PLENTY OF UPSIDE TO QUICK POSSESSIONS
You get all the perks of a new home without having to wait for the construction process
Sometimes you just need to move quickly.
Proceso Flordeliz Jr. and his family had a plan to buy their first home. Then the pandemic happened. Their plans changed but their goal didn't.
Meanwhile, Angelos Scapetorachis gave notice to end his lease on his downtown apartment rental. Just one small thing, he hadn't yet secured a new living space.
Both, however, ended up making quick possession purchases, and both say they couldn't be happier.
Quick possessions — homes that are in various stages of completion but that can be finished and moved into more quickly than buying before building — are about meeting the buyer where the buyer needs to be, said Micah Dueck, Homes by Avi's sales manager for Edmonton and region.
“Who it serves is those with an immediate need for change,” said Dueck.
But he added there are other reasons to go the quick possession route these days, with those tied to COVID-19.
“We are offering a home that has never been lived in that is exceptionally well cleaned, not only through the construction process but as it becomes ready for sale, it has a warranty that you're not paying any additional monies for, which the resale market cannot offer; you have a higher efficiency home than the resale market would offer and you're not paying a premium for it,” said Dueck, emphasizing that in other times resales and quick possessions would likely be vying for the same buyer.
“The other thing, which is just kind of fun, is that your design elements, your finishing elements are all very current, your floor plan design is all very current and so it's becoming an attractive option probably more so than our market has seen in the past,” he said. “Now granted, resale home purchases are still going to make up the majority of the home purchasing activity in Edmonton and across the province … but more people than previous are moving to that quick possession option.”
After renting in the West End for 7.5 years, the Flordeliz family was going to buy their first home in Canada.
Originally from the Philippines, they were looking for something they could call their own, something they could be proud of and something not too expensive so they wouldn't be house poor.
“When we finally sat down and I talked to my wife of owning our first place, which was August of last year, we started planning,” said Flordeliz Jr., noting the objective was to buy in 2020.
But that went sideways when COVID-19 reared its head.
Now instead of doing a new build where they would select the lot, model and all the finishes, they decided a quick possession made more sense.
They kept their focus on the west end, a part of Edmonton they feel at home in, and bought in Rosenthal, a community they thought was out of reach as they believed it was fully built. To their surprise, they found out new homes are still going up.they moved into their three-bedroom home from Homes by Avi, which comes in around 1,500 square feet, just one month after they started their search in the third week of July.
“When we saw it, we said yes this is going to be our first home,” said Flordeliz Jr., adding they're telling friends it's a good thing to buy a quick possession and it may be better than building from scratch.
TIGHT TIMELINE
It was time to move.
Now retired, Angelos Scapetorachis had no reason to stay in his rental. While he loved the access to the river valley, he no longer needs to be close to his former job.
“This was a move I should have made six, seven or eight years ago,” said Scapetorachis, who remains active and competes in triathlons. With rides to Redwater and other areas, he wanted to be on the north side close to the Anthony Henday.
So when he found out about Elements Manning from Carrington Communities, he was intrigued. Last month, he gave notice at his apartment with plans to be out by the end of September even though he hadn't yet checked out Elements. “I knew there were places there. I had to put pressure on myself.”
After checking a number of the quick possessions, he found the perfect unit on the third floor.
“I was ready to move in right away,” said Scapetorachis, adding he's saving money by buying instead of renting. “It was less than two weeks … it's beautiful, I love it.”
Not all quick possessions happen this quickly, said Riley Lagaden, Elements Manning's project sales manager, noting some take longer.
Lagaden said he's seen a small shift in the market.
“Pre-sales don't seem as important to people now,” he said, adding most sales recently were quick possessions. “People want to see and touch what they're moving into.”