighborhood, and calculate your budget accordingly. For example, if homes in your area don’t typically sell for more than $250,000, and your mortgage is $225,000, your margin is just $25,000. After factoring in real estate agent fees and other selling costs, your actual margin is even smaller. In this case, it wouldn’t make financial sense to spend thousands on marble countertops—you simply won’t recover the cost.

Instead, you’d be better off spending a few thousand dollars on making your home more presentable—fresh paint, updated light fixtures, and basic maintenance can go a long way.

A real estate agent can provide insight into recent sales in your area, helping you determine a realistic budget. Agents are also valuable resources when it comes to choosing which upgrades are worth your time and money.

Which Upgrades Will Increase the Value of Your Home?

Choosing the right upgrades—and making smart decisions about them—can mean the difference between making a profit or taking a loss. Kitchens and bathrooms consistently offer the highest return on investment, but only if they’re done correctly. Spending tens of thousands on a new kitchen or bathroom won’t pay off if the installation is subpar. Always hire professionals—even a modest renovation can look high-end when installed properly.

Style matters too. If you’re upgrading with resale in mind (even within a few years), opt for choices that appeal to a wide audience and won’t go out of style quickly. Neutral colors and timeless materials are your best bet. For instance, natural stone countertops like marble or granite are increasingly in demand, but stick to subtle tones and classic patterns.

Similarly, bathroom fixtures should match the overall style of the home. A modern faucet may look out of place in a traditional or period-style home, and the same goes for using antique fixtures in a contemporary space.

On average, kitchen and bathroom upgrades yield a 75% to 100% return on investment. But other improvements can be profitable too—installing hardwood floors often provides a 50% to 75% return, and simply repainting your home can yield between 50% and 100%.

Helping to Sell Your Home

While it’s helpful to know which upgrades increase home value, it’s equally important to consider which ones make your home easier to sell.

Buyers may not be wowed by a new furnace, but upgrades like these—though less visible—can be money well spent. A new heating system can bring a 50% to 80% return and make your home more attractive to buyers. These kinds of improvements serve a dual purpose: they enhance value and boost saleability. The faster your home sells, the more of your investment you’re likely to recover.

In short, don’t rush into upgrades without doing your homework. Speak to a local real estate agent, review recent home sales in your area, and ask for professional advice on which improvements are best suited to your specific property. With the right information, you’ll be in a strong position to increase both your home’s value and its chances for a quick, successful sale.

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